CoinDesk
Bitcoin traded at $83,164 in the European morning, down 0.57% since midnight UTC and about 1% over 24 hours after retreating from a Tuesday peak of $84,400. The CoinDesk 100 was evenly split between gainers and losers, while the DeFi index fell 2.3% and Aave lost 4.4%. Lighter's LIT token dropped 17% in 24 hours after Robinhood announced plans to offer U.S. crypto perpetual futures through its own derivatives arm.
Why it matters
Bitcoin has consolidated since a failed breakout attempt at $87,300 on Sept. 21. Market leverage is also easing: liquidations fell to $196 million from $389 million, open interest slipped to $147 billion, and trading volume declined 16.9% to $181 billion. BTC futures open interest dropped to 625,000 BTC, its lowest level since Jan. 1, even as Bitcoin climbed from $57,000 to above $80,000, a pattern indicating the rally was driven more by spot buying than leverage.
Attention is turning to the U.S. personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, due before the Wall Street open. The 30-year Treasury yield crossed 5.6%, its highest since June 2002, while the 10-year yield reached a fresh 2007 high near 5.3%.
Market impact
The mixed picture extends across crypto. Binance long/short ratios rose to 1.42 for retail accounts and 1.49 for whale accounts, while ETH futures open interest fell to about 13.08 million ETH, its lowest since early March. Bitcoin and ether implied volatility remained calm despite rising yields, a stronger dollar and weaker gold.
Robinhood's entry into U.S. perpetual futures coincided with LIT's steep drop, putting competition in the derivatives market in focus. PCE data and shifting leverage are the next signals for whether Bitcoin's consolidation holds or gives way to a broader move.
Frequently asked questions
-
How much did Bitcoin and Lighter's LIT token change over 24 hours?
Bitcoin was down about 1% over 24 hours at $83,164. LIT fell 17% over the same period.
-
What did Robinhood announce about perpetual futures?
Robinhood said it plans to offer crypto perpetual futures to U.S. customers through its own derivatives arm.
-
What do falling Bitcoin futures open interest and price gains suggest?
BTC futures open interest fell to 625,000 BTC, its lowest since Jan. 1, while Bitcoin rose from $57,000 to above $80,000. The pattern suggests the rally was driven more by spot buying than leverage.
-
Which U.S. inflation release are traders watching?
Traders are watching the personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, due before the Wall Street open.
-
How did Treasury yields and crypto leverage move?
The 30-year Treasury yield crossed 5.6% and the 10-year reached a fresh 2007 high near 5.3%. Crypto liquidations, open interest and trading volume all declined.
Crypto News
Crypto Rank News
CryptoSlate
Altcoin Daily
CoinTelegraph
Lookonchain
WuBlockchain