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Hello, this is Derivatives Fox. On July 25, 2026, the Binance USDT-M futures market is attracting attention as some altcoins are recording high growth rates despite the overall stagnation of the cryptocurrency market. However, it is necessary to carefully analyze whether the surge in major altcoins signifies a trend-driven rebound for the entire market or a temporary phenomenon due to individual supply-demand imbalances.
Current macroeconomic indicators suggest a somewhat uncertain situation. The U.S. 10-year Treasury yield remains high at 4.71%, and the Dollar Index also shows strength at 120.5315. These factors could dampen risk asset sentiment. Looking at the U.S. stock market, the S&P 500 saw a slight increase of +0.10%, but the NASDAQ 100 fell by -1.12%, indicating weakness centered on tech stocks. Notably, the VIX fear index is high at 21.44, demonstrating persistent market anxiety.
The cryptocurrency market is generally showing a bearish trend. Bitcoin (BTC) fell by -1.50% over 24 hours to $64,100.0, and Ethereum (ETH) also traded down by -1.10% to $1,860.46. XRP (-1.60%) and SOL (-2.70%) also experienced declines. The Fear & Greed Index, which indicates investor sentiment, recorded 27 (Fear), worsening from 28 (Fear) the previous day. This suggests that overall market sentiment remains subdued.
In the futures market, BTC funding rates and ETH funding rates remain very low at +0.01% each, showing a neutral stance. This implies that there is currently no excessive betting on long positions in the futures market. However, the BTC open interest is $0.0B, indicating incomplete data, which makes it difficult to ascertain the overall open interest trend of the market.
Despite the overall market downturn, some altcoins recorded high growth rates in the Binance USDT-M futures market. We will cross-analyze the position structure, funding rates, and recent daily chart data of these assets to understand their characteristics.
DEXEUSDT captured market attention with an astonishing +157.91% increase over 24 hours. The 24-hour trading volume was very high at $805.5M, but Open Interest (OI) was relatively low at $5.5M. The funding rate recorded a negative value of -0.10%.
Looking at the past 7 days of daily chart data, from July 21 to 23, the price plummeted with extreme declines of -83.63%, -28.36%, and -64.08% for three consecutive trading days. Particularly on July 23, the closing price dropped to $1.493, seemingly forming a bottom. Subsequently, on July 24, it recorded an unprecedented sharp rebound of +159.72%, closing at $3.875. However, today (July 25) the closing price showed only a -0.28% change, and the trading volume drastically decreased to $960K compared to the previous day's $804.6M.
This suggests that DEXEUSDT likely experienced a short-term short squeeze-like sharp rebound after a severe drop, driven by short covering and dip buying. However, today's drastic decrease in trading volume warns that the momentum for further trend continuation may have weakened. A negative funding rate could indicate that short positions still prevail, or that profit-taking from the surge is occurring.
ACEUSDT increased by +30.61% over 24 hours. The 24-hour trading volume was $75.2M, and Open Interest (OI) maintained a high level at $52.4M relative to the trading volume. The funding rate showed a very low negative value of -0.77%.
Looking at the daily chart, ACEUSDT showed strength with 30% range increases for two consecutive days on July 19 and 20, but then underwent corrections of approximately -20% to -10% from July 21 to 23. Subsequently, on July 24, it surged again by +31.34%, recovering most of the previous losses. However, today (July 25) the closing price showed a minor change of -0.56%, and the trading volume significantly decreased to $568K compared to the previous day's $74.7M.
High open interest and an extremely negative funding rate simultaneously indicate strong betting on short positions or significant profit-taking pressure from long positions on ACEUSDT. Despite yesterday's sharp rebound, today's drastic decrease in trading volume suggests a lack of further upward momentum, implying that a scenario where buying interest weakens after a short squeeze should be watched.
GWEIUSDT increased by +27.61% over 24 hours. The 24-hour trading volume was $43.7M, and Open Interest (OI) was very high at $279.3M relative to the trading volume. The funding rate recorded a negative value of -0.12%.
GWEIUSDT also experienced a continuous decline from July 19 to 23. Particularly on July 23, it fell by -14.58% to $0.01992. Subsequently, on July 24, it surged by +28.26%, staging a rebound from the bottom. However, today (July 25) the closing price showed only a -0.39% change, and the trading volume drastically decreased to an extremely low level of $46K compared to the previous day's $43.6M.
