Weekend altcoin rally runs out of road as bitcoin slips
Bitcoin $BTC$79,394.02 is trading around $79,300, on Monday having lost 1.3% of its value since midnight UTC. It spent the weekend trapped in a tight trading range after failing to break out above $81,400.
Monday’s pullback coincides with a jump in U.S. equity futures, with Nasdaq 100 futures up 0.3% since midnight, extending last week’s divergence. The market is closed today for the national Labor Day holiday.
Altcoins did most of the heavy lifting over the weekend and are now handing back a portion of their gains. Bittensor ($TAO), kaspa $KAS$0.03524, internet computer (ICP) and celestia (TIA) all rose by more than 12% over the past 24 hours, but the bulk of those moves landed before midnight UTC. Since then $TAO is up 0.4%, chainlink $LINK$13.26 is up 1%, and $NEAR Protocol $NEAR$2.3548 has slipped 1.5%.
Sentiment turns bearish: The taker buy-sell volume ratio in crypto futures is leaning short, with bearish bets accounting for 51.6% of the flow. That marks a shift from Friday's bullish reading. The likely catalyst is the weekend escalation of hostilities between the U.S. and Iran, along with Fed rate-increase fears, though those concerns appear overdone.
$BTC futures see capital exodus: Capital continues to exit bitcoin futures. Open interest (OI) has dropped to 670K $BTC from 709K on Friday, the least since March 23, according to data source Coinglass. Annualized perpetual funding rates are fast approaching zero, losing their bullish bias, as is evident from recent readings of 8% to 10%.
Ether, solana mirror the move: The ether and solana markets are displaying a similar dynamic.
$XRP open interest cools: Open interest in $XRP futures has also cooled, to 2.29 billion tokens, the lowest since Aug. 7 and down notably from a mid-month peak of 2.78 billion. The message is clear, capital is exiting, leaving the $XRP price choppy between $1.35 and $1.45.
Bitcoin $BTC$79,394.02 is trading around $79,300, on Monday having lost 1.3% of its value since midnight UTC. It spent the weekend trapped in a tight trading range after failing to break out above $81,400.
Monday’s pullback coincides with a jump in U.S. equity futures, with Nasdaq 100 futures up 0.3% since midnight, extending last week’s divergence. The market is closed today for the national Labor Day holiday.
Altcoins did most of the heavy lifting over the weekend and are now handing back a portion of their gains. Bittensor ($TAO), kaspa $KAS$0.03524, internet computer (ICP) and celestia (TIA) all rose by more than 12% over the past 24 hours, but the bulk of those moves landed before midnight UTC. Since then $TAO is up 0.4%, chainlink $LINK$13.26 is up 1%, and $NEAR Protocol $NEAR$2.3548 has slipped 1.5%.
Sentiment turns bearish: The taker buy-sell volume ratio in crypto futures is leaning short, with bearish bets accounting for 51.6% of the flow. That marks a shift from Friday's bullish reading. The likely catalyst is the weekend escalation of hostilities between the U.S. and Iran, along with Fed rate-increase fears, though those concerns appear overdone.
$BTC futures see capital exodus: Capital continues to exit bitcoin futures. Open interest (OI) has dropped to 670K $BTC from 709K on Friday, the least since March 23, according to data source Coinglass. Annualized perpetual funding rates are fast approaching zero, losing their bullish bias, as is evident from recent readings of 8% to 10%.
Ether, solana mirror the move: The ether and solana markets are displaying a similar dynamic.
$XRP open interest cools: Open interest in $XRP futures has also cooled, to 2.29 billion tokens, the lowest since Aug. 7 and down notably from a mid-month peak of 2.78 billion. The message is clear, capital is exiting, leaving the $XRP price choppy between $1.35 and $1.45.
