Bitcoin and ether slid toward key support levels on Tuesday, with bitcoin falling 1.5% to $59,250, testing the weekend low of $58,800 and nearing its lowest since late 2024. Ether dropped 1.73% to $1,580, a level it bounced from twice before. DeFi tokens suffered larger losses, with ENA, JUP, and ETHFI falling 3.3%-7.5% amid waning risk appetite. Options data shows persistent demand for puts, with BTC puts trading at a 10%+ premium to calls across all tenors, signaling downside concerns. However, volatility indexes remain subdued, with BTC's 30-day implied volatility at 44%. Dogecoin open interest jumped to a 4-month high but with negative funding and bearish CVD, suggesting aggressive selling. In contrast, Stellar's XLM held gains after DTCC announced integration plans, and LIT rallied 23% on similarities to HYPE. Traditional equities were stable, with S&P 500 and Nasdaq futures up 0.03%.

Key facts

• Bitcoin fell 1.5% to $59,250, testing support near $58,800 and 2024 lows.
• BTC puts trade at 10%+ premium to calls across all timeframes, showing bearish bias.
• DeFi tokens dropped 3.3%-7.5% amid risk-off sentiment; XLM and LIT bucked trend.
• Dogecoin OI hit 16B tokens, highest since October crash, but with negative funding.
• Volatility indexes remain low; BTC 30-day implied volatility at 44%.
• Ether dropped to $1,580, a level it bounced from twice before.

KeyAudit data perspective