During the Asian trading session on November 10, 2024, the yield on USDT in the 'Simple Earn' product on OKX surged to 53%. This came amid market volatility in the cryptocurrency sector.
Sudden Surge in 'Simple Earn' Product Yield
The yield on the 'Simple Earn' product on OKX increased from 5% to 53% during trading in Asia. This spike represents one of the highest short-term yield increases for the product in recent months and is historically linked with Bitcoin’s price rallies.
Short-Term Liquidations Amid Bitcoin Rise
According to Coinglass data, over $1.14 billion in short positions were liquidated in the past 24 hours as Bitcoin surged above $118,000. The Crypto Fear & Greed Index has reached 67, indicating excessive buying in the market.
Long-Term Trends and Market Predictions
CryptoQuant data shows that only 15% of the market consists of holders who bought Bitcoin in the past month, indicating that the current uptrend is dominated by existing holders. Additionally, a $4.4 billion jump in Bitcoin's realized cap, as reported by Glassnode, suggests a real conviction behind the price movement.
The cryptocurrency market is becoming increasingly dynamic, with rising yields and liquidations. Experts indicate that the current indicators may suggest a continuation of the upward trend in prices in the near future.
