The bitcoin price has remained relatively stable at $91,693.94 over the past 24 hours, despite facing notable selling pressure across several cryptocurrency exchanges. Recent analysis from Lookonchain highlighted significant movements, including a long-term holder transferring a hefty $228 million in Bitcoin to Kraken. Additionally, bitcoin mining company MARA Holdings moved $58 million worth of BTC to both Falcon X and Coinbase Prime. Despite this influx of supply, the trading volume for Bitcoin rose by 5% to a substantial $81 billion.
In contrast to Bitcoin’s steadiness, the altcoin market struggled, with Ether priced at $3,018.28 experiencing a decline of 3.4%. Several other tokens also faced downward momentum, with some, like canton (CC), plummeting by more than 10%.
On the derivatives front, over $600 million in leveraged crypto futures positions were liquidated within the last day, primarily impacting long positions, suggesting a continued unwinding of bullish leverage. Despite this, the open interest in futures for Zcash (ZEC), Bitcoin (BTC), Solana (SOL), and Dogecoin (DOGE) saw increases, while other cryptocurrencies, including XRP, ETH, ASTER, and AVAX, experienced capital outflows. The annualized funding rates for TRON (TRX) and ZEC perpetual futures remained negative, indicating a prevailing bearish sentiment. Meanwhile, the open interest in Bitcoin futures on the CME has slid to 133.25K, marking its lowest point since late September. Overall, positioning remains light, falling significantly below the December 2024 high of over 200K BTC. ETH’s open interest on the CME has also stagnated near 2 million ETH, down from a record high of 2.63 million in late October.
In the options market, there has been a notable inclination towards call spreads and strangles on Deribit. One significant transaction included a $90,000 put option expiring on November 28. In Ether’s case, put spreads constituted 43% of the block flow observed within 24 hours.
The altcoin market has relinquished much of its earlier gains, with CoinMarketCap’s “altcoin season” indicator dropping five points to 26/100, as Bitcoin’s price remained flat. The CoinDesk 20 (CD20) index recorded a slight drop of 0.66%. Nonetheless, there were a few exceptions amid the bearish trend: ATOM surged over 10% due to a technical breakout, and ZEC continued its upward trajectory with an impressive gain of 8.7%.
In recent developments, Base founder Jesse Pollak announced plans to launch a new token, JESSE, on Thursday. This initiative drew skepticism due to Pollak’s previous ventures with several “content tokens,” which rapidly devalued following their release. Responding to concerns, Pollak explained that “content coins” track short-term attention while “creator coins” focus on long-term content. He believes that the combination creates a cyclical benefit that empowers creators and their audiences.
However, the current market environment for memecoins and viral tokens, including JESSE, is challenging. The CoinDesk Memecoin index has plummeted over 40% since September, in contrast to a roughly 30% decline in the CoinDesk 20 over the same timeframe.
