Bitcoin rebounded from its lowest level since September 2024, touching $58,100 before recovering to around $59,700. However, derivatives data suggests further downside pressure remains. Bitcoin futures open interest rose sharply to 778,000 BTC, indicating traders added shorts during the selloff. Over $1 billion in leveraged positions were liquidated in 24 hours, mostly longs. Implied volatility for bitcoin jumped to 53%, its highest since June 7, and put skew on Deribit approached 30%, reflecting strong downside fears. Ether fell further to $1,550, extending its decline, while aave bucked the trend with a 6.8% gain amid news of Kraken potentially acquiring a 15% stake. AI tokens like RENDER and NEAR continued to decline. Ethena dropped another 5%, as negative funding rates hurt its yield strategy. Market overall shows bearish dominance in futures positioning across top cryptocurrencies, with exceptions like BNB and SOL.

Key facts

• Bitcoin bounced from $58,100 to $59,700, its lowest since September 2024.
• Over $1 billion in leveraged positions liquidated in 24 hours, mostly longs.
• BTC futures open interest jumped to 778k BTC, indicating fresh shorts.
• One-week bitcoin put skew hit 30%, signaling strong downside fear.
• Aave gained 6.8% on Kraken acquisition talk; Ethena dropped 5%.

KeyAudit data perspective