🚨 Crypto Carnage: Bitcoin Steals the Show as Altcoins Get Wrecked 🚨
It’s a jolly good thing that Bitcoin is made of sterner stuff, old chap, because the altcoins were getting a bit of a drubbing, if you know what I mean. A spot of bother in the market, and those poor altcoins were left looking like a bunch of soggy biscuits.
But not Bitcoin, no, sir! It remained as steady as a rock, a veritable Gibraltar of cryptocurrency. While the altcoins were getting liquidated left and right, Bitcoin just smiled and said, “Cheerio, old bean!”
Now, I know what you’re thinking: “What about the Ethereum options market, then?” Ah, yes, well, it’s a bit of a different story, my dear fellow. It seems that volatility had a bit of a wild party, if you will, and the short-term options market was the life of the party, with a 140% spike in volatility. Good show, old chap!
But the real story, my friends, is the liquidations. Oh, the liquidations! It’s a wonder anyone was left standing, really. Ben Zhou of Bybit estimates that the true notional value of liquidated positions could have been “at least $8 billion to $10 billion.” Good heavens, that’s a lot of cryptocurrency to lose in one go!
Funding rates drop for altcoins
And if that wasn’t enough, the funding rates took a bit of a tumble as well. Altcoins were left looking like a bunch of beggars at a feast, while Bitcoin remained the belle of the ball. Open interest levels plummeted across the major tokens, with one key exception—Bitcoin’s options market. Ah, but that’s a story for another time, my dear fellow.
But in the midst of all this chaos, something rather delightful happened: trading volume surged! Over $31.1 billion in perpetual swaps were traded on Feb. 2, marking the highest daily volume in over a month. Now, that’s what I call a spot of excitement, if you ask me!
And so, dear readers, it seems that Bitcoin is still the king of the cryptocurrency world. But don’t worry, altcoins, you’ll get your chance to shine again soon. After all, as we say in the business, “when it rains, it pours,” and when it pours, it’s time to grab your umbrella and dance in the downpour!
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2025-02-08 00:34