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Bitget Bites (February 6, 2023)

Bitget Bites (February 6, 2023)

The global market cap is standing at US$1.06 trillion, showing a 1.69% decrease from yesterday but the 24-hour volume went up by 25.54% to US$48.34 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$23,411 and US$22,838 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$22,923, which is a 1.71% decrease compared to Ethereum's 2.03% decrease.

Altcoin prices are seeing red, with no 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$0.2209 and US$0.2139, respectively.

Bitget Bites (February 6, 2023) image 0

The Top 3 Gainers of The Day are Metal DAO (MTL), Phoenix (PHB), and Stader (SD):

1st Place

MTLUSDT: Up by 36.15%

Metal DAO is a utility token that currently governs the stablecoin Metal Dollar (XMD). MTL is trading at a current market price of US$1.4424, having touched a high of US$1.4717 and a low of US$1.0003 in the past 24 hours.

2nd Place

PHBUSDT: Up by 13.22%

Phoenix is a Layer 1 and Layer 2 blockchain infrastructure, empowering intelligent Web3 applications. PHB is trading at a current market price of US$1.5077, having touched a high of US$1.5218 and a low of US$1.0113 in the past 24 hours.

3rd Place

SDUSDT: Up by 8.95%

Stader token is the native governance and value accrual token for Stader. SD is trading at a current market price of US$1.3791, having touched a high of US$1.4552 and a low of US$1.16 in the past 24 hours.

Meanwhile, the Top 3 Losers include SPIRITUSDT (-20.46%), CANTOUSDT (-19.12%), and SYNUSDT (-16.98%).

Futures Market Updates

Future activities are cooling down, with the Open Interest (OI) of all cryptocurrencies now recorded at US$3.39 billion, equivalent to a 0.00% 24-hour increase. The aggregated futures volume saw a 44.58% decrease to US$2.36 trillion.

Bitget Bites (February 6, 2023) image 1

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance accounts for 66% of the total OI, now standing at US$2.27 billion, which shows a 0.43% increase from yesterday. The daily volume of Bitcoin contracts increased by 24.76% to US$147,946.68. Funding rate of the last cycle stands at 0.0000%.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now bearish at 27.65%/72.35%. Most BTC long ETFs locked in a price decrease last Friday, but that's not the case for the highly anticipated ProShares' Short Bitcoin Strategy ETF (BITI), which closed the day at US$27.48 from the opening price of US$27.56.

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