{"id":50261,"date":"2025-09-30T13:03:18","date_gmt":"2025-09-30T13:03:18","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=50261"},"modified":"2025-09-30T13:03:18","modified_gmt":"2025-09-30T13:03:18","slug":"crypto-markets-today-btc-eth-hold-gains-as-asters-leverage-fueled-volume-hits-64b","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=50261","title":{"rendered":"Crypto Markets Today: BTC, ETH Hold Gains as Aster\u2019s Leverage-Fueled Volume Hits $64B"},"content":{"rendered":"<div>\n<p>Crypto majors bitcoin (BTC) and ether (ETH) rose on Tuesday as the market begins to consolidate following Monday&#8217;s recovery.<\/p>\n<p>Bitcoin is trading at $112,900 while ether is at $4,150, adding 0.78% and 1.1%, respectively, in the past 24 hours as futures open interest jumped from $29 billion to $31 billion in a sign of bullish bias.<\/p>\n<p>Much of Tuesday&#8217;s activity is occurring in the altcoin sphere, with newly-touted decentralized exchange Aster racking up $64 billion in daily trading volume as traders rush to use the platform that offers up to 300x leverage.<\/p>\n<p><strong>Derivatives Positioning<\/strong><\/p>\n<p>by Jacob Joseph<\/p>\n<ul>\n<li>The market is showing signs of a potential shift back to a bullish bias as derivatives metrics, including open interest and basis, show a pickup.<\/li>\n<li>Overall BTC futures open interest rose to roughly $31 billion from a recent monthly low of $29 billion. This increase indicates a renewed interest from traders, with Binance still leading at $12.7 billion. <\/li>\n<li>The three-month annualized basis is also recovering, climbing to 7% from around 6%, which makes the basis trade more profitable. <\/li>\n<li>The BTC options market is still presenting a complex and somewhat contradictory picture. <\/li>\n<li>While the 25 delta skew for short-term options continues to drop, suggesting traders are paying a premium for puts and signaling a desire for downside protection, the 24-hour put-call volume is telling a different story. <\/li>\n<li>In a clear reversal from recent trends, calls now dominate the volume, making up 65% of the contracts traded. This sharp increase indicates that despite the cautious sentiment reflected in the skew, a significant number of traders are actively positioning for a short-term rally. <\/li>\n<li>This divergence highlights a highly polarized market, where a mix of hedging strategies and speculative bets creates a state of mixed sentiment.<\/li>\n<li>Funding rates on major venues like Binance and OKX have turned positive, rising to around 7% and 10% respectively. This indicates a growing appetite for leveraged long positions, where long traders are now paying shorts, a classic sign of positive market sentiment. <\/li>\n<li>While the funding rate on Hyperliquid remains volatile, the trend on key exchanges suggests that traders are once again becoming confident and willing to take on bullish exposure<\/li>\n<li>Coinglass data shows $316 million in 24 hour liquidations, with a 44-56 split between longs and shorts. ETH ($73 million), BTC ($70 million) and others ($29 million) were the leaders in terms of notional liquidations. The Binance liquidation heatmap indicates $115,000 as a core liquidation level to monitor, in case of a price rise.<\/li>\n<\/ul>\n<p><strong>Token Talk<\/strong><\/p>\n<p>By Oliver Knight<\/p>\n<ul>\n<li>The derivatives exchange battle between Aster and HyperLiquid is heating up.<\/li>\n<li>Daily trading volume on BNB Chain-based Aster has rocketed to $64 billion, dwarfing HyperLiquid&#8217;s $7.6 billion, <a href=\"https:\/\/defillama.com\/protocol\/perps\/hyperliquid\">DefiLlama<\/a> data shows.<\/li>\n<li>According to BoltLiquidity core contributor Max Arch, the shift is due to Aster&#8217;s offering of between 100x and 300x leverage. HyperLiquid&#8217;s markets are mainly capped at 40x.<\/li>\n<li>&#8220;Traders are following the leverage, regardless of underlying platform quality, but we\u2019ll see how the increased risk that comes with higher leverage caps impacts platforms like Aster long-term,&#8221; Arch <a href=\"https:\/\/x.com\/CryptoChem0000\/status\/1972708887972188245\">wrote on X<\/a>.<\/li>\n<li>Arch notes that around 6% of Aster&#8217;s trading volume can be attributed to <a href=\"https:\/\/www.investopedia.com\/terms\/w\/washtrading.asp\">wash trading<\/a>, far less than some skeptics had estimated.<\/li>\n<li>The exchanges&#8217; native tokens, ASTER and HYPE, have performed poorly over the past week; with the former sliding from $2.39 on Sep. 25 to $1.80, while HYPE is down from Sep. 18&#8217;s high of $58.92 to $44.32.<\/li>\n<li>The bearish token performance relative to trading activity can be attributed to a wider altcoin sell-off that led to the removal of $200 billion from the sector&#8217;s total market cap last week, according to <a href=\"https:\/\/coinmarketcap.com\/charts\/\">CoinMarketCap<\/a> data.<\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Crypto majors bitcoin (BTC) and ether (ETH) rose on Tuesday as the market begins to consolidate following Monday&#8217;s recovery. Bitcoin is trading at $112,900 while ether is at $4,150, adding 0.78% and 1.1%, respectively, in the past 24 hours as futures open interest jumped from $29 billion to $31 billion in a sign of bullish [&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-50261","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\/50261","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=50261"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/50261\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}