There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

Starting next Monday, First Mover Americas will become Crypto Daybook Americas, your new morning briefing on what happened in the crypto markets overnight and what's expected during the coming day. Publishing at 7 a.m. ET, it will kickstart your morning with comprehensive insights. You won't want to start your day without it.

CoinDesk 20 Index: 3,278.83 +4.32%

Bitcoin (BTC): $$93,338.67 +1.05%

Ether (ETH): $3,462.51 +3.99%

S&P 500: 6,021.63 +0.57%

Gold: $2,652.77 +1.2%

Nikkei 225: 38,134.97 -0.8%

Top Stories

Bitcoin ticked up <a href="https://www.coindesk.com/price/bitcoin" target="_blank">following Tuesday's drop below $91,000</a>. BTC rose to over $93,800 and is currently trading around 1.8% higher in the last 24 hours. Bitcoin ETFs saw their second consecutive day of net outflows on Tuesday, losing almost $123 million. This was substantially less than Monday's outflows of almost $440 million. BTC is underperforming the broader digital asset market, as measured by the CoinDesk 20 Index, which is up by over 4.8%. XRP, ADA and AVAX all made double-digit gains.

Ether continued its positive price movement, <a href="https://www.coindesk.com/price/ethereum" target="_blank">gaining 4.6% in 24 hours to tease a return to $3,500</a>. The ETH-BTC ratio sits just above 0.037, having increased by over 10% in the last week. Spot ether ETFs in the U.S. registered net inflows both days this week while their BTC equivalents have seen outflows. Activity in the ether options market listed on Deribit is also picking up, with over 2 million contracts active, or open, the most since late June. In notional terms, the open interest stands at $7.33 billion, according to Deribit Metrics.

Traders are <a href="https://www.coindesk.com/markets/2024/11/27/think-ethereum-s-eth-is-dead-surging-metrics-show-otherwise" target="_blank">piling into derivatives tied to ether</a>, betting on higher prices for the world's second-largest cryptocurrency. Cumulative open interest in perpetual and standard futures contracts has surged to a record 6.32 million ETH, worth over $27 billion, a 17% month-to-date gain, according to data source CoinGlass. The gap between three-month ETH futures and spot prices has expanded to an annualized 16%. This is noteworthy because an elevated premium could generate greater interest in cash and carry trades used to capture the price differential between the two markets.

Chart of the Day

The broader market is participating in the bitcoin rally, with the percentage of the Binance-listed alternative cryptocurrencies trading above their respective 50-day simple moving averages (in blue) nearing 90%.

The number of altcoins sitting above their 200-day SMA (in gray) has topped 70%.

Source: Capriole Investments

- Omkar Godbole

Trending Posts

<a href="https://www.coindesk.com/policy/2024/11/26/tornado-cash-sanctions-overturned-by-u-s-appeals-court" target="_blank">Tornado Cash Sanctions Overturned by U.S. Appeals Court; TORN Soars Over 500%</a>

<a href="https://www.coindesk.com/policy/2024/11/26/ripple-drops-another-usd25m-into-crypto-pac-to-sway-2026-congressional-races" target="_blank">Ripple Drops Another $25M Into Crypto PAC to Sway 2026 Congressional Races</a>

<a href="https://www.coindesk.com/markets/2024/11/27/micro-strategy-retail-investors-caught-out-on-the-wrong-side-of-mstr-trade" target="_blank">MicroStrategy Retail Investors Caught Out On the Wrong Side of MSTR Trade</a>

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

Starting next Monday, First Mover Americas will become Crypto Daybook Americas, your new morning briefing on what happened in the crypto markets overnight and what's expected during the coming day. Publishing at 7 a.m. ET, it will kickstart your morning with comprehensive insights. You won't want to start your day without it.

