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On July 29, 2026, the cryptocurrency market showed volatility amidst macroeconomic indicators and major asset movements. The US 10-year Treasury yield recorded 4.65%, and the 2-year Treasury yield recorded 4.31%, maintaining a long-short spread of 0.34%. The effective federal funds rate is 3.63%, and the dollar index is at a high level of 120.7105. Looking at the US stock market, the S&P 500 rose slightly by 0.24%, but the NASDAQ 100 fell by 0.97%, indicating a tech-driven weakness. The VIX fear index recorded 21.24, suggesting that market anxiety still exists. The Fear & Greed Index, which indicates investment sentiment, remains at 29 (Fear), the same as the previous day.
Looking at the key indicators of the cryptocurrency market, the BTC funding rate remains at a low level of 0.000100%, and the ETH funding rate also shows a similar trend at 0.000057%. BTC open interest is indicated as $0.0B, but this should be considered a potential anomaly in data collection. Amidst this overall market sentiment, some altcoins recorded significant gains in the Binance USDT-M futures market.
ONUSDT recorded a very high volatility of +80.07% over 24 hours, trading at $0.34196. Open Interest (OI) is $70.9M, and 24-hour trading volume is $475.3M, indicating a significant inflow of funds. The funding rate is +0.0745%, showing a positive value and a dominant long position.
Recent daily chart data shows continuous sharp rises on July 27 (+48.45%) and July 28 (+83.89%), with a high trading volume of $474.6M on the 28th. However, today (July 29), it fell by -2.30% compared to the opening price, and the trading volume also sharply decreased to $717K, indicating a short-term slowdown in buying momentum. This suggests the possibility of profit-taking after a short-term peak.
BULLAUSDT rose by +35.12% over 24 hours, reaching $0.018984. Open Interest (OI) remains at a very high level of $875.3M, and the funding rate is +0.1088%, indicating a strong long position bias. The 24-hour trading volume is $43.4M.
Looking at the daily chart, continuous rises on July 27 (+23.04%) and July 28 (+34.73%) are prominent. Especially on the 28th, a trading volume of $43.4M occurred. Conversely, today (July 29), with a slight increase of 0.31%, the trading volume sharply decreased to $10K. High open interest and funding rates warn of overheating long positions, and the sharp decrease in today's trading volume could signify a temporary exhaustion of buying pressure.
ZILUSDT rose by +23.16% over 24 hours, trading at $0.002856. Open Interest (OI) is at a very high level of $1.9B, signifying significant interest and position building by market participants. Notably, the funding rate recorded an extreme negative value of -1.7538%.
Daily chart data shows a sharp rise on July 28 (+24.28%), recording a trading volume of $53.0M. However, today (July 29), it fell by -0.87%, and the trading volume also significantly decreased to $1.1M. Despite the price increase, a very high negative funding rate strongly suggests that short positions are overwhelmingly numerous, or that short covering was the main driver of the price increase. In other words, there is room to interpret this as a rebound due to a short squeeze.
RIFUSDT rose by +23.59% over 24 hours, reaching $0.09458. Open Interest (OI) is $56.7M, and 24-hour trading volume is $71.5M. The funding rate is -0.0024%, showing a slightly negative value.
Looking at the 7-day daily chart, there was a significant rise on July 23 (+77.06%), but it corrected with declines on the 24th and 25th. On July 28 (+23.53%), it rose again, recording a trading volume of $71.4M, but today (July 29), it fell by -0.08%, and the trading volume sharply decreased to $106K. The negative funding rate indicates that short position pressure still exists, and the recent rise could be the result of short covering combined with short-term buying momentum.
DEXEUSDT rose by +14.63% over 24 hours, trading at $2.978. Open Interest (OI) is a relatively low $6.0M, but the 24-hour trading volume is a very high $307.0M compared to OI, showing high trading activity. The funding rate is -0.0321%, indicating a negative value.
Daily chart data shows extreme volatility, with a sharp drop on July 23 (-64.08%), followed by sharp rises on July 24 (+159.72%) and July 25 (+17.24%). It then fell again on the 26th and 27th, and rebounded on July 28 (+14.63%). Today (July 29), there was almost no change at +0.07%, and the trading volume sharply decreased to $95K. Despite low open interest, high trading volume and extreme daily volatility suggest active short-term speculative trading.
Among the top-performing assets, BTWUSDT (+21.64%), SOONUSDT (+17.62%), CAPUSDT (+13.68%), UBUSDT (+12.37%) also showed overall strength. These assets generally recorded significant gains on July 27 and 28, but today (July 29), most saw a sharp decrease in trading volume, indicating a common short-term slowdown in buying momentum. Most funding rates remain positive but are not at extreme levels. This can be interpreted as a trend showing that while short-term interest in altcoins generally flowed into the market, it soon faced profit-taking pressure.
Most of the top-performing assets in the Binance futures market today showed a pause after the sharp rises of the past two days, with decreased trading volumes. Especially for assets like ZILUSDT and DEXEUSDT, which exhibit extremely negative funding rates or high trading volumes relative to low OI, caution should be exercised regarding the possibility of a rebound due to a short squeeze or speculative movements. As the overall market investment sentiment remains in the 'Fear' stage, sharp rises in individual altcoins are more likely to lead to short-term volatility expansion rather than trend continuation.