Bitcoin edged lower Tuesday, falling 0.42% since midnight UTC to $78,874, while broader market performance remained mixed. The CoinDesk 20 gained 0.2%, and the memecoin index added 0.41% as BNB Chain-related tokens moved higher.

BTC was trading around $78,800, down 0.42% since midnight UTC and 0.75% over the past 24 hours, according to CoinDesk data. The latest move leaves Bitcoin about 4.1% below its $82,320 high from last week, a level the cryptocurrency has been unable to break.

Ether remained relatively stable at roughly $2,490, slipping just 0.02%. Solana was also little changed, declining 0.06% to $103.77.

Of the 100 cryptocurrencies included in the CoinDesk 100, 42 were trading in negative territory. BNB and several tokens connected to its ecosystem were among the exceptions. BNB rose 2% since midnight to $754, while CAKE and SYRUP also posted gains as buying interest shifted toward BNB Chain assets.

The CoinDesk 5 Index declined 0.47% on Tuesday, while the broader CoinDesk 20 moved 0.2% higher. The CoinDesk Memecoin Index was stronger, gaining 0.41%.

Derivatives positioning

Taker flows remain bearish: The crypto futures taker buy-sell ratio continued to favor sellers as traders dealt with pressure from higher oil prices, expectations of a possible Fed rate hike and elevated bond yields. Takers are participants who execute trades against existing orders at available market prices, removing liquidity from an exchange order book.

Open interest is stable while volume climbs: Total 24-hour futures open interest remained near $141 billion, but trading volume rose 5% to $149.85 billion. The increase in activity without a significant change in open interest suggests traders are moving capital between positions rather than aggressively adding leverage.

AERO leads the top-100 market: Aerodrome Finance’s AERO surged 17% over 24 hours, making it the strongest-performing token among the top 100 by market capitalization. Futures open interest also reached a record 129 million tokens, suggesting growing long exposure is helping support the spot-market rally.

Positive CVD supports AERO’s advance: AERO’s 24-hour open-interest-adjusted cumulative volume delta remained positive as well. The reading indicates that buyers are becoming more aggressive, using market orders rather than relying primarily on passive limit orders.

INJ shows comparable bullish positioning: Injective’s INJ gained 10% and displayed a similar setup in its futures market. The derivatives activity provides additional support for its move above $6, a level that had acted as a supply zone since mid-June and previously restricted further upside.

Bitcoin futures open interest rises in key contracts: Overall Bitcoin open interest remained below 700,000 BTC, highlighting relatively subdued leverage activity. However, open interest in major USDT- and USD-denominated futures increased to 265,000 BTC from 257,000 BTC while BTC declined from around $80,000 to $78,700. The divergence could mean some traders are increasing short positions in anticipation of further losses.

Sellers dominate most major tokens: Negative 24-hour CVD readings across many large-cap cryptocurrencies indicate continued selling pressure. AVAX, XLM and DOGE were among the exceptions, with all three recording positive CVDs.

Volatility remains muted: Bitcoin and Ether volatility gauges are still hovering near recent lows, suggesting traders have not yet rushed to buy options or significantly increase downside hedges.

Deribit options retain a bullish bias: Weekly call options accounted for the largest share of 24-hour trading volume in both BTC and ETH on Deribit. The activity points to continued short-term optimism in the options market despite bearish taker flows elsewhere.

Token talk

PancakeSwap’s CAKE ranked among the strongest CoinDesk 100 performers, gaining 4.9% since midnight UTC and 7.5% over the past 24 hours. The token has extended a rally that began late last week amid increased interest in BNB Chain assets and PancakeSwap’s expansion into tokenized stocks.

VeChain’s VET advanced 8% on the day and 9% over 24 hours, while SYRUP also posted a strong gain. The performance put several DeFi and enterprise-chain tokens near the top of the market as major cryptocurrencies struggled.

Raydium’s RAY was the biggest decliner, dropping 5.5% since midnight UTC. The Solana-based DEX token continued to track weakness in SOL.

Kaspa’s KAS lost 4.7%, reversing much of its weekend rally after it ranked among Monday’s biggest gainers. Bittensor’s TAO also moved lower, falling 1.5% to $256 and extending its 24-hour decline to 3.7% after leading the market on Sunday.

Aerodrome Finance’s AERO remained the strongest performer over 24 hours, rising 18% to 64 cents. Its shorter-term momentum has moderated, however, with the token up 2.8% since midnight UTC.

Jupiter’s JUP dropped another 3.8% to $0.24, marking its second consecutive steep decline after falling 9% on Monday. No clear catalyst was immediately identified for the latest move lower.