CoinDesk 20 Index: 3,278.83 +4.32%

Bitcoin (BTC): $$93,338.67 +1.05%

Ether (ETH): $3,462.51 +3.99%

S&P 500: 6,021.63 +0.57%

Gold: $2,652.77 +1.2%

Nikkei 225: 38,134.97 -0.8%

Top Stories

Bitcoin ticked up <a href="https://www.coindesk.com/price/bitcoin" target="_blank">following Tuesday's drop below $91,000</a>. BTC rose to over $93,800 and is currently trading around 1.8% higher in the last 24 hours. Bitcoin ETFs saw their second consecutive day of net outflows on Tuesday, losing almost $123 million. This was substantially less than Monday's outflows of almost $440 million. BTC is underperforming the broader digital asset market, as measured by the CoinDesk 20 Index, which is up by over 4.8%. XRP, ADA and AVAX all made double-digit gains.

Ether continued its positive price movement, <a href="https://www.coindesk.com/price/ethereum" target="_blank">gaining 4.6% in 24 hours to tease a return to $3,500</a>. The ETH-BTC ratio sits just above 0.037, having increased by over 10% in the last week. Spot ether ETFs in the U.S. registered net inflows both days this week while their BTC equivalents have seen outflows. Activity in the ether options market listed on Deribit is also picking up, with over 2 million contracts active, or open, the most since late June. In notional terms, the open interest stands at $7.33 billion, according to Deribit Metrics.

Traders are <a href="https://www.coindesk.com/markets/2024/11/27/think-ethereum-s-eth-is-dead-surging-metrics-show-otherwise" target="_blank">piling into derivatives tied to ether</a>, betting on higher prices for the world's second-largest cryptocurrency. Cumulative open interest in perpetual and standard futures contracts has surged to a record 6.32 million ETH, worth over $27 billion, a 17% month-to-date gain, according to data source CoinGlass. The gap between three-month ETH futures and spot prices has expanded to an annualized 16%. This is noteworthy because an elevated premium could generate greater interest in cash and carry trades used to capture the price differential between the two markets.

Chart of the Day

The broader market is participating in the bitcoin rally, with the percentage of the Binance-listed alternative cryptocurrencies trading above their respective 50-day simple moving averages (in blue) nearing 90%.

The number of altcoins sitting above their 200-day SMA (in gray) has topped 70%.

Source: Capriole Investments

- Omkar Godbole

Trending Posts

<a href="https://www.coindesk.com/policy/2024/11/26/tornado-cash-sanctions-overturned-by-u-s-appeals-court" target="_blank">Tornado Cash Sanctions Overturned by U.S. Appeals Court; TORN Soars Over 500%</a>

<a href="https://www.coindesk.com/policy/2024/11/26/ripple-drops-another-usd25m-into-crypto-pac-to-sway-2026-congressional-races" target="_blank">Ripple Drops Another $25M Into Crypto PAC to Sway 2026 Congressional Races</a>

<a href="https://www.coindesk.com/markets/2024/11/27/micro-strategy-retail-investors-caught-out-on-the-wrong-side-of-mstr-trade" target="_blank">MicroStrategy Retail Investors Caught Out On the Wrong Side of MSTR Trade</a>

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

Starting next Monday, First Mover Americas will become Crypto Daybook Americas, your new morning briefing on what happened in the crypto markets overnight and what's expected during the coming day. Publishing at 7 a.m. ET, it will kickstart your morning with comprehensive insights. You won't want to start your day without it.

CoinDesk 20 Index: 3,278.83 +4.32%

Bitcoin (BTC): $$93,338.67 +1.05%

Ether (ETH): $3,462.51 +3.99%

S&P 500: 6,021.63 +0.57%

Gold: $2,652.77 +1.2%

Nikkei 225: 38,134.97 -0.8%

Top Stories

Bitcoin ticked up <a href="https://www.coindesk.com/price/bitcoin" target="_blank">following Tuesday's drop below $91,000</a>. BTC rose to over $93,800 and is currently trading around 1.8% higher in the last 24 hours. Bitcoin ETFs saw their second consecutive day of net outflows on Tuesday, losing almost $123 million. This was substantially less than Monday's outflows of almost $440 million. BTC is underperforming the broader digital asset market, as measured by the CoinDesk 20 Index, which is up by over 4.8%. XRP, ADA and AVAX all made double-digit gains.

