3 hours ago
The crypto marketplace is down today, signaling hazard aversion up of the U.S. halfway PCE ostentation information release, which could power the Federal Reserve's way connected interest-rate cuts.
The CoinDesk 20 Index, a measurement of the wide market, has dropped 3.6% successful the past 24 hours, with each but 1 subordinate little implicit that period.
According to analysts astatine Bitunix , a hotter-than-expected fig could punctual the Fed to follow a one-and-done stance pursuing the expected complaint chopped astatine the September meeting.
"For BTC, ticker whether $114.5K flips into support, oregon if a retest of $107.6K enactment confirms marketplace resilience," the speech told CoinDesk successful an email.
Derivatives Positioning
- Open involvement (OI) successful futures tied to the apical 20 coins, excluding SOL, has decreased successful the past 24 hours, indicating broad-based superior outflows.
- SOL's unfastened interest, however, deed a grounds precocious 63.84 million, alongside a rally successful the token's terms to $217, a level past seen successful February.
- The eight-hour backing rates for ether, tron and BNB flipped somewhat negative, indicating a bias for bearish bets connected a driblet successful prices. Funding rates for different large tokens were dependable astatine astir zero, indicating neutral sentiment.
- OI successful the CME bitcoin futures slipped to 135.72K BTC, the lowest since April, portion ether OI remained elevated astatine grounds highs adjacent 2.10 cardinal ETH. The divergence suggests a continued penchant among investors for ETH implicit BTC.
- On Deribit, downside bias successful BTC options has strengthened crossed each tenors, with puts trading astatine a 5 volatility premium to calls astatine the beforehand end. ETH options show akin dynamics, marking a displacement from bullish positioning aboriginal this week.
- On Paradigm, artifact flows featured telephone selling and enactment rolling strategies successful BTC and ETH. Market shaper Wintermute pointed to request for telephone spreads successful the December expiry BTC options.
Token Talk
- Solana (SOL) posted a 44% driblet successful second-quarter exertion revenue, sliding to to $576.4 cardinal from $1 cardinal successful the archetypal 4th adjacent arsenic its DeFi assemblage expanded, according to Messari.
- The downturn reflects weaker profitability crossed cardinal decentralized apps. Pump.fun (PUMP) inactive led with $156.9 million, but was inactive down 44% arsenic memecoin frenzy cooled.
- Axiom was the outlier, surging 641% to $126.6 million, showing however accelerated protocol-specific maturation tin offset broader ecosystem weakness. Jupiter (JUP) earned $66.4 cardinal (–16%), portion Phantom and Photon were deed hardest with declines of 65% and 72%, respectively.
- Despite gross losses, DeFi TVL connected Solana climbed 30% to $8.6 cardinal successful the 4th and has since crossed $11 billion, cementing the concatenation arsenic the largest DeFi web down Ethereum.
- Kamino Finance drove TVL growth, up 34% to $2.1 cardinal aft introducing Kamino Lend V2, which attracted $200 cardinal successful deposits and $80 cardinal successful loans wrong 3 weeks. Kamino present controls 25% of Solana’s marketplace share.
- Raydium staged a beardown comeback, rising 54% to $1.8 cardinal successful TVL, reclaiming 2nd spot from Jupiter. It present commands 21% stock versus Jupiter’s 19%.
- Trading activity, however, told a antithetic story: Average regular spot DEX measurement fell 45% to $2.5 billion, reflecting a fading of the memecoin momentum that had fueled the erstwhile quarter's records.
English (US) 