What You Need to Know
- Recent on-chain data suggests a possible resurgence of sellers as Bitcoin approaches $113,600.
- Altcoins are faring better in the market.
- The YZY memecoin, associated with rapper Ye, has reportedly resulted in over 70,000 wallets experiencing losses.
As Bitcoin’s (BTC) price recovers, on-chain data indicates potential selling momentum near the $113,600 mark. The broader altcoin market is performing well, as demonstrated by a 4% rise in the CoinDesk 80 Index over the last 24 hours, while the CoinDesk 20 Index saw an increase of nearly 1%.
Insight from Market Analysts
“Bitcoin is drawing its third consecutive daily candle, trading above $113K as of Thursday morning,” noted Alex Kuptsikevich, chief market analyst at FxPro. “The growth in altcoins, coupled with increased risk appetite in stock indices, has revived buyers’ interest after BTC’s drop to $110K.”
Derivatives Market Patterns
- BTC’s increase is coupled with reduced open interest in USDT and dollar-perpetual futures across major exchanges, including Bybit, Binance, and OKX.
- Recent days have shown increased open interest for SOL, DOGE, and ADA futures, while capital seems to have flowed out of other major cryptocurrencies.
YZY Memecoin Overview
- The Solana-based YZY memecoin, linked to Kanye West, has reportedly left thousands of wallets in negative balances. Approximately 51,800 addresses lost between $1 and $1,000, while over a thousand wallets recorded losses ranging from $1,000 to $100,000. Contrarily, only eleven wallets turned a profit of $1 million or more, highlighting severe discrepancies in wealth gained and lost.
- As the market adjusts, structural flaws in the YZY token distribution have raised concerns about liquidity and overall viability, reflecting patterns often observed in marketable celebrity-backed cryptocurrencies.
