By Omkar Godbole (All times ET unless indicated otherwise)

Bitcoin (BTC) rebounded from Asian session lows of $111,000 to $112,800, repeating a pattern seen on Tuesday. However, the token remains below its 50- and 100-day simple moving averages (SMAs), with liquidity analysis and retail crowd sentiment signaling a potential for a deeper pullback. The CoinDesk 20 Index was down 0.7% over the past 24 hours, standing at 4,027.

Two notable developments have emerged. The competition between on-chain decentralized exchanges Hyperliquid and Aster has intensified, with Aster surpassing Hyperliquid in daily revenue. According to DefiLlama, Aster generated $7.2 million in revenue in the past 24 hours compared to Hyperliquid’s $2.79 million. This divergence is also reflected in their native tokens:

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