Ether continued its positive price movement, <a href="https://www.coindesk.com/price/ethereum" target="_blank">gaining 4.6% in 24 hours to tease a return to $3,500</a>. The ETH-BTC ratio sits just above 0.037, having increased by over 10% in the last week. Spot ether ETFs in the U.S. registered net inflows both days this week while their BTC equivalents have seen outflows. Activity in the ether options market listed on Deribit is also picking up, with over 2 million contracts active, or open, the most since late June. In notional terms, the open interest stands at $7.33 billion, according to Deribit Metrics.

Traders are <a href="https://www.coindesk.com/markets/2024/11/27/think-ethereum-s-eth-is-dead-surging-metrics-show-otherwise" target="_blank">piling into derivatives tied to ether</a>, betting on higher prices for the world's second-largest cryptocurrency. Cumulative open interest in perpetual and standard futures contracts has surged to a record 6.32 million ETH, worth over $27 billion, a 17% month-to-date gain, according to data source CoinGlass. The gap between three-month ETH futures and spot prices has expanded to an annualized 16%. This is noteworthy because an elevated premium could generate greater interest in cash and carry trades used to capture the price differential between the two markets.

Chart of the Day

The broader market is participating in the bitcoin rally, with the percentage of the Binance-listed alternative cryptocurrencies trading above their respective 50-day simple moving averages (in blue) nearing 90%.

The number of altcoins sitting above their 200-day SMA (in gray) has topped 70%.

Source: Capriole Investments

- Omkar Godbole

Trending Posts

<a href="https://www.coindesk.com/policy/2024/11/26/tornado-cash-sanctions-overturned-by-u-s-appeals-court" target="_blank">Tornado Cash Sanctions Overturned by U.S. Appeals Court; TORN Soars Over 500%</a>

<a href="https://www.coindesk.com/policy/2024/11/26/ripple-drops-another-usd25m-into-crypto-pac-to-sway-2026-congressional-races" target="_blank">Ripple Drops Another $25M Into Crypto PAC to Sway 2026 Congressional Races</a>

<a href="https://www.coindesk.com/markets/2024/11/27/micro-strategy-retail-investors-caught-out-on-the-wrong-side-of-mstr-trade" target="_blank">MicroStrategy Retail Investors Caught Out On the Wrong Side of MSTR Trade</a>

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

Starting next Monday, First Mover Americas will become Crypto Daybook Americas, your new morning briefing on what happened in the crypto markets overnight and what's expected during the coming day. Publishing at 7 a.m. ET, it will kickstart your morning with comprehensive insights. You won't want to start your day without it.

CoinDesk 20 Index: 3,278.83 +4.32%

Bitcoin (BTC): $$93,338.67 +1.05%

Ether (ETH): $3,462.51 +3.99%

S&P 500: 6,021.63 +0.57%

Gold: $2,652.77 +1.2%

Nikkei 225: 38,134.97 -0.8%

Top Stories

Bitcoin ticked up <a href="https://www.coindesk.com/price/bitcoin" target="_blank">following Tuesday's drop below $91,000</a>. BTC rose to over $93,800 and is currently trading around 1.8% higher in the last 24 hours. Bitcoin ETFs saw their second consecutive day of net outflows on Tuesday, losing almost $123 million. This was substantially less than Monday's outflows of almost $440 million. BTC is underperforming the broader digital asset market, as measured by the CoinDesk 20 Index, which is up by over 4.8%. XRP, ADA and AVAX all made double-digit gains.

