The crypto market started establishing support levels on Thursday after a volatile few weeks.
Bitcoin and ether Marginal gains recorded; Tokens including BNB and SOL have posted even greater upside, rising by 1.6% and 1.1% respectively.
was the star of the show It climbed 12% after Hyperliquid Strategies said it was looking to raise $1 billion to buy the token.
The relative lack of volatility on Thursday compared to price action over the past few weeks is also reflected in the derivatives data, with funding rates hovering around zero.
derivatives positioning
By Omkar Godbole
- Open interest (OI) in HYPE futures increased by 17% in 24 hours, reaching a two-week high of 40.24 million HYPE. The increase in price and accompanying positive funding rates indicates growing demand for leveraged bullish exposures.
- The OI in BTC and ETH was barely changed, a sign that traders are reluctant to place bets ahead of Friday’s US CPI release.
- Volmex’s BVIV, which measures annualized 30-day implied volatility in BTC, has retreated slightly to 50%, but remains well above September’s low of 35%. The elevated levels reflect persistent concerns arising from new risks such as auto-deleveraging and liquidity issues.
- Funding rates for major cryptocurrencies remain near zero in a sign of balanced market conditions. XMR and BNB rates are slightly negative, indicating a bearish short bias.
- On Deribit, flows included BTC put spreads. Overall, puts continue to trade at a premium to calls.
token talk
by Francisco Rodriguez
- Jupiter’s native token, JUP, rose more than 3% in the past 24 hours after the decentralized exchange reported strong growth in key business metrics in the third quarter.
- The Solana-based project is also pushing to launch its own stablecoin and prediction market.
- Quarterly revenue rose 19.2% to $45.8 million, while trading volume surged 71% to $242.8 billion, driven by both spot and perpetual products.
- Fees generated reached $121.5 million, up nearly 48% from the second quarter. Despite the rise, JUP’s market capitalization declined 1.5% to $1.35 billion.
- Jupiter attributes this growth to new product rollouts including its Ultra v3 trading engine and a lending protocol, which the team says is one of the fastest-growing protocols on Solana. Active wallets increased 5% to 8.4 million, and total value locked (TVL) increased 41.7% to $3.4 billion.
- JUP outperformed the broader crypto market, rising 1.6% based on the performance of the CoinDesk 20 (CD20) index.