While Bitcoin Trades Sideways, Monero and Hyperliquid Decouple Positively from the Market
Bitcoin’s price remains sideways around $63,600, while Monero (XMR) and Hyperliquid have outperformed much of the market.
The US July inflation data coming in line with expectations calmed Bitcoin’s price but failed to provide a strong direction for the market. Annual CPI stood at 3.4%, while core CPI was 2.5%. The total cryptocurrency market capitalization fell by 0.54% over the last 24 hours to $2.18 trillion, while Bitcoin has risen 0.30% since midnight. The upcoming producer inflation data is expected to increase volatility.
Selling pressure came to the fore in XRP futures
In the derivatives markets, 24-hour trading volume increased by 6% to $147 billion, while total open interest remained steady around $116 billion. XRP’s open interest maintained its highest level since October for the third day at 2.67 billion tokens. While negative CVD indicates that transactions were executed more on the sell side at market price, an annualized funding rate of around 8% revealed that bullish positions also persist.
Funding rates below -10% for ADA and BCH pointed to a clear short-selling trend. On the Bitcoin side, a premium of $1.07 million was paid for call options with a strike price of $65,500 expiring on August 15. This transaction showed that short-term bullish expectations have not completely disappeared.
Monero and Hyperliquid decoupled from the market
In the token market, Monero rose 3.15% to approximately $404, bringing its weekly gains to over 11%. Hyperliquid increased 1.75% to $57, with a weekly rise of 2%. FET and NEAR also rose 0.84% and 0.94%, respectively.
Curve (CRV) fell 8.38% to $0.25 following Wednesday’s sharp rally but remained up over 22% on a weekly basis. Decentralized finance token Morpho was among the underperforming projects, falling 1.51%. Implied volatility calculated from prices in Bitcoin and Ethereum options being near the year’s lowest levels indicates that investors do not expect a major move in the short term.