Bitcoin remained above $62,500 and ether near $1,665 on Wednesday, but sluggish price action and widening put skews indicate bears remain firmly in control. The absence of a meaningful bounce despite a partial recovery in U.S. equity futures is the market's biggest red flag. Bitcoin needs to hold $60,000 to avoid dropping to a trading range not seen since late 2024, with $52,000 as a key downside level. Derivatives positioning is broadly bearish: SOL futures open interest hit a lifetime high, but funding rates and cumulative volume delta (CVD) are negative, suggesting fresh short positioning. ETH open interest rose as prices fell, also indicating shorting. The one-week put-call skew on Deribit widened sharply to 10.9 vol points from 7 points a day ago, signaling intensifying downside concerns. The U.S. Dollar Index continues to strengthen, a negative for risk assets. While some altcoins like jupiter and monero posted gains, others like ethena, pump, and stellar fell. Ethena has lost over 90% since its record high last September. Trading volume in derivatives dropped 27% to $141 billion, while open interest rose 2% to $106 billion. Liquidations totaled $158 million, the lowest in two weeks.

Key facts

• Bitcoin holds $62.5K, ether near $1.67K, but bears control derivatives.
• Deribit one-week put-call skew widens to 10.9 vol points, signaling downside fear.
• SOL futures OI hits lifetime high, but funding rate and CVD negative (fresh shorts).
• ETH OI rises as price falls, indicating shorting into weakness.
• Ethena (ENA) loses over 90% from record high; DXY strengthens, pressuring altcoins.

KeyAudit data perspective