“It’s not unusual to see the hardest-hit coins rallying the most when the market turns bullish,” Martin Leinweber, digital assets product specialist at MarketVector Indexes, said. “Those smaller altcoins have a higher beta to bitcoin on the way up and on the way down.”
The increases come during a broad-based swoop upward in digital assets that has seen bitcoin and ether, the two largest cryptocurrencies by market capitalization, rise about 40% and more than 30%, respectively. TheAptos’ APT token was the biggest winner in January among 160 assets in the CoinDesk Market Index. about the network's transaction speeds and tokenomics. The November market tsunami triggered by crypto exchange FTX’s collapse sent APT’s price to an all-time low at $3 on Dec.
Traders heavily shorted APT at the start of the year, showing a willingness “to pay triple digits in annualized interest to do so,” Leinweber told Coindesk, referring to the sharp drop in APT’s annualized funding rate on Jan. 25. Leinweber said while there’s no pressure on the price from selling because Aptos investor unlocks are not set to begin until this coming October, the extreme negative positioning in Aptos led to a massive short-squeeze, which eventually and quickly pushed the price higher in a month.data shows $115 million in liquidated short positions compared to approximately $70 million long liquidations since Jan. 8. The trend may underscore concerns that many traders have about Aptos.
“For the token to justify its market value, it will need to grow its user base and liquidity significantly before the VC unlocks kick in,” Leinweber added.
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Hmm, yes the NORMALLY correlate, why the huge divergence? BUSD/BTC on Binance have anything to do with it.
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