Key Takeaways
- • Bitcoin fell 1.31% to $80,669.49 and Ether fell 1.52% to $2,367.01 on October 24, per the primary Pluang report.
- • Perpetual futures funding rates for both assets showed mixed signals, with Bitcoin's rate slightly below the 0.01% base rate and some platforms showing bearish readings.
- • Pluang's retail order book showed 63% buys versus 37% sells for Bitcoin, with the platform reporting a 112-day typical hold time for Bitcoin investors.
- • A $3.12 million Bitcoin long position was liquidated on Binance futures at $80,419 on October 24, per a related report.
- • Ether's decline below $2,300 was linked in a related report to a lack of ETF inflows and broad risk-off selling across major cryptocurrencies.
Summary
Bitcoin and Ether prices edged lower on October 24, with Bitcoin trading at $80,669.49, down 1.31%, and Ether at $2,367.01, down 1.52%, according to Pluang. The move was modest, but futures market indicators pointed in different directions, reflecting mixed sentiment among traders.
Funding rates on perpetual futures contracts, which help align futures prices with spot prices and reflect traders' positioning, hovered between broadly bullish and bearish levels. Bitcoin's funding rate was slightly below the 0.01% base rate, while some platforms recorded bearish readings. Pluang's own retail data showed buying interest, with 63% of orders on the platform placed as buys against 37% sells. As of 02:21 WIB on October 25, Bitcoin traded at Rp1,451,055,431 on Pluang, down 1.12% over the prior day.
Related coverage added further detail on the session. A single Bitcoin long position valued at $3.12 million was liquidated on Binance's perpetual futures market at $80,419 on October 24, forcing the position closed after the price moved against it. Ether fell 4.38% to $2,297.96, slipping below the $2,300 support level, while Bitcoin fell 2.41% to $79,543 amid a broad retreat from risk across most major cryptocurrencies. That report attributed the decline to a lack of ETF inflows and significant liquidations. Earlier in the session, Bitcoin had crossed $80,000 for the first time, reaching $80,209 on Binance's spot market.
The data points to a market without a clear directional consensus, with leveraged positions being unwound and derivatives signals split between bullish and bearish readings.
Funding rates on perpetual futures contracts, which help align futures prices with spot prices and reflect traders' positioning, hovered between broadly bullish and bearish levels. Bitcoin's funding rate was slightly below the 0.01% base rate, while some platforms recorded bearish readings. Pluang's own retail data showed buying interest, with 63% of orders on the platform placed as buys against 37% sells. As of 02:21 WIB on October 25, Bitcoin traded at Rp1,451,055,431 on Pluang, down 1.12% over the prior day.
Related coverage added further detail on the session. A single Bitcoin long position valued at $3.12 million was liquidated on Binance's perpetual futures market at $80,419 on October 24, forcing the position closed after the price moved against it. Ether fell 4.38% to $2,297.96, slipping below the $2,300 support level, while Bitcoin fell 2.41% to $79,543 amid a broad retreat from risk across most major cryptocurrencies. That report attributed the decline to a lack of ETF inflows and significant liquidations. Earlier in the session, Bitcoin had crossed $80,000 for the first time, reaching $80,209 on Binance's spot market.
The data points to a market without a clear directional consensus, with leveraged positions being unwound and derivatives signals split between bullish and bearish readings.
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