• Network upgrades and EVM integration

• Trading volume and investor demand

• Market sentiment and technical indicators

Network Upgrades and the EVM Hard Fork

The Cancun hard fork, which brought EVM compatibility to Zilliqa, has been a critical catalyst. This upgrade improves transaction efficiency and smart contract compatibility, making the network more appealing to developers. Investor demand responded positively, creating buying pressure. Such infrastructure improvements not only encourage short-term speculative buying but also contribute to long-term value creation.

Notable Growth in Trading Volume

ZIL’s price surge is strongly supported by a 24-hour spike in trading volume, both in spot and derivatives markets (open interest). Investors are interpreting this as a sign of new long positions rather than just short covering. While many altcoins remain range-bound, ZIL’s sharp movement highlights the strength of its technical foundations.

Total open interest has risen to approximately $55.1 million, reflecting a ~922% intraday increase, indicating extraordinary long-position activity and strong price momentum. Additionally, the Zilliqa price chart shows a breakout from a falling wedge pattern, with prices climbing over $0.007, signaling a strong buying opportunity based on both volume and trend.

What Do Technical Indicators Show?

Market sentiment and technical signals are also playing a major role in ZIL’s momentum. RSI recovery and the breach of key moving averages show buyers gaining control. Positive trends on social media and on-chain metrics are reinforcing investor interest and buying pressure.

On the daily chart, $0.00610 acts as a key support. Maintaining a daily close above this level would indicate a structural shift and increase the likelihood of further upward movement. Meanwhile, in case of a pullback, the first support level to watch is $0.0044, where price may find its initial reaction.

Broader Market Context and Long-Term Perspective

Although the overall crypto market can sometimes pressure altcoins, ZIL’s rise is largely driven by project-specific catalysts. Even if Bitcoin and Ethereum trade sideways or under slight pressure, Zilliqa’s network developments and investor interest have independently supported its price action. These factors strengthen the project’s medium- and long-term potential.

ZIL’s recent rally is driven by a combination of EVM integration, trading volume spikes, and market sentiment. The surge reflects both short-term momentum and long-term technical and fundamental developments. Investors should monitor both fundamentals and technical activity when evaluating price movements.

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Liquidity Concentrates Around a Single Hub

Roughly two-thirds of the day’s trading activity flowed through one dominant platform, reinforcing a familiar pattern in prediction markets. While multiple competitors remain active, the gap in liquidity shows that users continue to prioritize depth and execution over platform diversity.

The remaining volume was spread across several alternative venues, but none came close to challenging the market leader’s share. For now, prediction markets remain structurally centralized around liquidity, despite a growing number of access points.

Crypto Integrations Accelerate Adoption

Prediction markets have emerged as one of crypto’s fastest-growing use cases since late 2025. Major exchanges have begun embedding these products directly into their platforms, while self-custody wallets have lowered the barrier for retail participation.

This shift is changing how prediction markets are perceived. Rather than functioning purely as speculative instruments, they are increasingly treated as real-time expectation gauges, especially around political, macroeconomic, and event-driven outcomes.

Regulatory Pressure Returns to the Foreground

Prediction markets came back under regulatory scrutiny earlier this month after a notable trade on Polymarket. An anonymous user placed roughly $30,000 on the ouster of Venezuelan President Nicolás Maduro just hours before he was captured, a position that paid out more than $400,000. The timing of the trade reignited concerns around insider knowledge and pushed prediction markets back into regulatory focus.

Several US states are reviewing restrictions on contracts linked to politics, sports, and financial assets, while legal challenges continue to slow enforcement efforts. The result is a fragmented regulatory landscape that remains difficult for operators and users to navigate.

Why It Matters

The record-breaking volume highlights a clear behavioral shift. In periods of uncertainty, participants appear increasingly willing to express conviction through markets that directly price outcomes rather than narratives.

At the same time, the tension between rising liquidity and regulatory scrutiny is becoming harder to ignore. How authorities respond next may determine whether prediction markets evolve into a permanent layer of financial infrastructure or remain a contested edge case within the crypto ecosystem.

For now, activity continues to build, but the next move is unlikely to come from traders alone.

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Balanced Outlook in Bitcoin Options

Approximately 20,600 Bitcoin option contracts, with a nominal value of $1.9 billion, are set to expire today. The put/call ratio stands at 1.0, indicating a near-perfect balance between bullish and bearish positions. This data suggests a market characterized by indecision regarding the next major move. The “max pain” level is situated around $90,000, very close to current spot prices, meaning many contracts might settle “in the money.”

