Bitcoin News Today: Bitcoin Hits $124,000 High as ADA SOL Lead Futures Activity and SHIB Burn Rate Surges 48,244%

Bitcoin hit a record high above $124,000, but gains have since softened as long-term holders engage in profit-taking, limiting upward momentum above $120,000 since mid-July [1]. The broader market remains skewed in favor of larger tokens, with the CoinDesk 20 (CD20) index rising over 1% in 24 hours while the CoinDesk 80 (CD80), a measure of smaller tokens, dropped more than 1% [1]. Analysts note that Bitcoin’s breakout has reinforced its role as the market anchor, with capital increasingly rotating into Ethereum and select altcoins [1].

ADA and SOL led the way in derivatives activity, with the largest increases in futures open interest among the top 10 tokens over the past 24 hours [1]. Despite Bitcoin’s record high, overall positioning in BTC futures remains relatively light, with open interest currently at 687,000 BTC—well below the July peak of 742,000 BTC [1]. On the CME, the three-month annualized premium in BTC futures remains below 10% [1]. The 24-hour open interest-adjusted cumulative volume delta for most tokens, excluding TRX, is negative, indicating seller dominance and raising concerns about the sustainability of current price gains [1].

FART and FLR tokens show signs of overheating, with annualized perpetual funding rates exceeding 100%, signaling an overcrowding of bullish long positions [1]. Such conditions can lead to a long squeeze and a sharp price correction. On Deribit, August and September expiry BTC options show only a slight call bias, likely due to ongoing OTM call selling by long-term holders [1]. In contrast, ether options show a more pronounced call bias across all time frames [1].

Shiba Inu (SHIB) experienced an extraordinary burn rate of 48,244% in 24 hours, with nearly 88 million tokens permanently removed from circulation [1]. A single burn event saw 69,420 SHIB tokens burned in one hour, tracked by Shibburn, a community monitoring site [1]. Prices are currently holding above the $0.000010 support level, which traders view as a critical floor for maintaining bullish momentum [1]. If buying pressure continues, SHIB could test the $0.000020 level, double its current price [1]. Activity on Shibarium, SHIB’s layer-2 blockchain, remains robust, with 1.51 billion total transactions and about 4.69 million daily [1].

Burn-driven supply reductions can theoretically increase the value of remaining tokens, but sustained price gains depend on demand outpacing the shrinking supply [1]. The aggressive burn strategy reflects a more serious approach to managing SHIB’s supply, which could support long-term holders [1]. While SHIB is often categorized as a meme coin, its actions suggest a shift toward utility-driven value [1].

Vugar Usi Zade, COO of Bitget, noted that Bitcoin’s technical strength reaffirms its role as the market anchor, even as capital rotates into altcoins [1]. The question of whether this rally marks the start of a multi-quarter bull market or a temporary peak remains open, depending on how the market absorbs its own momentum [1]. For now, the combination of Bitcoin’s record highs, increased futures activity in ADA and SOL, and SHIB’s aggressive burn rate suggests a market in bullish territory, with derivatives trading remaining highly active [1].

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Source:

[1] Markets Today: ADA, SOL Lead Futures Market Activity, SHIB Burn Rate Explodes

https://www.coindesk.com/markets/2025/08/14/markets-today-ada-sol-lead-futures-market-activity-shib-burn-rate-explodes