"After the bloodbath to start the month, crypto markets regained their footing with strong bids across the board. Bitcoin touched below $99,000, but has since gone up over $104,000 and is trading close to that level today. The strong bid came in rapidly once the critical $100,000 level was breached, as several market participants saw this as a keen opportunity to regain long exposure after the 20% drawdown from bitcoin's highs."
"Open interest is slowly building again across perpetual and calendar futures, but bitcoin's funding rate is still near flat, hovering around 3% annually across most exchanges. The market could chop around here for a bit until a new narrative is formed, as the selloff seems quelled for now while upward momentum is slowly starting to build in the order books."
"Solana has had a tough start to November as well, dropping below $150 per token on November 4th, but is now trading back up over $160. The ecosystem continues to be associated with memecoins and launch pads that have extracted tremendous amounts of capital, but several promising projects have participants excited about its future. Solana saw near all-time highs in mid September, and still boasts some of the better on-chain UI/UX in crypto."
Crypto markets recovered quickly after an early-month selloff, with Bitcoin rebounding from below $99,000 to trade above $104,000 as buyers stepped in around the breached $100,000 level. Open interest across perpetual and calendar futures is gradually rebuilding while funding rates remain near flat, around 3% annualized on most exchanges. The immediate selloff appears quelled and order books show slowly building upward momentum, though market conditions could remain choppy until a new narrative emerges. Solana fell under $150 but recovered above $160, remaining attractive for lower notional cost, strong on-chain UX, memecoin activity, and emerging privacy projects.
Read at 24/7 Wall St.
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