Bitcoin SV Jumps as Upbit Trading Activity Increases
BSV gained 14% at 7:30 a.m. ET on Sept. 23 and later rose as much as 17.27%, while derivatives data showed elevated liquidation risk.
Bitcoin SV (BSV) rose sharply on Sept. 23 as reported trading activity concentrated on an Asian venue, while derivatives positioning and exchange flows showed that the advance remained exposed to selling pressure.
BSV gained 14% over 24 hours at 7:30 a.m. ET (11:30 UTC), then rose as much as 17.27% in later market data. Reported trading activity was concentrated on an Asian venue, particularly Upbit, although the figures do not establish that Asian investors alone caused the move.
The token was later priced at $22.50, with $62.95 million in 24-hour trading volume. Another market reading placed BSV at $22.35, up 16.16%, with $96.50 million in futures volume, $45.52 million in spot volume and $58.31 million in open interest.
Open interest in perpetual contracts stood at about $59.82 million, while the open-interest-weighted funding rate was positive at 0.0051%. Positive funding is generally associated with demand for long positions, leaving the market more exposed to liquidations if prices reverse.
Perpetual-market netflow was negative by about $1.60 million over 24 hours after $23.35 million in reported sales-related activity. Spot-market netflow was positive by about $558,020 after $3.33 million in reported sales-related activity during the same period. Those figures do not establish whether the activity represented completed sales, custody transfers or other exchange movements.
The mixed flows suggest that the rally’s durability depends on continued buying absorbing selling pressure. The available market figures show concentrated trading and elevated derivatives participation but do not identify a confirmed event-driven catalyst behind the advance.
A market sentiment gauge stood at 5.11 on a scale from minus 10 to 10, indicating bullish sentiment under that measure. BSV closed at $21.04 on Sept. 22, while its market capitalization on Sept. 23 was listed at $422.55 million.
Bitcoin SV is a cryptocurrency built around an open-source project that describes its goal as restoring the original Bitcoin protocol and supporting large-scale transaction processing. Differences among the 24-hour price readings reflect separate observation times, pricing methods or market coverage.
