Bitget Bites (February 3, 2023)

The global market cap is standing at US$1.07 trillion, showing a 1.52% decrease from yesterday and the 24-hour volume also went down by 0.90% to US$61.24 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$24,086 and US$23,455 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$23,503, which is a 1.65% decrease compared to Ethereum's 2.20% decrease.

Altcoin prices are seeing red, with no altcoin 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$0.2164, respectively.

The Top 3 Gainers of The Day are TerraUSD (UST), MoonDAO (MOONEY), and Standard Tokenization Protocol (STPT):

1st Place

USTCUSDT: Up by 21.26%

TerraUSD is the decentralized and algorithmic stablecoin of the Terra blockchain. USTC is trading at a current market price of US0.030105 and a low of US$0.023843 in the past 24 hours.

2nd Place

MOONEYUSDT: Up by 20.26%

MoonDAO represents a decentralized, international, inclusive, and transparent approach to space exploration. MOONEY is trading at a current market price of US0.006234 and a low of US$0.004764 in the past 24 hours.

3rd Place

STPTUSDT: Up by 19.78%

The Standard Tokenization Protocol Network aims to build a decentralized network designed to facilitate the discovery and usage of digital assets across global communities. STPT is trading at a current market price of US0.05476 and a low of US$0.04239 in the past 24 hours.

Meanwhile, the Top 3 Losers include PRIMEUSDT (-7.60%), BOTUSDT (-6.21%), and HUBUSDT (-5.56%).

Futures Market Updates

Future activities are cooling down, with the Open Interest (OI) of all cryptocurrencies now recorded at US$2.78 billion, equivalent to a 13.20% 24-hour decrease. The aggregated futures volume saw a 78.99% increase to US$669 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$1.86 billion, which shows a 12.91% decrease from yesterday. The daily volume of Bitcoin contracts decreased by 24.59% to US$167,219.81. Funding rate of the last cycle stands at 0.0000%.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, now bullish at 88.65%/11.35%. Most BTC long ETFs locked in a price increase yesterday, same goes for the highly anticipated ProShares' BTCUSDT">BTCUSDT">Short Bitcoin Strategy ETF (BITI), which closed the day at US$26.87 from the opening price of US$26.79.

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