Bitcoin (BTC) and Ethereum (ETH) continue to show strength in Tuesday's trading session, building on Monday's market recovery. BTC is currently trading at $112,900 while ETH holds at $4,150, posting gains of 0.78% and 1.1% respectively over the past 24 hours.
The derivatives market reveals increasing bullish sentiment as total futures open interest surged from $29 billion to $31 billion. Key metrics including funding rates and basis spreads are turning positive across major exchanges like Binance and OKX.
Meanwhile, decentralized exchange Aster is dominating altcoin trading activity with an unprecedented $64 billion in daily volume, largely driven by its offering of up to 300x leverage. This dramatically outpaces competitor HyperLiquid's $7.6 billion volume.
Market analysts note that while ASTER and HYPE tokens have declined recently amid broader altcoin weakness, the massive volume shift toward high-leverage platforms indicates strong trader interest in derivatives products despite increased risk exposure.