Bitcoin remained near $78,000 after declining 2% over the previous 24 hours, as weakness spread across the broader crypto market. CoinDesk Indices data showed 95 of the 100 assets in the CoinDesk 100 were lower, with the majority of the losses occurring during overnight trading.
Bitcoin was down 0.23% since midnight UTC at around $78,000, extending its 24-hour decline to 2%. The move erased Wednesday’s gains and left BTC 5.1% below last week’s peak of $82,284.
Ether was trading near $2,470, slightly higher since midnight but still 1.9% lower over 24 hours. BNB recorded the largest decline among major cryptocurrencies, falling 5.1% to approximately $710.11.
Just five CoinDesk 100 assets were higher over the 24-hour period, while the index itself fell 3.7%.
The sell-off was particularly severe among speculative cryptocurrencies. The CoinDesk Memecoin Index dropped 10% over 24 hours, while the small-cap CoinDesk 80 declined 5.1%. The CoinDesk 5, representing the largest cryptocurrencies, lost 2.3%.
Price action was calmer after midnight UTC. Although 86 CoinDesk 100 constituents remained in negative territory, the index had fallen only 0.54%, indicating that the biggest wave of selling happened overnight.
Traditional markets did not show a similar risk-off move. S&P 500 futures rose 0.22%, Nasdaq futures were unchanged, gold gained 0.16% and the Dollar Index was flat. Investors were awaiting August producer price inflation data later Thursday, followed by Friday’s CPI report, which could shape expectations for next week’s interest-rate decision.
Bearish signals emerge in derivatives
The improvement in crypto futures sentiment seen on Wednesday proved temporary. The taker long/short volume ratio has turned bearish again as rising oil prices and higher Treasury yields continue to weigh on bitcoin.
Aggregate futures open interest fell 2% to $139 billion, while trading volume increased 5%. The combination points to heavier position turnover accompanied by moderate capital outflows.
Bitcoin derivatives showed a potentially more defensive shift. Velo data indicated that BTC had lost 1.5% over 24 hours even as open interest increased by slightly more than 1%. Rising OI alongside falling prices is commonly viewed as evidence that traders are adding short exposure.
Bitcoin’s 24-hour open-interest-adjusted cumulative volume delta was also negative. That indicates sellers were more aggressive and were using market orders rather than passive limit orders.
Open interest declined across several major tokens, including ETH, SOL, TRX, ZEC and BNB. Their 24-hour CVD readings were also negative, with DOGE and SUI showing the weakest CVD figures among major cryptocurrencies.
Funding rates provided a more mixed signal. Annualized rates for most major cryptocurrencies remained moderately positive at around 5%, suggesting perpetual futures were still trading at a premium to their index prices and that long positions retained an advantage. LTC and SHIB were exceptions, recording negative funding rates.
Bitcoin and ether’s 30-day implied volatility indexes have moved above their respective 50-day and 100-day averages. However, neither has shown a sharp acceleration, suggesting traders are not yet expecting a major volatility spike despite the upcoming U.S. inflation reports.
Options positioning was more clearly defensive. On Deribit, the most actively traded bitcoin contract was the $70,000 put expiring Sept. 18, followed by the $76,000 put expiring Sept. 11. For ether, the $2,400 put expiring Sept. 11 led trading activity.
RAY outperforms while other tokens fall
Raydium was once again the strongest performer in the CoinDesk 100. The Solana-based decentralized exchange token gained 8.5% since midnight UTC and was up 3.6% over 24 hours.
Privacy-focused cryptocurrencies moved in opposite directions. Monero climbed 2.1% over 24 hours to $513.73 after underperforming Wednesday, while Zcash declined 2.36% and Dash lost 3.23%.
Venice Token advanced 6.5% since midnight to $24.20 but remained 12% lower over 24 hours, giving back part of Wednesday’s record-setting rally.
Lighter dropped 15% over 24 hours to $4.44, making it the second-biggest decliner in the CoinDesk 100 after Fartcoin.
Curve DAO recorded the largest intraday decline, falling 5.7% to $0.34 and losing 8% over 24 hours. Starknet, Monad and IOTA each declined about 5% since midnight UTC.
CoinMarketCap’s Altcoin Season Index stood at 38 out of 100. The reading remains above the Sept. 1 low of 23 but below the Sept. 8 high of 51, indicating that recent altcoin strength has weakened.