Similar to DEXEUSDT and ACEUSDT, GWEIUSDT can also be interpreted as a rebound driven by short covering or dip buying after a sharp drop. High open interest and a negative funding rate indicate that the influence of short positions still exists, or conversely, that long positions are aggressively closing out. Today's extreme decrease in trading volume suggests that the rebound momentum might be quickly depleting, so the possibility of a short-term retracement should be considered rather than further upward movement.
ESPORTSUSDT increased by +19.43% over 24 hours. The 24-hour trading volume was $146.5M, and Open Interest (OI) was very high at $472.8M. The funding rate showed a minimal positive value of +0.01%, almost neutral.
Looking at the daily chart data, on July 19, it fell sharply (-29.12%), but then continued a strong upward trend consecutively on July 21 (+53.79%), July 23 (+35.00%), and July 24 (+18.98%). Notably, on July 23 and 24, trading volumes also recorded $73.4M and $146.5M respectively, supporting the rise. However, today (July 25) the closing price showed only a +0.44% change, and the trading volume decreased explosively to $32K compared to the previous day.
Unlike the previous assets, ESPORTSUSDT showed a trend forming through successive increases. Very high open interest indicates concentrated market attention, and a near-neutral funding rate suggests that relatively healthy buying interest has entered rather than an excessive tilt towards long positions. However, today's drastic decrease in trading volume could be a sign of short-term consolidation or weakening upward momentum. Therefore, while there is a possibility that the previous uptrend will continue, there is some uncertainty for new entries without reconfirming buying interest.
BANKUSDT increased by +10.13% over 24 hours. The 24-hour trading volume was very high at $911.5M, and Open Interest (OI) was $195.2M. The funding rate showed a minimal positive value of +0.01%, close to neutral.
After a massive surge of +103.27% on July 19, BANKUSDT continued its strength with an +18.28% increase on July 20. However, on July 21, it plummeted by -31.74%, significantly increasing volatility. Subsequently, it rose for three consecutive trading days on July 22 (+26.33%), July 23 (+19.12%), and July 24 (+9.78%), nearly recovering previous losses and reaching close to its previous high. However, today (July 25) the closing price showed only a +0.32% change, and the trading volume drastically decreased to $188K compared to the previous day's $911.4M.
Similar to DEXE, BANKUSDT showed movements accompanied by extreme volatility. High trading volume indicates significant market interest and active trading, but the pattern of repeated sharp rises and falls has unpredictable characteristics. Today's drastic decrease in trading volume suggests the exhaustion of short-term buying momentum, and the possibility of encountering resistance near previous highs cannot be ruled out. Therefore, it seems prudent to consider the possibility of price correction along with trend continuation.
Other assets such as B2USDT (+24.23%), SLXUSDT (+16.67%), CAPUSDT (+14.64%), SOXSUSDT (+14.18%), and HOMEUSDT (+9.99%) also recorded high growth rates. Most of these assets also showed a pattern of price consolidation today with extremely low trading volumes compared to the previous day's surge. Notably, SOXSUSDT and HOMEUSDT recorded negative funding rates, indicating the influence of short positions. Overall, while major market assets are showing weakness, the surge in these altcoins should be considered as potentially due to individual themes or short-term supply-demand imbalances.
Today's top gainers in the Binance USDT-M futures market are analyzed to have surged due to individual factors amidst the overall market weakness. Particularly, the extreme decrease in today's trading volume compared to the previous day for most of the surging assets suggests that short-term buying momentum may have weakened. In other words, it is highly probable that yesterday's sharp rise will lead to a short-term retracement rather than a trend-driven ascent. Assets showing negative funding rates despite high open interest may indicate the presence of short positions or profit-taking pressure from long positions, thus requiring a more cautious approach.
The current market shows mixed signals, with a net outflow of $225.1 million from Bitcoin spot ETFs and a net inflow of $26.3 million into Ethereum spot ETFs. In such a situation, rather than hastily entering new positions in surging altcoins, it would be beneficial for risk management to carefully examine the position structure and trading volume trends of each asset and approach cautiously.