Bitcoin Surges to $103K While Altcoins Fumble – Traders Playing It Safe

by

Markets

What to know:

  • Bitcoin is currently basking in its $103,000 glory, up 1.8% on the day – but let’s not get too excited, it’s still in the slumpy shadow of October’s $126,000 peak.
  • The CoinDesk 20 Index has gained, primarily driven by Bitcoin’s rise to dominance, with a 60% market share, while ENA and APT languish with more than 20% drops.
  • More than $300 million in leveraged positions have been wiped off the table, ZEC’s open interest is skyrocketing, and traders are frantically buying $80K BTC puts, hedging like there’s no tomorrow.

Bitcoin is clinging to its $103,000 mark after a brief moment of panic when it dipped below $100,000 just last Wednesday. The CoinDesk 20 Index (CD20) is up by a modest 1.8% over the last 24 hours. Nothing to write home about, though, right?

Still, our beloved Bitcoin is caught in a bit of a technical downtrend, grappling with the ghost of October’s $126,000 high. It peaked at $116,000, but it’s been a steady march of lower highs and lows ever since. Sigh.

Meanwhile, altcoins are basically giving Bitcoin a big “nope” wave, as its dominance ticks back up to 60% after a tiny dip to 57% in September. Altcoins, like your friend who shows up late to the party, are trailing behind, still struggling to find their footing.

Several altcoins are simply refusing to cooperate, unable to maintain critical support levels. In particular, ENA and APT have decided to plummet by over 20% this week. Someone check on them. Send them a therapy bill.

Ah, and let’s not forget the market’s latest drama: The almighty U.S. dollar flexing its muscles after some indecision from the Federal Reserve regarding interest rates. Classic.

Derivatives Positioning

By Omkar Godbole

  • Over $300 million in crypto futures got liquidated in just 24 hours, and guess what? Mostly shorts. The bears are still on the loose.
  • Zcash is the star of the show here, leading the pack in open interest (OI) growth, while Bitcoin and Ethereum’s OI are barely making a sound.
  • Meanwhile, altcoins like XRP are seeing their OI slowly deflate like a sad balloon, while random tokens like PUMP are bouncing with double-digit gains. A familiar pre-crash dance, if I may say so.
  • Zcash’s funding rates? Deeply negative, meaning a bias towards shorts. It’s like everyone’s betting on Zcash taking a tumble after its wild ride.
  • Bitcoin CME futures? Light as a feather, with OI at its lowest since September. Ethereum’s OI is also taking a nap after hitting record highs.
  • Near-dated BTC and ETH options are showing serious downside nerves – traders are snapping up $80,000 put options like they’re the last bus home.

Token Talk

By Francisco Rodrigues

  • There’s some spicy drama brewing over at decentralized exchange Hyperliquid, as a new governance proposal called HIP-5 threatens to shake up the system.
  • HIP-5 suggests a cheeky 5% slice of exchange revenue go towards funding emerging tokens like PURR, Kinetiq, and Felix. Sounds nice, right? Well, not everyone agrees.
  • Currently, 99% of Hyperliquid’s revenue is being gobbled up by buying back its native token, HYPE. HIP-5 would instead sprinkle some of that cash towards a second assistance fund, AF2. A bit more balanced, perhaps?
  • Critics, of course, aren’t happy. One user, Altoshi, threw a fit on X, warning that this could lead to “bribery” and governance issues akin to those seen in Cosmos and Polkadot. Drama alert! 🎬
  • Others argue that it could boost developer activity and bring more voices into governance. But, of course, that’s yet to be seen.
  • So, don’t pop the champagne just yet, because this proposal is still floating in the ether, waiting for a formal vote. It’s a bit like waiting for a plot twist in your favorite soap opera.

Read More

2025-11-06 15:51