Bitcoin and Ether Rise; Aster’s Trading Volume Reaches $64 Billion
Market Overview
- Bitcoin [BTC] and Ethereum [ETH] show gains with BTC at $112,900 and ETH at $4,150, rising by 0.78% and 1.1% respectively.
- Futures open interest increased from $29 billion to $31 billion, indicating a bullish sentiment.
- Altcoin activity is significant, with Aster achieving $64 billion in daily trading volume due to offering high leverage.
Derivatives Positioning
- BTC futures open interest rose to $31 billion, signaling renewed trader interest.
- The three-month annualized basis increased to 7%, enhancing profitability for basis trades.
- Options market shows mixed signals; despite a skew towards puts, call volume dominates at 65%.
- Funding rates on Binance and OKX are positive, indicating confidence in leveraged long positions.
- $316 million in 24-hour liquidations noted, with a 44-56 split between longs and shorts. Key levels include ETH ($73M) and BTC ($70M).
Token Talk
- Aster's trading volume at $64 billion overshadows HyperLiquid's $7.6 billion due to higher leverage offerings.
- Approximately 6% of Aster's volume is attributed to wash trading.
- Native tokens ASTER and HYPE have declined, affected by a recent altcoin market sell-off reducing market cap by $200 billion.