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First Mover Americas: BTC Returns to Near $94K
The latest price moves in crypto markets in context for November 27, 2024.
Nov 27, 2024, 1:45 p.m.
What to know:
- Bitcoin regains some ground following Tuesday's slide.
- Ether teases a return to $3,500.
- Traders are piling into ETH derivatives.
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CoinDesk 20 Index: 3,278.83 +4.32%
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Nikkei 225: 38,134.97 -0.8%
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Bitcoin ticked up following Tuesday's drop below $91,000. BTC rose to over $93,800 and is currently trading around 1.8% higher in the last 24 hours. Bitcoin ETFs saw their second consecutive day of net outflows on Tuesday, losing almost $123 million. This was substantially less than Monday's outflows of almost $440 million. BTC is underperforming the broader digital asset market, as measured by the CoinDesk 20 Index, which is up by over 4.8%. XRP, ADA and AVAX all made double-digit gains.
Ether continued its positive price movement, gaining 4.6% in 24 hours to tease a return to $3,500. The ETH-BTC ratio sits just above 0.037, having increased by over 10% in the last week. Spot ether ETFs in the U.S. registered net inflows both days this week while their BTC equivalents have seen outflows. Activity in the ether options market listed on Deribit is also picking up, with over 2 million contracts active, or open, the most since late June. In notional terms, the open interest stands at $7.33 billion, according to Deribit Metrics.
Traders are piling into derivatives tied to ether, betting on higher prices for the world's second-largest cryptocurrency. Cumulative open interest in perpetual and standard futures contracts has surged to a record 6.32 million ETH, worth over $27 billion, a 17% month-to-date gain, according to data source CoinGlass. The gap between three-month ETH futures and spot prices has expanded to an annualized 16%. This is noteworthy because an elevated premium could generate greater interest in cash and carry trades used to capture the price differential between the two markets.
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- The broader market is participating in the bitcoin rally, with the percentage of the Binance-listed alternative cryptocurrencies trading above their respective 50-day simple moving averages (in blue) nearing 90%.
- The number of altcoins sitting above their 200-day SMA (in gray) has topped 70%.
- Source: Capriole Investments
- Omkar Godbole
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Crypto Trading Volumes Deteriorated Across Board Last Month as Market Slumped: JPMorgan
Bitcoin, ether and most majors fell last month as spot, derivatives and stablecoin volumes dropped and U.S. crypto ETPs saw heavy outflows.
What to know:
- Spot, stablecoin, DeFi and NFT volumes slumped around 20% month-on-month in November as volatility and selling froze trading activity, according to JPMorgan.
- U.S. bitcoin spot ETFs saw $3.4 billion in net outflows and ether ETPs had their worst month on record, the report said.
- Total crypto market cap fell 17% last month to $3 trillion, with bitcoin down 17% and ether down 22%.
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