Key Takeaways
Hold onto your hats, folks! PYTH’s open interest went absolutely bonkers – up by a jaw-dropping 472% in the last 24 hours. Meanwhile, Chainlink was like “meh,” with its OI dipping by 5.2%. Talk about a tale of two oracles!
So, guess what? Chainlink [LINK] and the U.S Department of Commerce (DOC) have decided to team up. Yes, you heard that right. On 28 August, they announced plans to bring macroeconomic data onto the blockchain. Six data points – including Real GDP Level, PCE Price Index, and all the things you probably didn’t ask for – will be available. It’s going to be updated monthly or quarterly, depending on how the government feels about it.
This announcement follows Chainlink’s *seriously busy year* working with the government. The oracle platform’s had meetings with the SEC and is basically BFFs with the U.S Crypto Task Force. They’re all about compliance networks and keeping everything above board. Big stuff.
Oh, and did I mention? The Commerce Department is already hinting that President Trump’s administration is thinking about expanding this program. Because why stop at a little blockchain when you can have a whole lot more blockchain?
Why is PYTH Pumping, and Will It Continue to Outperform LINK?
Enter Pyth Network [PYTH]. The underdog oracle that also got picked by the DOC to distribute economic data on-chain. Apparently, the government’s had enough of their own stats (like, who can blame them?) and figured blockchain might do a better job.
So, PYTH’s price *went wild* – skyrocketing 91% in just 24 hours. Meanwhile, poor old LINK just took a 1.36% dive. Can someone get this oracle a glass of water? It seems a little dehydrated.
But here’s where things get really spicy: PYTH also saw a 472% explosion in Open Interest, according to Coinalyze data. Translation? There’s a lot of hype, trading, and maybe even a bit of FOMO going on right now. It’s like the stock market’s version of a rollercoaster – thrill rides only!
Of course, the 1-day price chart is looking solid for PYTH, but remember – Bitcoin’s mood swings could throw a wrench in things. If it all crashes down to $0.196-$0.2, it could be the perfect buying moment for PYTH traders. Fingers crossed for that retracement!
Meanwhile, poor old Chainlink just can’t catch a break, with its Open Interest falling by 5.2% in the last 24 hours.
Despite its OBV (On-Balance Volume – don’t ask me to explain, just know it sounds important) trending up, the price fell out of its short-term rising channel. And let’s be real, its 1-day chart’s looking pretty grim after it dropped below $23.6 on Monday. Sorry, LINK, but it seems like the oracle isn’t quite *all-knowing* today.
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2025-08-30 00:30