The global crypto market cap rose 2% in the past 24 hours to $4.03 trillion as major cryptocurrencies posted gains.
Bitcoin
The rallies came alongside heavy short liquidations, with risk sentiment improving after a relatively calm macro session.
Derivatives Positioning
- Futures open interest (OI) in major tokens decreased over the past 24 hours, indicating a capital outflow. It’s also suggestive of price losses being driven by the unwinding of long positions rather than outright short sales.
- XMR’s perpetual futures appear overheated, with annualized funding rates exceeding 200%. The extremely high figure may prompt arbitrageurs to take a simultaneous long position in the spot market and a short position in futures, allowing them to pocket the funding safely.
- Funding rates for other major tokens remain pinned at around 10%, reflecting a moderately bullish bias.
- On the CME, open interest in ETH futures rose to 1.70 million from 1.51 million ETH.
- BTC open interest remained steady near 138K BTC, the lowest since April.
- On Deribit, BTC options out to August expiry show a slight bias toward put, or protective, options. ETH options showed a bullish bias across all tenors.
- ETH’s implied volatility (IV) term structure steepened while BTC’s remain unchanged. Flows at OTC desk Paradigm featured a long position in the BTC $115K put expiring on Aug. 13 and demand for $150K calls expiring in September.
- Volumes were substantial, with $3.3 billion traded at Paradigm.
Token Talk
- Ethena surpassed $11.89B in TVL, becoming the sixth DeFi protocol to cross $10B and the second non-staking model after Aave to do so. The sUSDe APY sits at 4.72%, attracting yield-focused investors.
- The protocol’s scale underscores growing appetite for non-staking DeFi models and could influence future designs. Market reaction has been broadly positive, with industry figures noting the milestone’s significance.
- USDe maintains a $1 peg with a $10.48B market cap and $371.97M in 24-hour volume.
- Polymarket will transition UMA’s oracle from OOV2 to MOOV2 after governance approval, restricting market resolution proposals to a whitelist of vetted participants.
- The change aims to reduce disputes and market manipulation by ensuring proposals are submitted by experienced users, while keeping dispute rights open to all.
- The initial whitelist includes 37 addresses, with the shift framed as moving from open debates to a more controlled council-style resolution process.
- Pudgy Penguins secured Formula 1 branding at the Singapore Grand Prix after winning Kraken’s memecoin trading contest. PENGU branding will appear on Williams Racing’s FW47 car.
- The token gained 55.1% over the past 30 days while dipping 11.8% in 24 hours, partially rebounding with a 1.4% intraday gain.
- The exposure is expected to boost visibility among mainstream audiences and strengthen Kraken’s push into sports-linked crypto promotions.
