The crypto market was green sea early on Wednesday. Altcoins like OKB, Pump, BNSOL, Zittosol and Sol are gaining double digits alongside a rapid surge to a rapid high in ether.
“We're committed to providing a range of services to our customers,” said Alex Kuptsikevich, Chief Market Analyst at FXPRO.
“I suspect investors are selling their first cryptocurrency to fund altcoin purchases, and given the altcoin rally and the historic highs of the S&P 500 and Nikkei 225, it's hardly reasonable to talk about emotional reversal,” he said.
Positioning of derivatives
- Ether's (ETH) price rises involves fresh capital inflows into CME listed futures. There, open interest in standard contracts of 50 ETH size increased from 1.5 million ETH more than a week ago to 1.85 million ETH.
- With the three-month year base exceeding 10%, traders seem to be positioned as upside. For Bitcoin (BTC), the CME base remains at nearly 7.5%.
- The Altcoin market shows no signs of overheating despite the surge in ether towards record highs. This is evident from the persistent funding rates for offshore exchanges, which remain close to 10% per year for most major tokens.
- Open interest in privacy-centric Monero has risen to its highest level since December as token prices fell to $245, the lowest since April. Data shows that traders sold their gatherings to make a profit from the price decline.
- At Delibit, ether traders chased the phone with a strike of over $5,000 with signs of bull market sentiment. ETH calls trade at premium for placing them on all tenors. Still, Ether's 30-day implicit volatility index, ETH DVOL, remained fixed in the range of about 70% in recent range.
- The implicit volatility of BTC also remained relatively stable. The paradigm flow of the OTC network was characterized by the demand for high-intensity OTM calls, particularly the $160,000 strike.
Token talk
- united nations After OKX announced a permanent supply cut, one of the biggest tokens in history, it surged to $142 (+200%) in addition to a “PP upgrade” to a polygon-driven X-layer chain.
- The upgrade boosts throughput to 5,000 TP, reduces gas prices to near zero, and adds a gas-free USDT drawer.
- OKX will also abolish Oktchain, suspend OKT trading on August 13th, and convert balances to OKB from August 15th.
- Eden Network It shuts down all services, including Eden RPCs and bundles, citing unprofitable competition in MEV relays and block building spaces.
- Starting in 2021, Eden was successful early to optimize the MEV revenues of miners and validators, but lost ground merges as the market was integrated around a small number of operators.
- fartcoin “Smart Money” rose 3% to boosted holdings as 17% whale wallets held more than $1 million increased supply by 2% in 24 hours.
- MACD's momentum on the daily charts is bullish, with a look at breakouts above $1.74 if purchases continue. As momentum slows, the main support is $0.74.
