Bitcoin Falls to $121,500 Amid Dollar Rise; Binance Launches Meme Rush
BTC experienced a decline to $121,500 early Thursday amid flat-to-negative European equity markets and a strong U.S. dollar.
Jamie Dimon of JP Morgan predicts a significant stock market correction soon. Arthur Hayes from Maelstrom Fund suggests bitcoin's four-year halving cycles are over, with impending fiat liquidity boosting the crypto bull market.
Timothy Misir from BRN noted central banks transitioning from tightening to easing, with high odds of Fed rate cuts by year-end. ECB's balance sheet expansion and China's liquidity injection suggest increased global liquidity, historically supporting bitcoin bull cycles.
Derivatives Positioning
- AVAX, ASTER, PUMP, and XPL lead in futures open interest decline; BTC and ETH OI fell 1% and 3%, likely from profit-taking.
- USDT and USD BNB perpetuals maintain below-peak levels despite rising spot prices.
- Annualized funding rates for major tokens remain healthy at or below 10%.
- CME shows higher positioning in ether futures compared to bitcoin, with SOL futures premiums dropping.
- On Deribit, BTC and ETH puts trade at a premium to calls through December expiry.
Token Talk
- Binance launched Meme Rush, a platform targeting Chinese-language memecoins, embedding meme token trading within its Wallet.
- The platform curates listings based on on-chain volume and social traction, capturing speculative interest before DEX listing.
- PancakeSwap v2's daily trading volume reached $15.55 billion, driven by lesser-known memecoins like 币安Holder, which saw $1 billion in volume.