{"id":49485,"date":"2025-09-25T13:01:41","date_gmt":"2025-09-25T13:01:41","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=49485"},"modified":"2025-09-25T13:01:41","modified_gmt":"2025-09-25T13:01:41","slug":"crypto-markets-today-avax-open-interest-and-price-tanks-hype-underperforms","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=49485","title":{"rendered":"Crypto Markets Today: AVAX Open Interest and Price Tanks, HYPE Underperforms"},"content":{"rendered":"<div>\n<p>The crypto market slid early Thursday as ether, the second-largest token, dropped more than 3% to below $4,000. The decline triggered large liquidations, including a multimillion dollar loss for one whale. <\/p>\n<p>Bitcoin (BTC) also fell 1.5% to $115,600, nearly erasing gains from Wednesday\u2019s rebound. Other major cryptocurrencies followed suit amid declines in Nasdaq and S&amp;P 500 futures, likely caused by rising odds of a U.S. government shutdown. <\/p>\n<p>Coins like recent outperformers ASTR, AVAX and PUMP suffered double digit losses over 24 hours.<\/p>\n<p>One analyst pointed to cryptocurrencies as an early warning indicator for broader financial markets. <\/p>\n<p>&#8220;Crypto is once again signaling shifts in risk appetite,&#8221; said Alex Kuptsikevich, chief market analyst at FXPro. &#8220;Altcoins and smaller developed market currencies have been weakening since the Federal Reserve\u2019s rate cut last week, and major U.S. indices began following this trend from Tuesday onward.&#8221;<\/p>\n<p><strong>Token Talk <\/strong><\/p>\n<p>by Francisco Rodrigues<\/p>\n<ul>\n<li>The price of Hyperliquid\u2019s HYPE token is significantly underperforming the wider crypto market, mainly due to growing competition from BNB Chain-based derivatives exchange Aster and forthcoming token unlocks.<\/li>\n<li>Aster, which is backed by YZi Labs, <a href=\"https:\/\/www.coindesk.com\/daybook-us\/2025\/09\/23\/aster-leads-hyperliquid-in-revenue-as-dex-war-heats-up-crypto-daybook-americas\">overtook Hyperliquid <\/a>in daily perpetual trading volume this week in an upset that sent shockwaves through crypto\u2019s on-chain trading ecosystem.<\/li>\n<li>In just one week, Aster\u2019s open interest ballooned 33,500%, leaping from $3.7 million to $1.25 billion. Its 24-hour trading volume hit $35.8 billion, more than double that of Hyperliquid, which logged $10 billion according to <a href=\"https:\/\/defillama.com\/perps\">DeFiLlama data<\/a>. Total value locked (TVL) on Aster also jumped, almost tripling to $1.85 billion.<\/li>\n<li>The platform\u2019s token, ASTER, has added more than 344% in the past week to $2, giving it a fully diluted valuation of $15.9 billion. HYPE slid to $43 from $58.4.<\/li>\n<li>HYPE&#8217;s drop coincides investor anxiety over upcoming token unlocks. In late November, 237 million HYPE, worth more than $10 billion at current prices, will <a href=\"https:\/\/defillama.com\/unlocks\/hyperliquid\">gradually become liquid<\/a> over a two-year period.<\/li>\n<\/ul>\n<p><strong>Derivatives Positioning<\/strong><\/p>\n<ul>\n<li>Open interest (OI) in futures tied to many major tokens has declined in the past 24 hours, with AVAX witnessing the sharpest drop, nearly 12%.<\/li>\n<li>Still, overall positioning in BTC futures remains elevated, with OI hovering close to record highs. ETH&#8217;s futures OI has increased to 14.45 million ETH, despite large liquidations on the decentralized exchange Hyperliquid.<\/li>\n<li>OI in USDT- and dollar-denominated SOL perpetuals on major exchanges has increased slightly from 29 million SOL to 30.28 million SOL since Asian hours, as the spot price drops toward $200. Some traders seem to be shorting the decline.<\/li>\n<li>XRP, SOL, HBAR, TRX, SUI and XLM stand out as coins with negative funding rates, pointing to a bias for bearish short positions.<\/li>\n<li>On the CME, the downtrend in BTC futures OI has resumed while OI in ether futures has risen back to record highs above 2.2 million ETH. The annualized three-month basis in ETH has dropped to 7% from 9.8% in a sign of weakening of bullish pressures.<\/li>\n<li>On Deribit, BTC and ETH put options continue to draw premium relative to calls, painting a bearish picture. Some traders picked up out-of-the-money lower strike ether puts via OTC desk Paradigm.<\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The crypto market slid early Thursday as ether, the second-largest token, dropped more than 3% to below $4,000. The decline triggered large liquidations, including a multimillion dollar loss for one whale. Bitcoin (BTC) also fell 1.5% to $115,600, nearly erasing gains from Wednesday\u2019s rebound. Other major cryptocurrencies followed suit amid declines in Nasdaq and S&amp;P [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-49485","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/49485","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=49485"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/49485\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}