1 day ago4 min readCrypto Markets Today (CoinDesk Data)SummaryBitcoin is trading around $78,800, down 0.42% since midnight UTC and 0.75% over 24 hours, leaving it 4.2% below last week's $82,320 high.The CoinDesk 20 is up 0.2% and the CoinDesk Memecoin Index 0.41% higher, while the bitcoin-heavy CoinDesk 5 has fallen 0.47%.BNB rose 2% since midnight UTC to $754, with BNB Chain tokens PancakeSwap and Syrup up 6.4% and 4.9%.Bitcoin BTC$79,382.32 is trading around $78,800, down 0.42% since midnight UTC and 0.75% over the past 24 hours, according to CoinDesk data. That puts BTC 4.1% below the $82,320 high it failed to clear last week.Ether ETH$2,502.48 at $2,490 has held up better, losing just 0.02%, while solana (SOL) is down 0.06% at $103.77.Of the 100 tokens that make up the CoinDesk 100, 42 are in the red, with BNB and related tokens among the standout exceptions. BNB is up by 2% since midnight at $754 while linked tokens like CAKE and SYRUP are also benefiting from a bullish shift.The CoinDesk 5 Index is down by 0.47% on Tuesday, while the broader CoinDesk 20 is up by 0.2%, with the CoinDesk Memecoin outperforming with a 0.41% move to the upside.Derivatives positioningTaker buy-sell ratio remains bearish amid macro headwinds: The buy-sell ratio of takers in the crypto futures market remained bearish as major tokens wilted under pressure from rising oil prices, Fed rate-increase speculation and elevated bond yields. Takers are traders that remove liquidity from an exchange's order book by executing at available market prices.Open interest steady but trading volume rises 5%: The 24-hour open interest (OI) tally remains largely unchanged at $141 billion, but trading volume has climbed 5% to $149.85 billion. This points to more churn rather than positional conviction, suggesting traders are rotating capital without adding significant new leverage.Aerodrome Finance's AERO tops top-100 gainers with 17% rally: Decentralized exchange Aerodrome Finance's native token AERO has surged 17% in 24 hours, outperforming every other top-100 token by market value. The rally is accompanied by a sharp rise in futures open interest to a record 129 million tokens, a combination that points to a build of long positions backing the spot-price move.AERO's bullish momentum confirmed by positive CVD: AERO's bullish story doesn't end there. The 24-hour open-interest-adjusted cumulative volume delta (CVD) is also positive, a sign that buyers are being more aggressive by trading at market orders rather than passive limit orders.Injective's INJ mirrors AERO's bullish futures setup: Injective's INJ token, which is up 10%, displays a similar bullish combination in futures. This lends credibility to the spot-price breakout above $6, which has recently been a supply zone since mid-June, capping gains.Bitcoin open interest rises in select futures: Overall open interest remains largely unchanged below the 700K mark, pointing to still-low interest in leverage trading. However, open interest in major USDT and USD futures has increased to 265K BTC from 257K BTC alongside a spot-price drop to $78,700 from $80,000. This points to the possibility that some traders may have shorted the market, anticipating further price losses.Bears lead price action in most major tokens: Broadly speaking, bears seem to be leading the price action in most major tokens, as evidenced by their negative 24-hour cumulative volume deltas. AVAX, XLM and DOGE are on the opposite side of that, showing positive CVDs.Volatility indexes stay calm near recent lows: Bitcoin and ether's volatility gauges remain calm near recent lows, a sign that there is no scramble to buy options or place hedging bets just yet.Deribit options show short-term bullish bets: As for options listed on Deribit, weekly-expiry calls dominate the 24-hour volume ranking in both BTC and ETH. It shows short-term bullish expectations despite the broader bearish taker flow.Token talkPancakeSwap CAKE$2.2915 is one of the biggest gainers on the CoinDesk 100, adding 4.9% since midnight UTC and 7.5% over 24 hours, extending a run that began late last week on BNB Chain rotation and the exchange's tokenized-stocks push.VeChain VET$0.007721 climbed 8% on the day and 9% over 24 hours, with syrup SYRUP$0.2238 close behind, putting three DeFi and enterprise-chain names at the top of the board while the majors sold off.The sharpest faller is Raydium RAY$1.3920, down 5.5% since midnight UTC, with the Solana DEX token tracking solana's (SOL) own decline.Kaspa KAS$0.03633 shed 4.7% on the day, unwinding the bulk of a weekend surge that had it among the biggest 24-hour gainers on Monday. Bittensor (TAO) followed a similar path, fell 1.5% today to $256, a 24-hour decline of 3.7% after leading the market on Sunday.Aerodrome Finance (AERO) is the standout on a 24-hour timeframe, up 18% at 64 cents, though momentum has cooled with a 2.8% gain since midnight UTC.Jupiter (JUP) fell another 3.8% to $0.24, a second consecutive heavy session after Monday's 9% drop, with no obvious catalyst for the move.Related Assets12345678910