BTC and ETH Gain Ground; HYPE Soars Amid $1B Acquisition Plan

The crypto market began to establish a level of support on Thursday following a turbulent couple of weeks.

Bitcoin BTC$108,913.30 and ether ETH$3,847.79 posted slight gains, rising 1.6% and 1.1% respectively, while tokens including BNB and SOL saw even greater upward movements.

The highlight was HYPE$38.65, which climbed 12% after HyperLiquid Strategies announced plans to raise $1 billion for purchasing the token.

The relative stability on Thursday compared to previous weeks is also evident in derivatives data, with funding rates hovering around zero.

Derivatives Positioning

By Omkar Godbole

• Open interest (OI) in HYPE futures surged 17% in 24 hours, reaching a two-week high of 40.24 million HYPE. This increase, occurring alongside a rise in price and positive funding rates, reflects growing demand for leveraged bullish exposure.
• OI in BTC and ETH has barely changed, indicating traders’ reluctance to place bets ahead of Friday’s U.S. CPI release.
• Volmex’s BVIV, a measure of the annualized 30-day implied volatility in BTC, has slightly decreased to 50% but remains well above the September low of 35%. This elevated level reflects ongoing concerns related to newfound risks like auto-deleveraging and liquidity issues.
• Funding rates for major cryptocurrencies continue to hover near zero, suggesting balanced market conditions. XMR and BNB rates are slightly negative, indicating a preference for bearish short positions.
• On Deribit, flows featured BTC put spreads, with puts continuing to trade at a premium to calls.

Token Talk

By Francisco Rodrigues

• Jupiter’s native token, JUP, rose over 3% in the last 24 hours after the decentralized exchange reported strong growth across key business metrics in the third quarter.
• The Solana-based project is also working to launch its own stablecoin and prediction market.
• Quarterly revenue increased 19.2% to $45.8 million, with trading volume—driven by both spot and perpetual products—surging 71% to $242.8 billion.
• Fees generated reached $121.5 million, up nearly 48% from the second quarter. Nonetheless, JUP’s market cap decreased 1.5% to $1.35 billion.
• Jupiter attributed its growth to new product rollouts, including its Ultra v3 trading engine and a lending protocol that is among the fastest-growing on Solana. Active wallets increased by 5% to 8.4 million, while total value locked (TVL) rose 41.7% to $3.4 billion.
• JUP outperformed the broader crypto market, which rose 1.6% based on the CoinDesk 20 index.