Crypto Markets Slip Ahead of US Inflation Data; Bitcoin Below 200-Week MA
Crypto markets are under pressure ahead of key U.S. inflation data due later Wednesday, with bitcoin falling back below $61,500 and trading under its 200-week moving average, a technical level some analysts associate with prolonged bear markets. The broader market selloff extends to major tokens like zcash (ZEC) and Hyperliquid's HYPE, both dropping over 10% in 24 hours. Derivatives data shows bearish positioning: bitcoin futures open interest rose while prices fell, indicating fresh short positions. Perpetual funding rates and cumulative volume delta are negative across most major coins. In token news, Uniswap V4's total value locked appeared to jump 350% on BNB Chain due to a hacked, worthless token inflating DefiLlama's dashboard figures, not real capital inflows. Morpho's token rallied 12% after raising $175 million in a fundraise. Meanwhile, Santiment notes that 30-day MVRV scores for bitcoin and ether suggest a 'fair buy' zone, while cardano marks a 'strong buy'.
Key facts
- Bitcoin drops below $61,500 and its 200-week moving average amid bearish sentiment.
- Derivatives show fresh short positioning with negative funding rates across major tokens.
- Uniswap V4 TVL spike of 350% traced to hacked token inflating DefiLlama data.
- Morpho token rallies 12% after raising $175 million in a funding round.
- Santiment marks bitcoin and ether as 'fair buy' based on MVRV metrics.