Bitcoin briefly dropped to its weakest level since September 2024 before rebounding toward $59,770, while ether extended its decline and another $1 billion in leveraged futures positions were liquidated across the market.
The crypto market is still anchored around a key support zone, with bitcoin (BTC) showing limited movement since midnight UTC after recovering from Thursday’s slide to its lowest level since September 2024.
BTC was last seen trading near $59,700 after dipping as low as $58,100.
Ether (ETH) failed to match bitcoin’s rebound, slipping another 1% and extending its losing streak to three consecutive sessions, recently trading around $1,550.
U.S. equity futures also pointed to further weakness, with Nasdaq 100 futures down 1% and S&P 500 futures off 0.4%, as the recent tech-led rally continues to unwind.
One standout in an otherwise weak market was Aave (AAVE), which surged up to 6.8% since midnight, extending its recent gains after reports suggested Kraken may be considering a 15% stake in the DeFi protocol.
Derivatives positioning
Market volatility continues to strain leveraged trading, with another $1 billion in liquidations over the past 24 hours. Long positions were hit the hardest, and ETH saw more forced liquidations than BTC over the last 12 hours.
Bitcoin futures open interest rose for a second day to roughly 778,000 BTC, up from recent lows near 730,000 BTC. The increase during Thursday’s selloff suggests traders added short positions into weakness, anticipating further downside.
Ether futures remain comparatively stable, with open interest holding near 14 million ETH since mid-June. This steadiness suggests traders are not aggressively leaning bearish, a relatively constructive sign. XRP shows a similar pattern.
Solana open interest has eased from record highs but remains elevated, signaling continued potential for volatility.
Across most major tokens, OI-adjusted 24-hour cumulative volume delta remains negative, indicating persistent bearish pressure. The trend reflects stronger sell-side aggression via market orders, with exceptions in BNB, SOL, and TON.
Implied volatility is also climbing. Bitcoin’s BVIV rose to 53%, its highest since early June, while ETH volatility reached 66%. By contrast, traditional markets remain calmer, with the VIX at 20% and the MOVE index showing limited stress.
Options markets continue to signal downside concern. On Deribit, the one-week BTC skew has moved toward 30%, showing a strong premium for puts over calls. Large block trades included demand for $53,000 puts expiring July 10 and ether risk reversals.
Token talk
Aave outperformed the broader market, while Solana rose about 2% since midnight to around $68.95, rebounding from a Thursday low of $64.05.
AI-related tokens continued to weaken, with RENDER, NEAR, FET, and TAO each down 1%–1.5%, extending their ongoing decline.
Hyperliquid (HYPE) fell 2.6% and is now down 18.5% from its recent peak just 12 days ago.
Ethena (ENA) was again among the worst performers, dropping another 5% and extending its monthly loss to 34%. The weakness reflects broader market pressure, compounded by its reliance on positive funding rates, which have recently turned negative.
