U.S. stocks are closed, so crypto is setting the early price: Over the weekend, uncertainty around NVDA’s management surfaced. With U.S. markets closed, Binance’s NVDAUSDT perpetual contract was the first to drop, hitting a low of -4.2%.
To be clear, that -4.2% was the pre-market low relative to the previous U.S. close, not the day’s loss. Over the past 24 hours, Binance’s NVDA perpetual contract had a trading volume of $360.35 million, the highest among the top eight exchanges with a 44% share. Its open interest was $90.57 million, also the highest, at 30.1%. The figures are from BinanceResearch official.
My take: When U.S. markets are closed, crypto perpetuals act as the pre-market for U.S. stocks—news gets priced in crypto first, then tested when U.S. markets open. I’m inclined to think that this pre-market low for NVDA reflects the news itself—uncertainty around management—not crypto setting the tone.
$BTC is currently at $74,345, up 0.2% over 24 hours.
To be clear, that -4.2% was the pre-market low relative to the previous U.S. close, not the day’s loss. Over the past 24 hours, Binance’s NVDA perpetual contract had a trading volume of $360.35 million, the highest among the top eight exchanges with a 44% share. Its open interest was $90.57 million, also the highest, at 30.1%. The figures are from BinanceResearch official.
My take: When U.S. markets are closed, crypto perpetuals act as the pre-market for U.S. stocks—news gets priced in crypto first, then tested when U.S. markets open. I’m inclined to think that this pre-market low for NVDA reflects the news itself—uncertainty around management—not crypto setting the tone.
$BTC is currently at $74,345, up 0.2% over 24 hours.