Ether continued its positive price movement, <a href="https://www.coindesk.com/price/ethereum" target="_blank">gaining 4.6% in 24 hours to tease a return to $3,500</a>. The ETH-BTC ratio sits just above 0.037, having increased by over 10% in the last week. Spot ether ETFs in the U.S. registered net inflows both days this week while their BTC equivalents have seen outflows. Activity in the ether options market listed on Deribit is also picking up, with over 2 million contracts active, or open, the most since late June. In notional terms, the open interest stands at $7.33 billion, according to Deribit Metrics.

Traders are <a href="https://www.coindesk.com/markets/2024/11/27/think-ethereum-s-eth-is-dead-surging-metrics-show-otherwise" target="_blank">piling into derivatives tied to ether</a>, betting on higher prices for the world's second-largest cryptocurrency. Cumulative open interest in perpetual and standard futures contracts has surged to a record 6.32 million ETH, worth over $27 billion, a 17% month-to-date gain, according to data source CoinGlass. The gap between three-month ETH futures and spot prices has expanded to an annualized 16%. This is noteworthy because an elevated premium could generate greater interest in cash and carry trades used to capture the price differential between the two markets.

Chart of the Day

The broader market is participating in the bitcoin rally, with the percentage of the Binance-listed alternative cryptocurrencies trading above their respective 50-day simple moving averages (in blue) nearing 90%.

The number of altcoins sitting above their 200-day SMA (in gray) has topped 70%.

Source: Capriole Investments

- Omkar Godbole

Trending Posts

<a href="https://www.coindesk.com/policy/2024/11/26/tornado-cash-sanctions-overturned-by-u-s-appeals-court" target="_blank">Tornado Cash Sanctions Overturned by U.S. Appeals Court; TORN Soars Over 500%</a>

<a href="https://www.coindesk.com/policy/2024/11/26/ripple-drops-another-usd25m-into-crypto-pac-to-sway-2026-congressional-races" target="_blank">Ripple Drops Another $25M Into Crypto PAC to Sway 2026 Congressional Races</a>

<a href="https://www.coindesk.com/markets/2024/11/27/micro-strategy-retail-investors-caught-out-on-the-wrong-side-of-mstr-trade" target="_blank">MicroStrategy Retail Investors Caught Out On the Wrong Side of MSTR Trade</a>

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

Starting next Monday, First Mover Americas will become Crypto Daybook Americas, your new morning briefing on what happened in the crypto markets overnight and what's expected during the coming day. Publishing at 7 a.m. ET, it will kickstart your morning with comprehensive insights. You won't want to start your day without it.

CoinDesk 20 Index: 3,278.83 +4.32%

Bitcoin (BTC): $$93,338.67 +1.05%

Ether (ETH): $3,462.51 +3.99%

S&P 500: 6,021.63 +0.57%

Gold: $2,652.77 +1.2%

Nikkei 225: 38,134.97 -0.8%

Top Stories

Bitcoin ticked up <a href="https://www.coindesk.com/price/bitcoin" target="_blank">following Tuesday's drop below $91,000</a>. BTC rose to over $93,800 and is currently trading around 1.8% higher in the last 24 hours. Bitcoin ETFs saw their second consecutive day of net outflows on Tuesday, losing almost $123 million. This was substantially less than Monday's outflows of almost $440 million. BTC is underperforming the broader digital asset market, as measured by the CoinDesk 20 Index, which is up by over 4.8%. XRP, ADA and AVAX all made double-digit gains.

Ether continued its positive price movement, <a href="https://www.coindesk.com/price/ethereum" target="_blank">gaining 4.6% in 24 hours to tease a return to $3,500</a>. The ETH-BTC ratio sits just above 0.037, having increased by over 10% in the last week. Spot ether ETFs in the U.S. registered net inflows both days this week while their BTC equivalents have seen outflows. Activity in the ether options market listed on Deribit is also picking up, with over 2 million contracts active, or open, the most since late June. In notional terms, the open interest stands at $7.33 billion, according to Deribit Metrics.

