Bitcoin Holds $103K, Altcoins Fret in Fear! 🚨

by

Markets💸

What to know:

  • AERO, that most unfortunate of tokens, tumbled 18% following the announcement of its union with Velodrome, a match as tumultuous as a Regency ballroom. STRK and FET, too, saw their fortunes wane, their rallies from earlier in the week now but a distant memory. 😬
  • Total open interest, that fickle creature, slipped 1.13% to $142 billion, while trading volume leapt 25%, a sign that traders favor spot exposure over the perilous allure of leverage. 🤷‍♀️
  • The dollar index, that insufferable rival, hovered near 100, threatening further pressure on risk assets should it dare to breach higher. A true test of mettle for the crypto sector! 💸

The crypto market, ever the enigma, continued to establish fresh levels of support on Thursday, with bitcoin trading around $103,000, while ether, that most modest of tokens, rose less than 1% to $3,500. A performance as restrained as a well-mannered debutante. 🙃

The average crypto relative strength index (RSI) remains in neutral territory, while the Fear and Greed index, that most unreliable of barometers, is printing 25/100, indicating negative sentiment across the market. A state of mind as bleak as a winter’s evening. 😬

There was slightly more action in the altcoin market, though not enough to warrant a second glance. AERO slid 18% in the past 24 hours, following an announcement of a merger with Velodrome, while STRK and FET also made double-digit moves to the downside. A tale of two tokens, both in dire straits. 🧨

XRP, that most persistent of contenders, led gains among the biggest cryptocurrencies, rising by 3.5% following a flurry of activity on the options market. A spark of hope in a sea of despair. 🔥

The market is in need of a catalyst before confirming a potential downtrend from October’s record high, or a potential bottoming around $98,000. The dollar remains relatively strong at around 99.8; a break above 100 would put pressure on risk assets like the crypto sector. A scenario as thrilling as a suspenseful novel. 📖

Derivatives positioning

By Omkar Godbole

  • Despite the news of the U.S. government reopening, BTC and ETH 30-day implied volatility indexes from Volmex remain within their recent elevated ranges, highlighting persistent structural issues that continue to keep volatility expectations high. A situation as vexing as a tangled ribbon. 🧶
  • Futures markets continued to remove risk. Bitcoin open interest (OI) dropped 3.58% to $66.14 billion, with liquidations totaling $186.47 million. Most of these were long traders betting on a price rally. A gamble as perilous as a leap into the unknown. 🕳️
  • OI in SOL, HYPE and DOGE also declined, while ZEC futures saw capital inflows, lifting OI by 4%. A rare moment of optimism in a sea of uncertainty. 🌈
  • On the CME, the annualized three-month premium in ether futures slipped under 6%, representing a discount to BTC premium for the first time in weeks. This does not necessarily imply relative bearishness in ether, it could be reflect an increased cash and carry arbitrage in the second-largest cryptocurrency. A nuance as subtle as a whispered secret. 🤫
  • On Deribit, strangles accounted for 27% of the total BTC block options flow in the past 24 hours. That’s a sign of growing bias for non-directional strategies betting on the degree of price volatility. This has been the case over the past week. A strategy as cautious as a lady in a ballroom. 👠
  • In ETH’s case, put diagonal calendar and call calendar spreads are two of the most popular strategies. A testament to the market’s penchant for complexity. 🧩
  • Broadly speaking, BTC and ETH options continue to show a bias for puts, which offer downside protection, over the near term. A precaution as prudent as a well-stocked pantry. 🛒

Token talk

By Oliver Knight

  • The altcoin market continued to consolidate on Thursday following what has become an extended period of low-volatility price action. A state of affairs as dull as a Sunday afternoon. 😴
  • CoinGlass data shows that open interest across all crypto markets dropped 1.13% to $142 billion, while 24 hour volume increased by 25% to $328 billion, demonstrating a preference for spot trading over derivatives. A shift as welcome as a fresh breeze. 🌬️
  • Ether traded little changed, while tokens including solana, bnb and all found themselves in the red by between 0.2% and 1.8%. A performance as unremarkable as a cup of tea. 🍵
  • AERO, the token tied to Base’s leading decentralized exchange (DEX), Aerodrome, lost 18.2% after rallying on Wednesday. A rise as fleeting as a summer’s day. ☀️
  • The relative volatility can be tied to an announcement that the company is upgrading its protocol infrastructure to support EVM-compatible extensions, integrating with Circle Internet’s Arc blockchain and broader “MetaDEX” hubs, expanding its ecosystem reach and capability. A move as ambitious as a grand ball. 🎭
  • Aerodrome also said it will merge with Velodrome, becoming one protocol with a unified token. A union as inevitable as the rising sun. 🌅
  • and the FET token also posted sharp declines – 13.8% and 11%, respectively – though both remain up considerably over the course of the week. A tale of two tokens, both in dire straits. 🧨

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2025-11-13 14:56