Here’s another rewritten version with a fresh structure and a more polished market-analysis tone:
Bitcoin entered a consolidation phase after Monday’s selloff as markets reacted to renewed geopolitical uncertainty, falling gold prices, and a sharp South Korean equity market decline that drove a surge in crypto trading activity.
The largest cryptocurrency stabilized near $62,600 after dropping from approximately $64,400 to $61,800 over a 24-hour period.
Ether followed a similar pattern, trading within a narrow range between $1,770 and $1,790. ETH market activity remained healthy, with trading volume increasing 2.2% to $8.95 billion over the past day, indicating continued participation from both buyers and sellers.
Lighter (LIT) bounced back from its previous decline, gaining 5.7% since midnight UTC as the token attempts to regain momentum following a rally of more than 200% since May.
U.S. markets showed mixed signals, with Nasdaq 100 futures rising 0.31% while S&P 500 futures edged down 0.12%. Investor caution increased after President Donald Trump said Iran could face “very heavy” strikes, adding fresh geopolitical uncertainty.
Gold continued its retreat from January’s record high, slipping toward $4,020 per ounce and extending its decline to roughly 28% since Jan. 29.
Bitcoin derivatives remain stable
Derivatives markets showed limited change, with Bitcoin open interest holding around $17.1 billion and the three-month annualized basis remaining steady at 3.8%. Funding rates across major platforms stayed between 0% and 8%, while Bybit’s previous negative funding imbalance returned to normal levels.
The data suggests traders are not aggressively adding leverage in either direction, with no major signs of stress appearing in futures markets.
Options activity remained tilted toward calls, although bullish positioning has moderated. The 24-hour call-to-put ratio eased to 58/42 from 64/36, while the one-week delta skew declined further to approximately 15% from 26% a week earlier.
The options market continued to show a contango structure, with short-term implied volatility near 31%–32% and longer-dated volatility around 43%. Deribit’s DVOL index stood at 37.43, close to multi-year lows, reflecting relatively calm volatility expectations.
Crypto markets recorded $283 million in liquidations over the last 24 hours, according to CoinGlass. Long positions accounted for 74% of losses, while shorts made up 26%. Bitcoin led liquidations with $66 million, followed by Ether at $50 million.
The Binance liquidation heatmap points to $61,300 as a critical level to watch if Bitcoin comes under renewed selling pressure.
Altcoins regain momentum
Ethena (ENA) rose 5.7% on Tuesday, matching Lighter’s recovery and becoming one of the strongest performers among major altcoins. However, the token remains deeply below its previous highs after losing more than 90% since its September peak.
AI-related cryptocurrencies also showed strength, with NEAR gaining 3.3% and FET climbing 1.7%.
On the other hand, Jupiter (JUP) and WLFI continued to weaken, declining 1.5% and 0.5% respectively amid declining trading activity.
CoinMarketCap’s Altcoin Season Index improved to 54/100, signaling a slightly stronger appetite for alternative cryptocurrencies after spending much of June below the 50 level.
South Korea’s stock market turmoil may provide additional support for crypto demand. The KOSPI index has fallen 10% since Friday, while domestic crypto exchanges have seen a sharp increase in activity.
Wu Blockchain reported that trading volume on Upbit surged 1,426% following the equity market selloff, suggesting investors may be rotating back into crypto after previously favoring semiconductor and technology stocks.
