Crypto market fell in European morning, with bitcoin falling to $91,200 after hitting a weekly high of $94,200 on Wednesday.
The decline was limited to cryptocurrencies: U.S. stocks were little changed in premarket trading and the FTSE100 index rose 0.15%.
The sell-off can be attributed to record outflows from BlackRock’s IBIT bitcoin ETF, with another $113 million in outflows recorded on Thursday as crypto bulls failed to regain control of the market from ours.
The Miedo and Avaricia Index is consistently depressed at 25/100, but you will find your way to a neutral zone after being reduced to 40/100 for over a month.
Positioning of derivative products
- The future BTC market must have sustained security and aggressive divestment. Open interest (OI) brought in $21 million of $25 million in a month, indicating a reduction in investment and risk exposure for traders.
- This divestment is occurring alongside market derivative values in a consistent manner: the three-month annualized basis is stable at 4%-5%, and funding charges are stable at 5%-6% in major locations, without there being a significant metric change in the latest period.
- BTC options show a sustained bullish bias despite the decline in favorability. The implied possibility (IV) term structure for the short term has fallen, moving away from backwardation towards a more typical contango, indicating a decline in expected immediate and extreme price movements.
- However, the volume tilt remains so high, with 24-hour call/sell volume at 57% in favor of calls. Importantly, the 25 delta tilt over the course of a week has seen a recent slight increase of 8%, confirming that traders are today paying a premium for spot exposure.
- Recent BTC price volatility caused a $280 million liquidation in 24 hours, with $200 million long. ETH ($88 million) and BTC ($85 million) are within nominal liquidation terms.
- The BTC/USDT liquidation calorie map on Binance shows a large amount of liquidations exceeding $90,600, according to Coinglass data. This is the level to take into account, in the event of a shortage of prices.
Charla of tokens
- The altcoin market has seen similarly poor performance over the past 24 hours, with TAO, HYPE and NEAR all losing more than 6.5% of their value.
- But the bigger story concerns the evolution of ether prices. . Less than a day after its highly anticipated Fusaka upgrade, ETH gave up much of its initial gains, falling 2.62% from its daily high of 03:00 UTC.
- The ETH price increase revealed an eye-opening story for the market with a greater number of altcoins, and even silver catalyst providers fell into dark times.
- The CoinDesk 20 Index (CD20) reflected ETH’s decline while CDMEME, CoinDesk’s memecoin index, slipped 5.8% over the past 24 hours.
- CoinMarketCap’s “Altcoin Season” indicator is set at 21/100, seemingly permanently stuck in a Bajist zone with traders opting for the consistency of Bitcoin and the security of stablecoins.
- Two exceptions to the Viernes checkout: the zcash privacy currency and TRX, the national token of the Tron blockchain, which suffers 4.7% and 1.8% respectively.
- In the case of ZEC, it is rebounding after a corrective phase where it became “oversold” on the relative strength index (RSI). TRX, on the other hand, appears to be running its own race after posting gains on the daily, weekly, and monthly time frames.
