Open interest rose by 7.59% to $156 billion, indicating traders are actively engaging in the market rather than withdrawing.
By Oliver Knight, Omkar Godbole|Edited by Jamie Crawley30 minutes ago4 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Bitcoin liquidations (CoinGlass)SummaryShow- Bitcoin traded at $84,984, reflecting a 4.7% increase since midnight UTC, breaking above the previous high of $82,284 set on September 4.
- Short positions accounted for $647.9 million out of $746.6 million in total liquidations within 24 hours, with $159.9 million liquidated in the last hour alone, according to Coinglass data.
- Despite the liquidation of short positions, open interest increased 7.59% to $156 billion, indicating traders are replacing their positions instead of withdrawing.
The price surge is primarily attributed to forced buying rather than new market confidence, as $746 million in positions were liquidated in a 24-hour timeframe, including $647.9 million in short positions, with an additional $159.9 million liquidated in just the past hour, predominantly from shorts. Bitcoin short positions made up $277.5 million of the total liquidated amount, while ether shorts accounted for $122.8 million, based on Coinglass statistics.
The overall open interest in the market increased by 7.59% to $156 billion, even amid the forced closures, and the 24-hour trading volume rose by 39% to $224 billion, suggesting that traders are actively replacing liquidated positions rather than retreating.
Out of the 100 assets in the CoinDesk 100 (CD100) index, 95 saw gains today, lifting the index by 3.0%. The market dynamics have shifted from Friday, when smaller cryptocurrencies and DeFi tokens were leading the charge. In the broader market, Brent crude held steady at $101.97, unchanged for the day after peaking at $108 earlier this month, while gold dipped by 0.65% to $4,350 and silver fell by 0.32% to $66.24.
Derivatives Positioning
- Bullish Sentiment: The long-short volume ratio in the crypto futures market has shifted to nearly 53% in favor of buyers for the first time in weeks, indicating that buyers are now driving market inflows, aligning with the bullish price trends.
- Increase in Bitcoin OI: Bitcoin's total futures open interest has surpassed 700K BTC for the first time in weeks. While this is still below record levels, the increase signals heightened demand for leverage as the price rally continues.
- Whale Positioning: On Binance, the signals from whale accounts are mixed, with the long/short ratio around 1.0, suggesting whales are executing trades at an equal rate without creating immediate price momentum. However, the overall whale derivatives position ratio exceeds 2.0, indicating that large accounts are heavily leveraged in long positions, anticipating a significant upward move.
- Record OI in CRO: Open interest is climbing across various tokens, but CRO has notably surged to a record high of 536 million tokens, reflecting its significant price appreciation. However, the derivatives data raises concerns, as annualized perpetual funding rates have climbed to nearly 60%, indicating that long positions may be overcrowded. Such extreme funding costs could lead to increased market volatility and a potential long squeeze.
- Positive CVDs: The 24-hour cumulative volume delta (CVD) shows that bitcoin and ether have the highest levels among the top 20 cryptocurrencies, indicating aggressive buy-side activity executed through market orders rather than passive limit orders.
- Slight Rise in Volatility Indices: The 30-day implied volatility indices for bitcoin and ether, BVIV and EVIV, have shown a slight increase, suggesting traders expect a stable rally.
- Demand for Calls: In the Deribit options market, traders are actively pursuing bullish bets through call options for both ether and bitcoin, as indicated by recent volume rankings. A substantial call spread in ether was executed via Paradigm earlier today.
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- Sui SUI$0.9984 is a standout among major cryptocurrencies, rising 12.3% since midnight to $1.0073, and 21.4% over the past 24 hours, with futures open interest in the token increasing by 28.9% to $402 million, indicating strong upward pressure.
- Tokens related to artificial intelligence have taken the lead in the market rally, with decentralized computing token artificial superintelligence alliance FET$0.1904 gaining 8.9% to $0.1911, and bittensor (TAO) rising 7.0% to $280.13, while AI inference token venice VVV$33.13 surged 16% earlier in the session.
- The lending protocol token aave AAVE$146.45 increased by 7.0% to $147.26, and restaking token ether.fi (ETHFI) rose 6.4% to $0.7691, highlighting that the DeFi interest from Friday's rally remains, albeit diminished, as the sector index is lower today.
- Near NEAR$4.2429 has cooled after a strong weekend performance, up 2.9% since midnight to $4.29, following a 20% increase over 24 hours; however, open interest of $882 million is up 26.8% from the previous day, indicating that positions have not unwound significantly despite the price adjustment.
- Dogecoin DOGE$0.09237 rose 10.2% in the last 24 hours to $0.0939, with open interest increasing by 15%, while avalanche (AVAX) gained 14.1% to $11.22 on a 19.5% rise in open interest, both recovering after a period of underperformance last week.
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