On Sept. 3, Bitcoin traded in a narrow band around $112,470, losing less than 0.5% intraday. By contrast, select altcoins led by Ether and Solana posted gains of 1% to 3%, reflecting a shift in capital flows toward tokens with robust on-chain fundamentals.
Derivatives data showed total open interest across perpetual futures rising to $114 billion, driven by fresh long positions in altcoins. A significant $90 million liquidation cluster sat around $112,200, marking an obstacle for sustained BTC upside. On the downside, a $76.6 million cluster near $110,000 highlighted the key floor to watch.
Funding rates remained positive for longs across most exchanges, suggesting modest bullish sentiment. However, the liquidation heatmap for BTC-USDT on Binance revealed traders hedging around critical price bands, indicating market participants may be bracing for further consolidation.
Market breadth metrics strengthened, with small-cap tokens exhibiting outperformance amid renewed retail interest. On-chain analytics firm Derive.xyz reported that institutional ETH holdings in ETFs increased by 250,000 ETH last week, bolstering confidence in Ethereum’s long-term narrative.
Technical signals for Bitcoin remain mixed. While BTC has reclaimed key moving averages, relative strength index readings near neutral levels leave room for either renewed upside or continued sideways action. Traders eyed upcoming macro events and central bank policy cues for potential directional catalysts.
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