Total ether options open interest exceeded $4 billion last week, which reached a two-month high, according to Skew, a provider of data on cryptocurrency derivatives markets. The options market is bullish on ether after a decisive break above $3,000 last week.
Skew data also shows a decline in ETH options volume over the past few weeks, which coincided with short-term overbought signals. Option traders have assigned a 64% probability of ether remaining above $3,000 this month, which is near technical support.
Digital-asset fund outflows
Investors redeemed a net $22.1 million from cryptocurrency funds last week, the sixth consecutive week of outflows, even as bitcoin and many other digital assets rallied, a new report shows.
It’s the longest streak of outflows since January 2018, according to the report Monday by the digital-asset manager CoinShares.
Investors have seen an outflow of $22 million from bitcoin, even though the largest cryptocurrency has recently traded up to $48,200 from a low of $29,608 last month.
Other notable cryptos in the top 20 by market capitalization over a 24-hour period are mixed with polkadot (DOT, +6.89%), solana and terra posting the highest gains while ether (ETH, -1.37%), XRP (-4.56%), and stellar (XLM, -4.28%) have shed the most over the same period.
- Solana, Terra hit all-time highs: Prices for Solana’s SOL and Terra’s LUNA tokens hit all-time highs on Monday, as the total market capitalization of cryptocurrency broke $2 trillion for the first time since May, CoinDesk’s Muyao Shen reports. The price rally for the tokens representing two projects that are built for the decentralized finance (DeFi) sector, shows that investors remain confident about the industry, especially in layer 1 protocols, despite security risks exposed by the biggest DeFi hack ever in monetary value last week.
- Figment raises $50M to build up proof-of-stake infrastructure: Blockchain infrastructure provider Figment raised $50 million in a Series B funding round that was led by institutional investors Senator Investment Group and Liberty City Ventures. Anchorage Digital, Galaxy Digital and 10T Ventures also participated in the funding, Figment said Monday. The company plans to use the funding to expand its infrastructure across the proof-of-stake (PoS) industry supporting the services it provides “up and down the Web 3 stack.”
- Huobi revenue took a hit in July, token burn suggests: The amount of Huobi token that Huobi Global burned in July indicates the crypto exchange’s revenue probably fell last month. The total value of HT burned dropped 54% from June to $22.3 million, the exchange said. The burn is correlated to revenue, and so a decrease in burned tokens indicates a fall in revenue. Token burning is a process by which crypto coins are taken out of circulation, often aimed at reducing the total supply of the tokens and thus theoretically increasing their value.
- Watford F.C. Sports Dogecoin Logo: Watford F.C. players sported the dogecoin logo on their shirt sleeves as the soccer team returned to England’s top-tier Premier League on Saturday. The Shibu Inu meme-inspired crypto’s logo appeared on Watford’s shirts as part of the club’s sponsorship deal with crypto-betting platform Stake.com. The deal is worth about £700,000 ($970,000), according to a report by The Athletic on Saturday.