Crypto Markets Hold Steady as MON Breaks Out on Upbit Listing
Crypto markets were largely unchanged on Wednesday, still overshadowed by the “extreme fear” that has lingered since last week’s heavy sell-off. Bitcoin BTC hovered near $86,600, while ether ETH ticked up to around $2,900, with overall price action subdued across major assets.
Volatility remained muted compared with last week’s sharp declines. Among the 20 largest tokens, the biggest 24-hour move was just 3%, highlighting the calm that has followed the recent liquidity-driven drop. Data from CoinDesk Indices shows altcoins continue to lag: the CoinDesk 10 Capped Index excluding bitcoin is down 36.8% year-to-date, versus 29.7% for the index including BTC — underscoring the market’s preference for bitcoin’s relative stability.
Derivatives Positioning
Bitcoin’s BVIV 30-day implied volatility index has nearly reversed last week’s jump from 53% to 65% as selling pressure eased. On Deribit, a notable block trade appeared on the tape: simultaneous purchases of a $220,000 call and $40,000 put expiring June 2026, likely expressing a view that volatility will surge in the coming months.
Put spreads dominated BTC block trading over the past day, while ETH traders favored diagonal calendar put spreads. BTC puts continue to command a premium across maturities, while ETH shows a clear call-heavy bias beginning with September 2026 expiries.
Open interest (OI) painted a cautious picture. BTC’s CME futures OI slid to 132.4K BTC, its lowest since April, while ETH OI dropped to just under 2 million ETH, a two-month low. ETH and ZEC were the only major tokens to record any OI growth over the past 24 hours.
Altcoin Standout: MON
Most altcoins consolidated quietly — with one big exception. Monad (MON) surged after going live on South Korea’s Upbit, following a 48-hour exclusive debut on Coinbase. The token has now doubled from its $0.023 launch price, with Upbit posting $370 million in 24-hour volume, surpassing Coinbase’s $274 million. The strong bid from South Korean retail traders contrasts sharply with the lukewarm Western participation during last week’s sale.
As often seen with new listings, volatility remains high. The market has a recent reference point in Plasma’s XPL, which spiked to $1.67 before plunging below $0.20 within weeks.
Across the broader altcoin landscape, movements remained limited: ETH edged up, XRP slipped 1.3%, and STRK extended its recent reversal — down more than 40% over the past week after climbing from $0.10 to $0.27 earlier in November.