Options Expiry Alert

At 08:00 UTC tomorrow, $2.22B in crypto options are set to expire on Deribit.$BTC: $1.84B notional | Put Call: 1.05 | Max Pain: $90K

BTC open interest brackets spot, with heavy puts below $85K and calls building from $90K to $100K, creating pin risk… pic.twitter.com/9H3GFgtbiC

— Deribit (@DeribitOfficial) January 8, 2026

Ethereum Shows Stronger Bullish Sentiment

In addition to Bitcoin, roughly 123,000 Ethereum options are expiring with a nominal value of $384 million. ETH’s put/call ratio of 0.89 indicates a more dominant bullish sentiment compared to Bitcoin. Concentrated call positions above the $3,000 mark are particularly notable. As long as spot prices remain above this zone, dealer positioning may become more sensitive to upward volatility post-expiry.

Spot Market Consolidation and Resistance

While the total crypto market capitalization neared $3.3 trillion in early January, it has struggled to maintain that momentum, currently sitting around $3.19 trillion. Bitcoin briefly dipped below $89,500 before reclaiming the $91,000 level, yet strong resistance above $94,000 remains unbroken. Altcoins like XRP and Dogecoin have shown even greater fragility during this consolidation phase.

Macroeconomic Pressures: US Jobs Data

Beyond the options expiry, the market is bracing for the US December employment report. The Dollar Index (DXY) has gained 0.5% over the past week, exerting pressure on non-yielding assets like Bitcoin and Gold. Additionally, renewed rhetoric regarding tariffs from the Trump administration adds another layer of uncertainty. Risks are accumulating behind this period of relative silence as the market awaits a clear catalyst.

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What Is Trading Volume and Why Is It Important?

Crypto volume shows the total value of buy and sell transactions within a specific period, typically measured over 24 hours. High trading volume indicates growing investor interest and increased liquidity.

For instance, according to CoinMarketCap, in the third week of October 2025, Bitcoin’s 24-hour volume averaged $71 billion, while Ethereum’s volume reached $50 billion. This rise allows for more balanced and rapid price discovery.

Altcoin volume changes can also trigger short-term price movements. For example, a sudden volume increase in projects like Solana ($SOL) and AsterDEX ($ASTER) may create profit opportunities for investors.

How Does Rising Volume Affect the Market?

Key effects observed when volume increases:

• Liquidity Boost: Investors can buy and sell assets faster, spreads narrow, and prices trade at fairer levels.

• Price Movements: Higher volume often generates upward momentum; sudden surges can increase short-term volatility.

• Investor Confidence: Strong volume signals a healthy market, attracting new participants.

• Reduced Manipulation Risk: Low-volume markets are easier to manipulate; higher volume lowers this risk.

These effects are more pronounced in altcoin markets, where volume surges can rapidly influence prices.

What Does High Trading Volume Indicate?

High volume indicates growing interest in a cryptocurrency and stronger liquidity. It supports the reliability of price movements and helps investors track trends more effectively.

Historical examples underscore volume’s importance: During the COVID-19 period in 2020, Bitcoin trading volume reached record highs, reflecting a vibrant market. Sudden volume spikes in Bitcoin in 2017 and Dogecoin in 2021 highlighted high investor interest and market activity. In January 2021, Dogecoin price rose from $0.00468 to $0.7316 by May—a 15,500% increase—accompanied by significant volume growth, which played a key role in its price surge.

Volume and Price Moving in Opposite Directions

• Volume rises, price falls: Selling pressure dominates; short-term downside risk increases.

• Volume falls, price rises: Buying pressure is not fully supported; trend sustainability is uncertain.

Overall, volume alone doesn’t determine price direction but provides crucial insights on trend reliability and liquidity.

How Does Crypto Volume Increase?

Factors that typically drive volume growth:

• Market news and media coverage

• Exchange listings and increased liquidity

• Rapid price movements

• Institutional participation

What Happens When Crypto Volume Drops?

A decline in volume indicates lower investor interest and market liquidity. Prices may become more volatile, and even small trades can significantly impact value. This is particularly relevant for altcoins, where manipulation risks rise and investor uncertainty grows.

How to Calculate Cryptocurrency Volume

Volume reflects how much of an asset is traded within a period, providing insights into liquidity and market activity. Binance currently holds the highest 24-hour volume at around $20.87 billion, showing strong investor engagement.

Volume Calculation Formula:

Example:

500 BTC × $60,000 = $30,000,000

Monitoring volume alongside buy/sell directions and exchange concentration allows for more informed trading decisions.

Volume Tracking Strategies for Investors

• Chart & Trend Analysis: Compare volume and price trends; parallel increases indicate strong trends.

• Cross-Asset Comparison: Analyze volume changes in BTC, ETH, and altcoins for clearer market direction.

• Spread & Liquidity Monitoring: Track bid-ask spreads to assess liquidity.

• News & Social Media Tracking: Major news and Google Trends indicate investor interest and potential price moves.

