Key Highlights:

• Bitcoin and ether saw a return to their recent lows before showing slight recovery.
• The CoinDesk 20 Index noted a minimal increase while the CoinDesk 80 Index remained stable, indicating underwhelming trading in altcoins.
• Contrasting with the market trend, Mantle Network’s MNT and HASH recorded impressive double-digit gains.

Market Overview:

Major cryptocurrencies displayed a lack of direction, with U.S. stock index futures showing little movement even after a positive meeting between European leaders, President Donald Trump and President Volodymyr Zelensky. The leading coins, including bitcoin and ether, fell initially on Tuesday but corrected to a flat status over a 24-hour period.

The overall market indices show:

• CoinDesk 20 Index increased by 0.5%.
• CoinDesk 80 Index, a broader gauge of the market, showed even smaller growth indicators.
• The CoinDesk Memecoin index saw a decline of 0.3%.

Derivatives Analysis:

• Bitcoin’s testing of the $115,000 mark led to a decreased open interest in USDT perpetual futures on major exchanges, signaling the unwinding of long positions rather than new short engagements.
• In contrast, ether’s open interest rose, indicating an influx of new short positions.
• Open interests in leading tokens, aside from ether and BNB, witnessed drops in the last 24 hours.
• Mantle Network’s MNT token has seen nearly a 14% upsurge within 24 hours, despite a recent reversal in funding rates.

Additional Insights:

• The recent updates in the Starknet protocol may affect its STRK token dynamics.
• Solana has faced increased activity in its DeFi landscape, gaining momentum with significant contributions fueling its standing among the top networks.

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