Bitget Bites (February 1, 2023)

The global market cap is standing at US$1.05 trillion, showing a 0.92% increase from yesterday but the 24-hour volume went down by 17.99% to US$46.66 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$23,224 and US$22,757 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$23,094, which is a 1.10% increase compared to Ethereum's 0.90% increase.

Altcoin prices are seeing green, with XRP (+3.00%) and DOGE (+0.70%) being the 2 altcoins in the Top 10 trading above the volume of US$1 billion.

The highest price and lowest price levels of BGB in the last 24 hours were US$0.2218 and US$0.2079, respectively.

The Top 3 Gainers of The Day are SafePal (SFP), Canto (CANTO), and RSS3 (RSS3):

1st Place

SFPUSDT: Up by 26.34%

SafePal is a cryptocurrency wallet that aims to provide a secure and user-friendly crypto management platform for the masses. SFP is trading at a current market price of US$0.726, having touched a high of US$0.7547 and a low of US$0.4919 in the past 24 hours.

2nd Place

CANTOUSDT: Up by 16.18%

Canto presents the radical notion that core DeFi primitives should exist as Free Public Infrastructure (FPI). CANTO is trading at a current market price of US$0.48096192, having touched a high of US$0.55986973 and a low of US$0.35500043 in the past 24 hours.

3rd Place

RSS3USDT: Up by 16.00%

RSS3 is a next-generation feed protocol that powers decentralized social, content, and e-commerce applications. RSS3 is trading at a current market price of US$0.2138, having touched a high of US$0.2222 and a low of US$0.1653 in the past 24 hours.

Meanwhile, the Top 3 Losers include SHILLUSDT (-15.08%), VGXUSDT (-13.23%), and LOKAUSDT (-12.12%).

Futures Market Updates

Future activities are cooling down, with the Open Interest (OI) of all cryptocurrencies now recorded at US$3.17 billion, equivalent to a 0.77% 24-hour decrease. The aggregated futures volume saw a 2.59% decrease to US$349 billion.

Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance accounts for 66% of the total OI, now standing at US$2.11 billion, which shows a 1.39% decrease from yesterday. The daily volume of Bitcoin contracts decreased by 26.76% to US$179,386.46. Funding rate of the last cycle stands at 0.0000%.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now bearish at 34.79%/65.21%. Most BTC long ETFs locked in a price increase yesterday, but that's not the case for the highly anticipated ProShares' BTCUSDT">Short Bitcoin Strategy ETF (BITI), which closed the day at US$27.78 from the opening price of US$27.81.

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