Summary

  • The digital-asset market turned weak on concern that U.S. technology stocks could extend their decline, with only five of the top 100 tokens by market capitalization posting gains of more than 1%.
  • In the crypto derivatives market, futures trading volume jumped more than 200% to $180 billion, while open interest (OI) fell about 3% and liquidations increased to about $1.1 billion.
  • Bitcoin and Ether fell 2.2% and 5.9%, respectively, while implied volatility and demand for put options increased, indicating rising market volatility and stronger hedging against downside risk.

Forecast Trend Report by Period

Major cryptocurrencies were broadly lower as fears of a further decline in U.S. technology stocks weighed on the digital-asset market.

CoinDesk reported on November 9 that only five of the top 100 cryptocurrencies by market capitalization gained more than 1% over the past 24 hours: ARB, RNDR, PEPE, QNT and GT. Bitcoin, Ether, XRP and Solana all fell.

Concern over a deeper correction in tech shares added to the market's weakness. Nvidia, a bellwether for artificial-intelligence stocks, fell more than 4% in premarket trading that day. The company was reportedly conducting an internal review related to a controversy involving Chief Executive Officer Jensen Huang.

Position unwinding continued in the crypto derivatives market. Futures trading volume over the past 24 hours surged more than 200% to $180 billion, while open interest fell about 3% to $127 billion. Liquidations over the same period increased to about $1.1 billion.

Bitcoin fell 2.2%, while its open interest slipped just 0.2%. Liquidations totaled about $305 million. Funding rates remained positive, though they were lower than last week.

Ether dropped 5.9%, and its open interest fell 6.7%. Liquidations reached about $498 million, topping Bitcoin's total. Funding rates also turned negative from positive.

Market volatility also picked up. Bitcoin's one-week implied volatility jumped to 43% from about 33% last Thursday, while Ether's rose to about 60% from 46%. In the Bitcoin options market, trading in $70,000 to $72,000 put options increased, showing stronger demand for protection against further declines.

Ether closed below its 200-day moving average on Sunday for the first time since August 18 and later fell to the $2,100 level that day. XRP also dropped more than 7% over the past 24 hours.

Minseung Kang