Cryptocurrencies struggled to mirror bullish moves in equities and precious metals on Wednesday, with BTC posting a modest gain while trading at $112,000, the lower side of its range.

Altcoins performed even worse as FET dropped by 6.2% after Ocean Protocol decided to leave the ASI Alliance and reportedly offload its tokens on Binance. There was also a 10% decline for MYX and a 4% move to the downside for CAKE as as “altcoin season” index on CoinMarketCap slumped to 38/100, despite being at 67/100 earlier this month.

Derivatives Positioning

• XPL, ASTER, SUI, and LINK have experienced a notable rise in futures open interest, while the top 10 tokens present a mixed performance overall.
• A whale address, labeled 0xc2a3, opened a 5x short in BTC…