“After weeks of turbulence, the crypto market found support Thursday, with Bitcoin and Ether posting modest gains and HyperLiquid’s token HYPE soaring.”, — write: www.coindesk.com
Market enters period of calm (Greens and Blues/Shutterstock)
- HYPE jumped 12% on news that HyperLiquid Strategies plans to raise $1 billion to purchase the token, signaling strong investor confidence.
- Funding rates hovered near zero and BTC/ETH open interest was largely unchanged, reflecting cautious positioning ahead of Friday’s US CPI release.
- Solana-based DEX Jupiter reported 19% revenue growth and a 71% surge in trading volume, helping its JUP token climb 3% amid market stabilization.
Bitcoin BTC$109,160.36 and ether ETH$3,855.38 posted slight gains; rising 1.6% and 1.1% respectively, and tokens including BNB and SOL posted even greater moves to the upside.
The star of the show was HYPE$39.55which climbed 12% after HyperLiquid Strategies said it is looking to raise $1 billion in order to purchase the token.
The relative lack of volatility on Thursday compared with price action over the past few weeks is also reflected in derivatives data, with funding rates hovering around zero.
Derivatives PositioningBy Omkar Godbole
- Open interest (OI) in HYPE futures surged 17% in 24 hours, reaching a two-week high of 40.24 million HYPE. Occurring alongside a rise in price and positive funding rates, the increase indicates growing demand for leveraged bullish exposure.
- OI in BTC and ETH has barely changed, a sign traders are reluctant to place bets ahead of Friday’s US CPI release.
- Volmex’s BVIV, which measures the annualized 30-day implied volatility in BTC, has pulled back slightly to 50% but remains well above the September low of 35%. The elevated level reflects persistent concerns arising from newfound risks like auto-deleveraging and liquidity issues.
- Funding rates for major cryptocurrencies continue to hover near zero in a sign of balanced market conditions. XMR and BNB rates are slightly negative, indicating a bias for bearish short positions.
- On Deribit, flows featured BTC put spreads. Overall, puts continue to trade at a premium to calls.
Token TalkBy Francisco Rodrigues
- Jupiter’s native token, JUP, rose more than 3% in the last 24 hours after the decentralized exchange posted strong growth across key business metrics in the third quarter.
- The Solana-based project is also pushing to launch its own stablecoin and prediction market.
- Quarterly revenue rose 19.2% to $45.8 million, while trading volume, driven by both spot and perpetual products, jumped 71% to $242.8 billion.
- Fees generated reached $121.5 million, up nearly 48% from the second quarter. Despite the growth, JUP’s market cap edged down 1.5% to $1.35 billion.
- Jupiter attributed the growth to new product rollouts, including its Ultra v3 trading engine and a lending protocol that the team says is one of the fastest-growing on Solana. Active wallets increased 5% to 8.4 million, and total value locked (TVL) rose 41.7% to $3.4 billion.
- JUP outperformed the broader crypto market, which rose 1.6% based on the performance of the CoinDesk 20 (CD20) index.
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The institutional liquidity provider’s new platform says it will let users exchange stablecoins like USDT and USDC across multiple blockchains without fees.
- B2C2 has launched PENNY, a zero-fee platform intended to support instant swaps between major stablecoins including USDT, USDC and PYUSD.
- The service targets institutions, and offers on-chain settlement across Ethereum, Tron, Solana and Layer 2 networks.
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