Traders are <a href="https://www.coindesk.com/markets/2024/11/27/think-ethereum-s-eth-is-dead-surging-metrics-show-otherwise" target="_blank">piling into derivatives tied to ether</a>, betting on higher prices for the world's second-largest cryptocurrency. Cumulative open interest in perpetual and standard futures contracts has surged to a record 6.32 million ETH, worth over $27 billion, a 17% month-to-date gain, according to data source CoinGlass. The gap between three-month ETH futures and spot prices has expanded to an annualized 16%. This is noteworthy because an elevated premium could generate greater interest in cash and carry trades used to capture the price differential between the two markets.

Chart of the Day

The broader market is participating in the bitcoin rally, with the percentage of the Binance-listed alternative cryptocurrencies trading above their respective 50-day simple moving averages (in blue) nearing 90%.

The number of altcoins sitting above their 200-day SMA (in gray) has topped 70%.

Source: Capriole Investments

- Omkar Godbole

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There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark. As prices near these thresholds, anything tied to the asset gets an extra spark of energy.

The Nasdaq-listed ProShares UltraShort Bitcoin ETF (SBIT) is a case in point, posting record trading volume of over 8 million shares on Nov. 13 as bitcoin topped $90,000 for the first time and strengthening the case for a rally into six figures by year-end, data tracked by TradingView show.

Since then, BTC has held between $90,000 and $100,000, and the ETF's daily trading volume has averaged just over 5 million shares. That's significantly greater than the sub-2 million readings over the preceding months.

The ETF seeks to deliver twice the inverse daily price performance of bitcoin, so that if BTC falls by 1%, the ETF rises by 2%, offering a leveraged bearish bet on the cryptocurrency.

The spike in volume could be associated with the capitulation of investors who bought the ETF early this year anticipating a slide in BTC. Or it could be bulls protecting their long positions in spot/futures markets from possible BTC price pullbacks as the key $100,000 level approaches.

The latter seems to be the case, because inflows into the ETF have picked up. The fund registered a net inflow of $17.7 million on Friday, the most since its debut in April, according to data source ETF.com.

Bitcoin bulls, however, can still stay optimistic as the 11 spot bitcoin ETFs have accumulated over $2.5 billion in net inflows since Nov. 13, according to data tracked by <a href="https://farside.co.uk/btc/" target="_blank">Farside Investors</a>.

Bitcoin's (BTC) recent bullish pause has cooled jets in the broader market, shaking out over-leveraged positions and normalizing costs associated with betting on price rallies. One token, however, is still blazing hot: Solana-based decentralized exchange Raydium's native cryptocurrency, RAY.

As the only coin with annualized perpetual funding rates still exceeding 160%, RAY stands out among the small, mid and large-cap tokens as the most overheated cryptocurrency, according to data from VeloData. The elevated rate suggests the market for RAY is overcrowded with long positions, with leverage skewed heavily toward the bullish side.

In such conditions, even a slight dip in price can shake the confidence of over-leveraged bulls, especially late entrants, triggering a mass unwinding of long positions, which often exacerbates the price decline, leading to a more pronounced sell-off. Tokens with a <a href="https://www.coingecko.com/en/categories/decentralized-exchange" target="_blank">market capitalization</a> of less than $5 billion, such as RAY, are particularly vulnerable to shenanigans in the derivatives market.

It's easy to see why bulls have thrown caution to the wind. Despite the recent 17% price pullback to $5.39, RAY is still up 67% for the month versus market leader BTC's 35% surge, <a href="https://www.coindesk.com/price/raydium" target="_blank">CoinDesk data show</a>.

The market-beating rise comes amid record activity on Raydium. According to data source <a href="https://app.artemis.xyz/home" target="_blank">Artemis</a>, Raydium has <a href="https://app.artemis.xyz/project/raydium?from=sectors&tab=fundamentals" target="_blank">registered</a> a trading volume of $117.8 billion this month, nearly twice the entire <a href="https://app.artemis.xyz/project/Ethereum?from=sectors&tab=fundamentals" target="_blank">Ethereum-based DEX volume</a> of $66.8 billion. Raydium has generated $175 million in fees versus Ethereum's $168 million. Ethereum is the world's largest smart contract blockchain.