Summary & Market Insight

Rising cryptocurrency volume signals higher liquidity, growing investor interest, and healthier price movements. However, volume growth doesn’t always equate to price increases; context and quality matter. Investors should analyze volume alongside price trends and market news to make informed decisions.

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Technical and Fundamental Factors 

The IP/JPY pair began trading on Japan’s largest exchange, Bitbank, on September 10, causing a significant 31% price increase. This boosted liquidity and supported retail investor demand. Institutional confidence also played a key role: Grayscale established an IP-focused trust fund, and Heritage Distilling’s $82 million IP token purchase reinforced investor trust. 

Additionally, Story Protocol’s mainnet launch enabled on-chain IP registration and programmable licensing. This development brought core functionalities into production and expanded the addressable global IP economy to approximately $80 trillion, offering long-term revenue opportunities. 

Strategic Partnerships and Trading Volume 

Story Protocol partnered with Worldcoin to develop a system that verifies IP ownership on the blockchain. This collaboration ensures digital asset security and prepares for the future of AI data utilization. In the last 24 hours, IP token’s trading volume reached $566.36 million. The increased volume contributed to price growth and attracted investor attention. According to CoinMarketCap, the IP/USDT pair on Upbit saw a 24-hour trading volume of approximately $93.25 million. 

Conclusion and Future Outlook 

Story (IP) token’s 10.20% surge was driven by institutional investment, Bitbank listing, Grayscale fund activity, rising trading volume, strategic partnerships, and the mainnet launch. These developments position Story as a key player in the blockchain-based IP market and enhance long-term revenue opportunities. Traders can leverage this momentum with careful analysis and effective strategies. 

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Upbit Accelerates Token Listings 

In September, Upbit added nearly a new coin every day. Within just 11 days, it listed seven tokens including Linea (LINEA), Pump.Fun (PUMP), Holoworld AI (HOLO), OpenLedger (OPEN), Worldcoin (WLD), Flock.io (FLOCK), and RedStone (RED). This number exceeded all listings in August. 

Previously conservative, Upbit changed its strategy after Bithumb increased its market share. Analysts say this move aims to maintain market dominance. 

Bithumb Rapidly Increases Market Share 

Rival exchange Bithumb pushed its market share to 46% with aggressive moves. For example, Worldcoin (WLD), previously traded only on Bithumb, doubled in value within a week. Upbit responded by listing the token within just two hours. 

Bithumb briefly led the market in late 2023 with a zero-commission campaign. This time, it achieved significant gains without special promotions, challenging Upbit. 

Record Trading Volumes in the Crypto Market 

In August, the crypto market remained mostly flat, with prices ending the month near their starting levels. Analysts note that Robinhood’s trading volume was affected by the summer holiday season and seasonality. 

However, trading volumes are expected to rise again in the second half of the year due to growing institutional interest, crypto ETFs, and corporate treasury investments. Robinhood’s inclusion in the S&P 500 increased its visibility in institutional markets, while the launch of its EU-focused Layer 2 blockchain and triple-leverage perpetual futures, routed through Bitstamp, plays a central role in the platform’s new product strategy. 

From January to August 2025, South Korean exchanges recorded impressive daily average trading volumes: 

• Upbit: $3.2B 
• Bithumb: $1.2B 
• Total: $4.4B 

This nearly doubled the previous year’s $2.2B, attracting both institutional and retail traders. 

Listing Race Poses Investor Protection Risks 

The intense listing competition carries risks. Experts warn that rapidly approved tokens may reach the market without proper vetting, weakening investor protection. 

• In H2 2025, major South Korean exchanges delisted 25 tokens. 
• Upbit delisted 10 in 2023, 3 in 2024, and 11 in the first eight months of 2025. 
• Bithumb delisted 26, 19, and 20 tokens during the same periods, averaging 20 per year. 
• These figures highlight not only rapid listings but also high delisting rates. 

Regulations and the Future of Competition 

South Korea’s crypto market is limited to spot trading, as derivatives and other products are banned. This makes trading volume the primary competition tool. 

Experts say stricter regulations ironically fuel the listing race and threaten market safety. 

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ASR rose to $8.40, becoming the best-performing altcoin with double-digit gains in the last 24 hours. OG is currently trading at $9.60, having nearly increased by 50%. PENDLE also gained 27%, reaching $5.11. 

With the total cryptocurrency market cap (TOTAL) and Bitcoin rising as market sentiment moves away from fear, investor confidence has increased. 

Ripple Lawsuit and President Trump’s Crypto Moves 

The legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has ended. Both parties withdrew their appeals in the Second Circuit Court, reaching an agreement. The market welcomed this development positively. Meanwhile, President Donald Trump signed two executive orders aimed at boosting cryptocurrency adoption. One order aims to prevent bank withdrawals, and the other allows crypto assets in retirement portfolios to encourage institutional investments. 

