Crypto Market Holds Flat as Fear Lingers; MON Jumps on Upbit-Driven Demand
Crypto markets were mostly stagnant on Wednesday, with sentiment still locked in “extreme fear” after last week’s steep decline. Bitcoin BTC hovered around $86,600, ether ETH ticked up to $2,900, and the broader altcoin complex showed minimal movement.
Price action remained subdued across major assets. The largest 24-hour change among the top 20 tokens was roughly 3%, reflecting a notable cooling of volatility after last week’s liquidity vacuum triggered widespread double-digit losses. Data from CoinDesk Indices highlights the ongoing divergence between BTC and the rest of the market: the CoinDesk 10 Capped Index excluding bitcoin is down 36.8% year-to-date, compared with a 29.7% drop when BTC is included—underscoring investors’ continued preference for bitcoin’s relative stability.
Derivatives Positioning Shows Cautious Sentiment
Bitcoin’s 30-day implied volatility (BVIV) has nearly retraced its surge from 53% to 65% as selling pressures eased. On Deribit, a notable block order went through: a simultaneous buy of a $220,000 call and a $40,000 put expiring in June 2026, likely positioned for a significant volatility breakout in the months ahead.
Across options markets, traders continue to lean defensive. BTC block flows were dominated by put spreads, while ETH traders gravitated toward diagonal put calendar structures. BTC puts remain pricier than calls across all expiries, whereas ETH options turn call-biased beginning with September 2026 maturities.
Open interest trends also reflect reduced risk appetite. CME’s bitcoin futures OI slipped to 132.4K BTC, its lowest since April. ETH futures OI fell to just under 2 million ETH, the weakest level in over two months. Only ETH and ZEC posted slight increases in OI over the past 24 hours.
MON Claims the Spotlight on Upbit Listing
Altcoins were largely stable, but Monad (MON) broke away from the pack after debuting on South Korea’s Upbit. Previously listed only on Coinbase for 48 hours, MON has now doubled from its initial $0.023 price, with Upbit registering $370 million in daily trading volume—surpassing Coinbase’s $274 million. The surge points to strong participation from Korean retail traders, contrasting sharply with tepid demand in Western markets, where the token sale struggled to sell out.
As with many fresh listings, volatility remains a defining feature. A recent example is Plasma’s XPL, which rocketed to $1.67 on launch before collapsing below $0.20 within seven weeks.
In the rest of the market, ETH edged higher, XRP slipped 1.3%, and STRK continued its sharp reversal—down more than 40% over the past week after rallying earlier in November.