Note that much of the record activity on Raydium occurred early this month, primarily driven by the memecoin frenzy, which propelled trading volumes to record highs, fueling significant interest in the RAY token. However, the frenzied momentum has begun to cool, weakening the underlying support for a sustained rise in the RAY token.

Starting next Monday, First Mover Americas will become Crypto Daybook Americas, your new morning briefing on what happened in the crypto markets overnight and what's expected during the coming day. Publishing at 7 a.m. ET, it will kickstart your morning with comprehensive insights. You won't want to start your day without it.

CoinDesk 20 Index: 3,278.83 +4.32%

Bitcoin (BTC): $$93,338.67 +1.05%

Ether (ETH): $3,462.51 +3.99%

S&P 500: 6,021.63 +0.57%

Gold: $2,652.77 +1.2%

Nikkei 225: 38,134.97 -0.8%

Top Stories

Bitcoin ticked up <a href="https://www.coindesk.com/price/bitcoin" target="_blank">following Tuesday's drop below $91,000</a>. BTC rose to over $93,800 and is currently trading around 1.8% higher in the last 24 hours. Bitcoin ETFs saw their second consecutive day of net outflows on Tuesday, losing almost $123 million. This was substantially less than Monday's outflows of almost $440 million. BTC is underperforming the broader digital asset market, as measured by the CoinDesk 20 Index, which is up by over 4.8%. XRP, ADA and AVAX all made double-digit gains.

Ether continued its positive price movement, <a href="https://www.coindesk.com/price/ethereum" target="_blank">gaining 4.6% in 24 hours to tease a return to $3,500</a>. The ETH-BTC ratio sits just above 0.037, having increased by over 10% in the last week. Spot ether ETFs in the U.S. registered net inflows both days this week while their BTC equivalents have seen outflows. Activity in the ether options market listed on Deribit is also picking up, with over 2 million contracts active, or open, the most since late June. In notional terms, the open interest stands at $7.33 billion, according to Deribit Metrics.

Traders are <a href="https://www.coindesk.com/markets/2024/11/27/think-ethereum-s-eth-is-dead-surging-metrics-show-otherwise" target="_blank">piling into derivatives tied to ether</a>, betting on higher prices for the world's second-largest cryptocurrency. Cumulative open interest in perpetual and standard futures contracts has surged to a record 6.32 million ETH, worth over $27 billion, a 17% month-to-date gain, according to data source CoinGlass. The gap between three-month ETH futures and spot prices has expanded to an annualized 16%. This is noteworthy because an elevated premium could generate greater interest in cash and carry trades used to capture the price differential between the two markets.

Chart of the Day

The broader market is participating in the bitcoin rally, with the percentage of the Binance-listed alternative cryptocurrencies trading above their respective 50-day simple moving averages (in blue) nearing 90%.

The number of altcoins sitting above their 200-day SMA (in gray) has topped 70%.

Source: Capriole Investments

- Omkar Godbole

Trending Posts

<a href="https://www.coindesk.com/policy/2024/11/26/tornado-cash-sanctions-overturned-by-u-s-appeals-court" target="_blank">Tornado Cash Sanctions Overturned by U.S. Appeals Court; TORN Soars Over 500%</a>

<a href="https://www.coindesk.com/policy/2024/11/26/ripple-drops-another-usd25m-into-crypto-pac-to-sway-2026-congressional-races" target="_blank">Ripple Drops Another $25M Into Crypto PAC to Sway 2026 Congressional Races</a>

<a href="https://www.coindesk.com/markets/2024/11/27/micro-strategy-retail-investors-caught-out-on-the-wrong-side-of-mstr-trade" target="_blank">MicroStrategy Retail Investors Caught Out On the Wrong Side of MSTR Trade</a>