These steps have given new momentum to the crypto sector and contributed to the market value increase. Furthermore, institutional interest in digital assets continues to grow. 

Bitcoin Trading Volume Increase and Market Support 

Bitcoin’s price rose by 2% in the last 24 hours, surpassing the $115,000 level. At the time of writing, it was trading at $116,820. Trading volume reached $67 billion, showing a 20% increase. This indicates that the price rise is supported by solid buying pressure. In other words, growing confidence among investors keeps market movements active. 

Technically, the total market cap has recently surpassed the important 20-day exponential moving average (EMA), signaling a continued upward trend. However, if market sentiment weakens, the $3.73 trillion support level might be tested. Falling below this level could lead to a sharp decline to $3.57 trillion. 

The increase in trading volume and institutional moves have allowed the crypto market to capture a strong bullish trend. 

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Hyperliquid Maintains Leadership in the Perpetual Futures DEX Market

Throughout July, Hyperliquid continued to dominate the perpetual futures (perps) decentralized exchange (DEX) space, consistently holding a market share of over 75%. This solid performance reinforces the platform’s position as a volume leader among on-chain derivatives trading platforms.

The Hyperliquid/Binance ratio — which measures the trading volume of perps on Hyperliquid relative to Binance — reached a new peak of 11.89% in July. For context, Binance reported roughly $2.59 trillion in perps volume during the same period, a 35% increase from the previous month.

Drift Sees Notable Surge in Volume

Meanwhile, Drift, a perps DEX built on the Solana blockchain, experienced a remarkable 336% month-over-month increase, reaching $14.8 billion in trading volume during July. This sharp rise can be largely attributed to Drift’s zero-fee campaign on its BTC-PERP market, launched at the end of June. The incentive successfully drove higher trading activity in the following weeks.

DEX vs. CEX Futures Volume Ratio Remains Flat

Despite Hyperliquid’s efforts to close the gap with Binance and Drift’s impressive growth, the overall ratio of decentralized to centralized futures trading volumes held steady in July. The DEX-to-CEX ratio slightly declined from 7.78% in June to 7.77% in July, signaling a plateau in the broader market shift.

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Pumpfun Leads in Daily Trading Volume

As of August 6, Pumpfun’s 24-hour trading volume reached $469.67 million, surpassing LetsBonk’s volume of $464.91 million. This data clearly reflects the rising user interest in recent weeks.

Pumpfun’s trading volume showed a weekly increase of +37.59%, while LetsBonk experienced a decrease of -24.14%. This contrast is drawing investor attention toward the Pumpfun ecosystem.

Revenue and Issuance Also Follow the Trend

Not only trading volume, but platform revenue and token creation activity also show Pumpfun pulling ahead of LetsBonk. Especially in recent days, Pumpfun-based memecoins launched have gained attention with high interaction and volume.

A New Era in the Memecoin Ecosystem?

Pumpfun’s rise is igniting a new level of competition among Solana-based memecoin projects. While LetsBonk has long been one of the leading names in the sector, Pumpfun’s recent momentum might reshape the playing field.

Investors and community members are closely watching to see how the ongoing rivalry between these two platforms will unfold in the coming days.

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This price action has also impacted the share of BTC supply held in profit. According to Glassnode, as of August 1, Bitcoin’s supply in profit dropped to 91.71%, the lowest level in 41 days. This metric indicates what percentage of circulating BTC is currently held above acquisition cost. 

Historically, a decline in this metric reflects weakening market sentiment. Fewer holders remain in profit, which can increase selling pressure. As a result, short-term corrections in BTC’s price become more likely. 

Long/Short Ratio Falls: Leverage Traders Pull Back 

The derivatives market also shows signs of reduced bullish sentiment. BTC’s long/short ratio has dropped to 0.96, falling below the key 1.0 threshold. This ratio compares the number of long positions to short ones. A figure below 1 suggests more traders are betting on a price decline than a rise. 

At the same time, the decrease in long exposure creates room for downward movement. Unless a new bullish catalyst emerges, BTC may struggle to regain upward momentum. 

Additionally, trading volume has significantly decreased. Daily volume, which peaked during July’s rally, is now showing signs of weakening market participation. The combination of weaker demand and rising profit-taking strengthens the bearish short-term outlook. 

Which Levels Could Bitcoin Test Next? 

Based on current technical indicators, Bitcoin could test the $111,855 support zone in the short term. This level is viewed as a key threshold by many market participants. If buyer interest strengthens here, BTC could recover toward $116,952. 

Meanwhile, $120,000 remains a critical resistance level for bullish continuation. Breaking through this zone may rebuild investor confidence and trigger fresh momentum. However, this would require an uptick in trading volume and a visible shift in market sentiment. 

Moreover, upcoming macroeconomic developments and possible ETF-related news could act as external catalysts. For now, caution dominates BTC’s short-term outlook.

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