Crypto Markets Today: Traders Seek Catalysts After Bitcoin's Post-Fed Pullback
The Federal Reserve's 25 basis points rate cut has been priced in by markets, yet cryptocurrency momentum remains weak.
Bitcoin (BTC) is currently trading near $90,350, with support at $88,200 and resistance at $94,500. The 30-day BVIV implied volatility stands at 46.95%, marking the lowest level since November 13.
Ethereum (ETH) to Bitcoin implied volatility spreads have widened, with BTC/ETH risk reversals showing negative values across all tenors. Open interest has decreased overall, led by Cardano (ADA), whose open interest dropped by 10% within 24 hours. Additionally, funding rates for non-BTC/ETH assets have turned negative.
Several altcoins including ETHFI, Fetch.ai (FET), ADA, and PUMP have declined more than 8%, affected by low market liquidity. Notably, ETHFI's market depth is approximately $500,000 per side, and its market capitalization is around $480 million.
Meanwhile, Monero (XMR) gained over 2%, trading around $404.18.
Market indicators reflect a continued low appetite for altcoins, with the CoinMarketCap altcoin season index at 19 out of 100, significantly lower than the 77 out of 100 recorded in September.
Overall, the market shows signs of long exposure unwinding and a year-end risk-off tone following the Fed's rate decision.
