Metamask Token Hype Builds, While Aster Open Positions Surge 46%: Crypto Markets Today

Bitcoin BTC$90,162.84, the crypto market leader, has bounced to nearly $113,000, hinting at an end to the three-day losing streak. Other major coins are following BTC's lead, with further gains contingent on bitcoin moving past key levels.

"Much will depend on the ability of bitcoin bulls to overcome important resistance levels at 113,500 and 115,000. If they succeed, there will be a chance to restore the uptrend. Failure will increase the risks of a Bitcoin correction," Alex Kuptsikevich, senior analyst at FxPro, said in an email.

Token Talk

By Oliver Knight

• MetaMask’s parent company ConsenSys, and Ethereum co-founder Joe Lubin, recently confirmed that the long-rumored MASK token is indeed coming, and possibly “sooner than you would expect.”
• Lubin emphasized that MASK would be tied to the decentralization of certain parts of the MetaMask platform, moving control from a purely centralized model toward community governance.
• While no official tokenomics have yet been published, MetaMask seems likely to follow a model similar to that used by ConsenSys’s Layer-2 project Linea: retaining a modest share for the company while allocating much of the supply toward ecosystem incentives, developer funding, and user rewards.
• In previous token launches, eligible users, particularly active ones, have been prioritized in the distributions, which has fueled speculation that the airdrop will focus heavily on users with meaningful activity in MetaMask, like swaps or interactions with dApps.
• However, some X users have warned Metamask wallet owners to taper their expectations; with Wale Moca saying users could receive just $8.5 each if the token debuts at a $3 billion fully diluted value (FDV). That is based on 70 million users each owning an average of five wallets.
• MASK is now being anticipated alongside a series of major airdrops, including Base, OpenSea and a second HyperLiquid drop.

Derivatives Positioning

by Omkar Godbole

• Aster token's futures open interest (OI) has increased by 46%, a stark contrast to muted OI activity in futures tied to the top 20 tokens.
• Open interest in Bitcoin's Tether- and USD-denominated perpetual futures listed on major exchanges has remained steady around 274,000 BTC since the Asian session, indicating the futures market has yet to participate in the overnight price recovery. Perhaps traders are worried that gains will be erased during U.S. hours, just as they were on Tuesday.
• XRP and ETH markets showed similar dynamics, while OI has increased in SOL since Asian hours.
• HYPE and XMR stood out at press time, with funding rates in excess of an annualized 25%.
• On the CME, OI in ether futures is closing on record highs above 2.2 million ETH, while activity in BTC futures remains subdued.
• On Deribit, BTC risk reversals show a bias for protective puts out to the June 2026 expiry. In ETH's case, options out to December expiry show a put bias.