Crypto’s Grand Ballet: Whales Weep, HYPE Sleeps, AVAX Leaps (Not)

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Ah, the markets-a theater of folly, where fortunes rise and fall with the whims of the wind. 🌪️ Behold, the stage is set, and the players are in motion, each step a tragedy, each fall a comedy.

What to know:

  • Ether, the proud second-in-command, stumbled gracelessly below $4,000, shedding 3% of its luster. A whale weeps, its multimillion-dollar tears flooding the ledger. 🐳💔
  • Bitcoin, the stoic giant, faltered by 1.5% to $115,600, its Wednesday gains but a fleeting memory. 🏔️→⛰️
  • The rest of the crypto chorus followed suit, their voices drowned by the Nasdaq and S&P 500’s somber dirge. 🎻

Thursday dawned with a chill, as ether’s fall echoed through the halls of digital wealth. Liquidations roared, and a whale’s lament became the day’s anthem. Bitcoin, too, bowed under the weight of uncertainty, its rebound a mere whisper in the wind. The broader market, ever the mimic, mirrored the gloom, with Nasdaq and S&P 500 futures joining the descent-a government shutdown looming like a specter. 👻

ASTR, AVAX, and PUMP-once the darlings of the hour-now lie in the dust, their double-digit losses a testament to the fickleness of fate. 🪨⬇️

“Crypto, that harbinger of moods,” mused Alex Kuptsikevich, chief market analyst at FXPro, “once again foretells the shifting sands of risk. Altcoins and their kin have weakened since the Fed’s rate cut, and the indices, ever the followers, have taken up the tune.” 🎶

Token Talk

by Francisco Rodrigues

  • HYPE, once a star, now slumbers, outshone by the brash newcomer, Aster. Competition, they say, is a cruel mistress. 💤
  • Aster, backed by YZi Labs, has usurped Hyperliquid’s throne, its daily perpetual trading volume a thunderclap in the crypto realm. ⚡
  • In a week, Aster’s open interest swelled by 33,500%, from a modest $3.7 million to a staggering $1.25 billion. Its 24-hour trading volume? A cool $35.8 billion-double Hyperliquid’s haul. TVL tripled to $1.85 billion, and ASTER’s price soared 344% to $2. HYPE, meanwhile, slumped to $43 from $58.4. 🌪️
  • HYPE’s fall coincides with whispers of token unlocks-237 million HYPE, worth over $10 billion, set to flood the market over two years. Investors tremble. 🌊

Derivatives Positioning

  • Open interest in futures has waned, with AVAX leading the retreat, its OI plunging nearly 12%. A fallen hero, indeed. 🏹⬇️
  • Yet, BTC futures remain defiant, their OI near record highs. ETH’s futures OI climbs to 14.45 million ETH, even as Hyperliquid’s liquidations roar. 🦁
  • USDT- and dollar-denominated SOL perpetuals inch up, as traders short the decline toward $200. Bears, it seems, are in season. 🐻
  • XRP, SOL, HBAR, TRX, SUI, and XLM bear negative funding rates-a chorus of bearish whispers. 🎭
  • On the CME, BTC futures OI resumes its descent, while ETH futures OI reaches new heights above 2.2 million ETH. The three-month basis in ETH drops to 7%, a sign of waning bullish fervor. 📉
  • Deribit tells a tale of pessimism, with BTC and ETH put options commanding premiums. Out-of-the-money ether puts find favor via Paradigm. 🕳️

And so, the crypto ballet continues-a dance of hope and despair, of rise and fall. Will the whales weep again? Will HYPE awaken? Only time, that merciless choreographer, will tell. ⏳

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2025-09-25 16:30