Bitcoin and Ether Prices Rise as Aster Sees Record Volume

Market Consolidation Boosts Bitcoin and Ether Prices

Bitcoin and ether prices increased on Tuesday, with bitcoin trading at $112,900 and ether at $4,150. Over the past 24 hours, bitcoin rose by 0.78% and ether by 1.1%. This price movement follows the recovery seen on Monday and signals a period of consolidation across the cryptocurrency market. The latest data reflects a significant jump in futures open interest from $29 billion to $31 billion, indicating a renewed bullish bias among traders, as reported by CoinDesk.

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Derivatives Metrics and Altcoin Activity

The crypto derivatives market is showing signs of increased activity and optimism. Overall bitcoin futures open interest has rebounded to around $31 billion, recovering from a recent low of $29 billion. Binance continues to lead the sector with $12.7 billion in open interest. The three-month annualized basis rate has increased to 7%, up from 6%, making basis trading more appealing for investors.

In the options market, the 25 delta skew for short-term options has declined, reflecting a preference for puts and suggesting some traders are still seeking downside protection. However, calls have made up 65% of the total volume in the last 24 hours, hinting at expectations for a short-term rally. This divergence underlines the polarized sentiment in the market, where some investors are hedging while others are speculating on further gains in bitcoin and ether prices.

Funding rates turned positive on major derivatives exchanges, with Binance and OKX recording rates of 7% and 10% respectively, indicating a growing appetite for leveraged long positions. According to Coinglass data, there were $316 million in liquidations over 24 hours, split almost evenly between longs and shorts. Ethereum and bitcoin led with $73 million and $70 million in notional liquidations, respectively. On Binance, the $115,000 level has emerged as a significant liquidation trigger should prices rise.

Aster Dominates Leverage Battle Among Decentralized Exchanges

Altcoin trading surged, particularly on Aster, a new decentralized exchange, which posted $64 billion in daily trading volume, surpassing HyperLiquid’s $7.6 billion, according to DefiLlama data. Aster’s platform attracts traders by offering leverage of up to 300x, compared to HyperLiquid’s 40x limit. Max Arch, a core contributor at BoltLiquidity, said, “Traders are following the leverage, regardless of underlying platform quality…” (CoinDesk). Arch also noted that approximately 6% of Aster’s volume may be wash trading, which is lower than some estimates.

Despite strong volume, both Aster (ASTER) and HyperLiquid (HYPE) tokens have underperformed, with ASTER falling from $2.39 on September 25 to $1.80, and HYPE dropping from $58.92 on September 18 to $44.32. The weak token prices reflect a broader altcoin downturn, which saw $200 billion cut from the sector’s market capitalization last week, per CoinMarketCap data.

For more updates on cryptocurrency trends and decentralized finance, visit our cryptocurrency section.

What’s Next for Crypto Markets?

As the crypto sector consolidates its recent gains, trends in derivatives metrics, funding rates, and decentralized exchange volumes will likely influence short-term price movements for bitcoin and ether. Traders are cautiously watching liquidation levels and the ongoing competition among platforms offering higher leverage. The coming days will provide clearer insight into market direction as participants balance risk and reward amid mixed signals.