Crypto Markets Today: Bitcoin Reclaims $93K as Altcoins Stage Rebound

Source: CryptoNewsNet Original Title: Crypto Markets Today: Bitcoin Reclaims $93K as Altcoins Stage Rebound Original Link: The crypto market experienced a much-needed bounce on Wednesday, with bitcoin posting a 6.6% gain over 24 hours to $93,000 while ether ticked back above $3,050.

The market index added 8% as many altcoins began to outperform bitcoin.

One exception: Zcash, the token that was consistently favored over the past few months is now down by more than 38% in the past seven days as traders begin to capitalize on heavily overbought conditions.

Trading volume across perpetual exchanges rose by more than 5% to $44 billion in the past 24 hours, suggesting that the latest move is backed by a mixture of spot buying and leverage trading.

Derivatives Positioning

• Demand for leveraged product looks to be stabilizing as futures tied to most major tokens, including BTC and ETH, increased along with spot prices.
• Leading the growth in open interest (OI) are SUI, SOL, BNB and ADA.
• Funding rates for most tokens remain positive, indicating a bias for bullish long bets. TRX and WLFI are exceptions.
• On regulated derivatives markets, open interest in standard BTC futures collapsed to 121.67K, the lowest since February 2024. BTC options OI slipped to 46K BTC, reversing the growth since early October. Clearly, regulated derivatives have fallen out of favor.
• Positioning in ether futures has lightened, with OI falling to 1.95 million ETH, the lowest since September. Options OI has pulled back to 275K ETH from the recent high of 350.85K ETH.
• On major derivatives platforms, BTC and ETH puts continue to trade at a premium to calls, although the differential has narrowed since Monday.
• Block flows featured BTC strangles and call butterfly strategies and ether put spreads and call diagonal calendar spreads.