Crypto Market Brief: Altcoins Surge, Bitcoin Faces Derivative Caution, YZY Traders Suffer Losses
Cryptocurrency markets displayed mixed trends on Thursday, with altcoins leading gains while Bitcoin (BTC) shows signs of derivative-driven resistance.
The CoinDesk 80 Index, tracking a wide range of altcoins, climbed 4% over the past 24 hours, whereas the CoinDesk 20 Index, representing major cryptocurrencies, rose just under 1%. Bitcoin approached $113,600, with on-chain data signaling potential seller activity near key resistance.
“Bitcoin is forming its third consecutive rising daily candle, trading above $113K this morning,” noted Alex Kuptsikevich, chief market analyst at FxPro. “Altcoin momentum and gains in stock indices have boosted risk appetite, while BTC’s earlier drop to $110K renewed buyer interest.”
Derivatives Overview
Despite Bitcoin’s gains, derivatives data indicate caution: open interest (OI) in USDT- and USD-denominated perpetual futures across Binance, Bybit, OKX, Deribit, and Hyperliquid has declined, alongside low spot volumes. Ether exhibits similar trends.
- SOL, DOGE, and ADA saw increased futures OI, while other major tokens experienced outflows.
- Funding rates for most major tokens fell near zero, signaling neutral sentiment.
- On the CME, BTC futures OI remains below December highs, and the three-month annualized basis is under 10%, though BTC options OI surged to 42.89K BTC, the highest since May 29.
- ETH CME futures OI reached a record 2.2 million ETH, reflecting robust institutional participation.
- Deribit shows BTC put options trading at higher premiums than calls across all expiries, indicating a bearish tilt, while ETH call bias weakened.
- OTC trades on Paradigm included BTC butterfly options and an outright ETH call at the $5,000 strike for Aug. 30 expiry.
Token Focus: YZY
The Solana-based YZY memecoin, linked to Ye (Kanye West), has left most retail traders with losses. Bubblemaps reports over 70,000 wallets in the red following the token’s launch, marketed as part of the “YZY Money” ecosystem with payment rails and a branded card.
- 51,800+ wallets lost $1–$1,000
- 5,269 wallets lost $1,000–$10,000
- 1,025 wallets lost $10,000–$100,000
- 108 wallets posted six-figure losses; three traders lost over $1 million each
- Only 11 wallets gained $1 million+, 99 gained over $100,000, and 2,541 earned at least $1,000—under 0.1% of traders captured significant profits
Structural flaws contributed to this outcome: 70% of supply was reserved for Yeezy Investments LLC, 20% sold publicly, and 10% allocated for liquidity. The pool, seeded exclusively with YZY tokens and lacking a stablecoin pairing, was vulnerable to rapid withdrawals, reminiscent of Argentina’s short-lived LIBRA token.
The YZY launch highlights a familiar trend in celebrity-backed memecoins: early insiders capture most profits while retail investors bear disproportionate risk.
