Bearish October Continues as Altcoins Dealt Hammer Blow
The crypto market was dealt another grueling sell-off on Thursday, with several altcoins facing double-digit moves to the downside while BTC and ETH began to challenge critical levels of support.
The move appears to be a continuation from the weekend’s $500 billion bloodbath, with traders now actioning more caution to avoid another potential liquidation cascade.
Derivatives Positioning
- The BTC futures market continues to stabilize, with Open Interest holding firm around $25 billion. The 3-month annualized basis has also remained steady, trading in the 5-6% range. However, a notable divergence in funding rates highlights a mixed market sentiment; Binance and OKX now have negative funding rates of -2% to -3%, while other platforms are either…
