Gold Surpasses $4K; Bitcoin and BNB Chain Show Resilience
The dollar index's rally continued on Wednesday, yet gold reached new highs above $4,000.
- Bitcoin recovered from session lows near $121,000 to trade around $122,750, down 1.3% over 24 hours.
- The CoinDesk 20 Index decreased by over 3% to 4,229 points.
- Gold tokens like XAUT and PAXG rose in line with spot gold prices.
- BNB, CAKE, and HASH showed gains over a 24-hour period.
Derivatives Positioning
- Most major tokens saw a drop in futures open interest (OI), except for AVAX which increased by 2%.
- This indicates price declines were mainly due to profit-taking, not increasing bearish positions.
- Perpetual funding rates remain steady, showing mild bullish market sentiment.
- CME ether futures OI reduced to 2.16 million ETH, but remains high compared to bitcoin's OI.
- BTC and ETH futures premiums on CME are below 10%.
- Deribit shows a slightly negative skew in bitcoin options, with puts more expensive than calls.
Token Talk
- BNB Chain activity led to a 10% daily gain for pancakeswap (CAKE) and a 3% rise for BNB.
- PancakeSwap saw $19 billion in spot trading volume as traders capitalized on memecoin hype.
- The shift to BNB Chain began with Aster, a decentralized exchange regularly exceeding $100 billion in daily volume.
- Total value locked (TVL) on BNB Chain climbed from $6.5 billion to $9 billion since June.
- The ecosystem's growth depends on broader market trends; both BTC and ETH lost gains on Wednesday.
- A market downturn could impact BNB Chain as traders move to stablecoins, affecting speculative memecoin demand.