Cryptocurrency markets declined after the Federal Reserve indicated a higher interest rate path, with Bitcoin falling over 1% to near $63,900. The CoinDesk 20 Index dropped 1.2%, while the DeFi Select Index slid 5%. Derivatives data reveals bearish dominance, with over $440 million in liquidations, mostly long positions. Open interest for Bitcoin and Ether decreased, signaling renewed risk aversion. XRP's open interest hit a high but negative funding rates and cumulative volume delta indicate bearish sentiment. Implied volatility indices remain calm, but traders are buying put options expiring June 21 for downside protection. Hyperliquid's token surged 34%, but its HyperEVM layer struggles with concentrated activity and structural disincentives for builders.

Key facts

• Bitcoin fell over 1% to $63,900; CoinDesk 20 Index down 1.2%.
• Over $440 million in crypto futures liquidated, mostly long positions.
• XRP open interest hit 2.30 billion tokens, but funding rates negative.
• Traders bought put options expiring June 21 for downside protection.
• Hyperliquid's HYPE token up 34%, but HyperEVM lacks breakout apps.

KeyAudit data perspective