QuantCapBitcoin held near $83,000 as the 30-year Treasury yield topped 5.6%, while DeFi tokens reversed and lighter fell after Robinhood unveiled U.S. perps.
Bitcoin stalls near $83,000 while lighter drops 17% on Robinhood perps plan
Bitcoin held near $83,000 as the 30-year Treasury yield topped 5.6%, while DeFi tokens reversed and lighter fell after Robinhood unveiled U.S. perps.
Bitcoin slipped 0.57% since midnight UTC to $83,164, with CoinDesk 100 constituents split 50-50. The DeFi index lost 2.3% over 24 hours as aave gave back 4.4%. Lighter has fallen 17% over 24 hours after Robinhood said it will offer crypto perpetual futures to U.S. customers through its own derivatives arm. Traders await PCE inflation data before the U.S. open, after the 30-year Treasury yield crossed 5.6%, its highest since June 2002.
Bitcoin BTC$83,740.09 traded at $83,164 in the European morning, down 0.57% since midnight UTC while the rest of the crypto market was mixed, with 50 constituents of the CoinDesk 100 higher and 50 lower.
The 24-hour pictures is weaker as bitcoin lost around 1%, falling from a peak of $84,400 during Tuesday’s U.S. session. The CoinDesk DeFi index (DFX) fell 2.3%, the worst performance in the index family, as aave AAVE$160.19 retreated 4.4% after leading Tuesday's gains with an 11% jump.
Traditional markets were firmer, with S&P 500 futures up 0.27% and the Stoxx 600 up 0.74% in morning trade. That came even after the 30-year Treasury yield crossed 5.6% on Tuesday, its highest since June 2002, and the 10-year reached a fresh 2007 high near 5.3%, according to CNBC. Brent crude traded at $96.43 after falling on Tuesday, well below the $100 level that accompanied Monday's crypto selloff.
No obvious catalyst is behind the morning's drift. Attention is turning to the U.S. personal consumption expenditures (PCE) price index, the Fed's preferred inflation gauge, due before the Wall Street open, with Micron earnings after the close. Bitcoin has now been in a consolidation pattern since Sept. 21’s failed breakout attempt at $87,300.
Derivatives positioning
Leverage keeps cooling: The market-wide taker long/short volume ratio is balanced for a second day, after sellers had a slight edge two days ago at 46.9% to 53.1%. Liquidations roughly halved to $196 million from yesterday's $389 million. Open interest (OI) slipped to $147 billion from nearly $150 billion two days ago, and volume fell 16.9% to $181 billion, according to CoinGlass. BTC's rally stays spot-driven: Futures OI dropped to 625K BTC, the lowest since Jan. 1, from 644K yesterday and 650K the day before. The decline began in June, even as the price climbed from $57,000 to over $80,000. That suggests spot buying, not leverage, powered the rally. Binance traders stay bullish on BTC: The long/short ratio rose to 1.42 for retail and 1.49 for whale accounts, from 1.24 and 1.31 yesterday. Whale positions edged up to 1.90 from 1.88 but remain below the readings above 2.3 seen earlier this month. A reading above 1 means more longs than shorts. Ether leverage keeps draining: ETH futures OI slid to about 13.08 million ETH, the lowest since early March. SOL and XRP futures show little activity, extending this week's quiet. Speculation creeps back in: PUMP jumped nearly 16% in 24 hours, the best performer among the top 100 coins, and its futures OI is rising. That means fresh money is chasing the token with leverage. When this pattern shows up repeatedly in speculative tokens, it has tended to mark short-term market tops. HBAR bears pile in: HBAR fell 16% in 24 hours, yet futures OI kept climbing to new highs. Funding rates have turned negative, from just above zero two days ago, pointing to a bias for shorts. Traders may be hedging long spot holdings against a deeper drop. HBAR's 24-hour OI-adjusted CVD is also the most negative among majors, showing aggressive selling. POL and CAKE shorts crowd in: Both tokens show deeply negative funding rates, meaning short sellers are paying to keep their bets open. LIT sits at the opposite end, with strongly positive funding. Volatility stays asleep: Bitcoin and ether's 30-day implied volatility indices remain calm, as they have all week. Traders still expect orderly markets, even as Treasury yields rise, the dollar strengthens and gold weakens. Options traders chase both call and puts: BTC options volume on Deribit shows demand for both calls and puts, after yesterday's clear tilt toward calls. The $70,000 call was the most traded contract over 24 hours. In ETH, the $3,000 call is the most traded contract for a second straight day.
Newsletters
Token talk
Perpetuals exchange token lighter (LIT) has lost 17% over 24 hours and fell a further 5.6% since midnight UTC, cutting its market capitalization to $2.1 billion. The tumble comes alongside Robinhood’s announcement that it will offer U.S. perpetual futures through its own derivatives arm. Interoperability tokens led the gainers. Quant (QNT) rose 7.5% since midnight, the biggest gain in the CoinDesk 100, bringing its 24-hour advance to 14%. Cross-chain messaging token layerzero ZRO$1.7778 is up 13% over the same window. Bonk BONK$0.0₅3744 added 5.9% and dogwifhat (WIF) rose 3.4% since midnight as memecoins outperformed. Memecoin launchpad token pump.fun PUMP$0.005740 slipped 2.7% but remains 14% higher over 24 hours. DeFi tokens split down the middle after Tuesday's rally on speculation about an aave token burn. Aave fell 3% since midnight, with smaller losses in uniswap (UNI) and ondo ONDO$0.5044. Curve CRV$0.4014 rose 3.6%, and liquid staking token lido LDO$0.4656 and ethena (ENA) each gained 1.8%. CoinMarketCap’s “altcoin season” index is at 61/100, still firmly in bullish territory as investors continue to look to the altcoin market while bitcoin consolidates, it has now remained above 60/100 for the past five days are not hitting these levels in more than three months.
1A stronger dollar is a weaker threat to bitcoin than traders think15 minutes ago 2Bitget hackers move $4 million into Zcash’s private pool, making funds harder to trace30 minutes ago 3The SEC Is finally modernizing transfer-agent rules. Wall Street must not repeat the ‘paperwork crisis’35 minutes ago 4OpenAI, Google and Meta pledge outside AI audits under voluntary White House deal51 minutes ago 5Metaplanet directors push back against shareholder fury over a controversial executive payout plan1 hour ago 6Live updates: Standard Chartered initiates ENA coverage, BTC tentative ahead of U.S. inflation data1 hour ago 7OpenAI seeks $30 billion in funding at whopping $1.4 trillion valuation after delaying IPO2 hours ago 8Winklevoss-owned Gemini switches Zcash software ahead of faster 25-second blocks3 hours ago 9How European investors can now buy bitcoin without taking on U.S. dollar risk3 hours ago 10Bitcoin bulls have one price level to defend4 hours ago
Beyond the Risk-Free Rate: Diversified Real World Yield in Productive Stablecoins
Beyond the Risk-Free Rate: Diversified Real World Yield in Productive Stablecoins
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Why it matters:
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Bitget hackers move $4 million into Zcash’s private pool, making funds harder to trace
Metaplanet directors push back against shareholder fury over a controversial executive payout plan
Live updates: Standard Chartered initiates ENA coverage, BTC tentative ahead of U.S. inflation data
A stronger dollar is a weaker threat to bitcoin than traders think
Bitget hackers move $4 million into Zcash’s private pool, making funds harder to trace
The SEC Is finally modernizing transfer-agent rules. Wall Street must not repeat the ‘paperwork crisis’