Open interest in Papertrade's Bitcoin and Ether derivative markets fell significantly after the platform made its PAPER token nontransferable and two other venues restricted or halted PAPER-related trading. Bitcoin open interest dropped from $390 million to $230 million, and Ether open interest fell from $150 million to $66.3 million. Papertrade's move aims to prevent external short positions that could threaten its liquidity pool, and it plans to revise trading fees and token issuance to gradually dilute early holders' shares. PAPER holders can stake tokens for fee distributions but cannot sell them on spot markets, limiting liquidity and trading activity.
Papertrade's decision to make its PAPER token nontransferable coincides with a mixed market performance among major cryptocurrencies on Pluang. For readers following crypto markets, here is Pluang's snapshot as of Oct 20, 2026 19:51 WIB: of 50 major cryptocurrencies priced, 20 rose and 29 fell. Notable movers include UNI at Rp129.086 with a 1-day change of -2.86% and a typical hold time of 65 days, DOT at Rp20.695 up 2.39%, and XTZ at Rp5.522 up 2.35%, with Pluang order activity showing 34% sell / 66% buy for UNI, 83% sell / 17% buy for DOT, and 0% sell / 100% buy for XTZ.
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