Dearest traders, it seems the much-anticipated altcoin season has decided to take an impromptu intermission. One wonders, is this a mere dip or the grand finale curtain call? 🎭
The culprit? A dizzying whirl of derivatives speculation that may have pushed our dear market to its limits. According to Glassnode, the open interest on altcoin derivatives skyrocketed to a record-breaking $45 billion this week, nearly doubling from $26 billion at the start of July. A most spectacular leap indeed! It’s also a clear indication that the market’s exuberance was in full, frothy bloom. 🌸
Such speculative fervor, while thrilling, often leads to inflated expectations, inflated prices, and, alas, the inevitable dramatic pullback when reality fails to meet these lofty dreams. And here we are, my friends, in the aftermath of such a spectacle. 🎉💔
The Casualties of the Day
- XRP, once the belle of the ball, now finds itself the biggest loser among the top 10 coins. It’s down nearly 10
- Dogecoin, the meme that became a phenomenon, has dropped 9
- Ethereum has managed a more modest decline, down 3
Meanwhile, Bitcoin, the grand duke of cryptocurrencies, has barely flinched, dropping just 1
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2025-07-23 23:23