MNT, HASH Surge Amidst Anticipation of U.S. CPI Data Release
The crypto market is observing significant movements as key economic data approaches:
- Smaller coins like PUMP, AVAX, and MNT have increased by 8%-11% in the last 24 hours.
- The biggest gainer among the top 100 tokens is HASH, which rose by 28% following Provenance Blockchain's announcement of a dynamic inflation rate model to protect stakers.
- Market gains might accelerate if U.S. CPI data falls below expectations, potentially leading to a Federal Reserve rate cut.
Derivatives Positioning
- Open interest (OI) in BTC futures remains high at 736K BTC, near last month’s record of 748K BTC.
- BTC implied volatility index stands at 35.50%, suggesting an anticipated one-day price movement of about 1.85%.
- Options OI shows growth, with BTC options exceeding 50,000 BTC and ETH options reaching 260K ETH.
- 25-delta risk reversals indicate a bias toward put options for BTC and ETH.
Token Talk
- Mantle (MNT) reached a record high of $1.62, driven by derivatives trading on Bybit.
- Over two-thirds of MNT's total supply is staked, causing a shortage on exchanges amid high demand.
- Bybit's trading volume for MNT surged to $195 million, an 83% increase over the previous day.
- The "altcoin season" index increased to 67/100, indicating a preference for speculative altcoins over major cryptocurrencies like BTC and ETH.