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Bitget Bites (October 25, 2022)

Bitget Bites (October 25, 2022)

The global market cap is standing at US$932.28 billion, showing a 0.12% decrease from yesterday but the 24-hour volume went up by 10.52% to US$51.92 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$19,450.73 and US$19,163.06 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$19,340.49, which is a 0.16% decrease compared to Ethereum’s 0.23% decrease.

Altcoins are showing red, with XRP (-2.23%) being the only altcoin in the Top 10 trading above the volume of US$1 billion.

The highest price and lowest price levels of BGB in the last 24 hours were US$0.20300 and US$0.19779, respectively.

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The Top 3 Gainers of The Day are DREP Foundation (DREP), Axie Infinity (AXS), and Ribbon Finance (RBN):

1st Place

DREPUSDT: Up by 14.73%

DREP Foundation has developed the DREP Chain that is compatible with both EVM and WASM to provide Blockchain as a Service (BaaS). DREP is trading at a current market price of US$0.4494, having touched a high of US$0.4566 and a low of US$0.3667 in the past 24 hours.

2nd Place

AXSUSDT: Up by 8.00%

Axie Infinity is undoubtedly one of the original blockchain games. AXS is trading at a current market price of US$9.0661, having touched a high of US$9.1473 and a low of US$8.1835 in the past 24 hours.

3rd Place

RBNUSDT: Up by 6.08%

Ribbon Finance is an Ethereum-based project that offers options trading and unsecured lending products. RBN is trading at a current market price of US$0.3619, having touched a high of US$0.3854 and a low of US$0.3336 in the past 24 hours.

Meanwhile, the Top 3 Losers include: OGVUSDT (-30.50%), THEUSDT (-14.91%) and CUBENETWORKUSDT (-12.07%).

Futures Market Updates

Activities on the futures markets are contracting, with the Open Interest (OI) of all cryptocurrencies now recorded at US$6.08 billion, equivalent to a 0.82% 24-hour decrease. The aggregated futures volume, however, saw an increase of 14.09% to US$170 billion.

Bitget Bites (October 25, 2022) image 1

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance accounts for 67% of the total OI, now standing at US$4.08 billion, which shows no change from yesterday. The daily volume of Bitcoin contracts increased by 2.82% to US$155,649.90. The last cycle of funding rate (+0.0100%) demonstrates a neutral signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, extremely bearish at 20.15%/79.85%. Most BTC long ETFs locked in a small price increase yesterday, but that’s not the case for the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which closed the day at US$38.28 from the opening price of US$38.30.

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