As two major crypto conferences, Token 2049 and Solana’s Breakpoint, wrapped up in Singapore, Ether (ETH) outpaced Bitcoin (BTC) in daily gains. However, despite these events, the overall crypto market remains relatively flat. ETH rose 2.6%, trading above $2,600, while BTC saw a smaller gain of 1.2%, trading above $63,700.
Crypto Market Sees Mixed Liquidations
Data from CoinGlass reveals that more short positions than longs were liquidated in the last 12 hours, with $64.23 million in short positions and $54.42 million in longs wiped out. Trading volumes have remained light since last week’s 50 basis points (bps) interest rate cut. Over the past week, BTC has gained 9.5%, while ETH surged over 16%.
Polymarket bettors are anticipating another rate cut but are divided on the scale. Half believe it will be another 50 bps, while the other half expect a 25 bps cut.
Solana Stays Flat After Breakpoint Conference
Solana (SOL), which took center stage at the Breakpoint conference, remains flat, trading above $145. Despite this, the protocol impressed attendees with announcements like Jump Crypto’s validator going live. Market activity around SOL has been minimal following the event.
Pendle Drops After Maelstrom Fund Reduces Position
Pendle, a project backed by Arthur Hayes’ Maelstrom fund, dropped over 6.5%, with traders concerned about Maelstrom reducing its position. Hayes promoted the project at Token 2049, but later explained that the sell-off was to secure liquidity for a “special situation,” teasing future updates on X. Despite the recent dip, Pendle remains up over 24% for the week, according to CoinGecko.
MOTHER Memecoin Gains Amid Casino Launch Announcement
MOTHER, a memecoin promoted by Iggy Azalea, is up 4.5% after she announced plans for a companion casino called Motherland. MOTHER is one of the few celebrity-backed memecoins to retain value, although it primarily trades on decentralized exchanges (DEX). The addition of a casino could complicate its listing on major centralized exchanges due to regulatory hurdles.
