Crypto markets retreated to their weakest levels in more than two weeks, with bitcoin slipping below $67,000 and ether drifting toward $2,000, as macro headwinds and derivatives-driven selling weighed on sentiment.
Bitcoin traded near $66,500, while ether hovered just above the $2,000 level. The broader market moved lower as well, with the CoinDesk 20 Index (CD20) falling 2.2% since midnight UTC to its lowest point since March 9.
The decline tracked weakness in traditional markets. Nasdaq 100 futures dropped to around 23,760, leaving the index roughly 10% below its January peak and highlighting a broader risk-off tone.
Macro pressures remain front and center. Oil prices continue to hold above $100 per barrel amid ongoing tensions tied to the Iran conflict, reinforcing concerns about sticky inflation and tighter financial conditions.
Altcoins underperformed, reflecting the market’s fragility. ETHFI fell 6%, while WLD, WIF, SEI and FET posted losses in the 3.6%–4.7% range.
Derivatives positioning
Leverage once again amplified the move lower. Nearly $300 million in long positions were liquidated over the past 24 hours, compared with roughly $50 million in shorts. It marks the fifth such flush in 10 days, underscoring how heavily traders had been positioned for upside that has yet to materialize.
XRP declined more than 2.5% even as futures open interest climbed 2% to 1.95 billion tokens, the highest level since early February. That divergence points to rising short interest, supported by negative cumulative volume delta and sub-zero funding rates.
Similar bearish positioning patterns were observed across bitcoin, solana, dogecoin and BNB futures.
SHIB stood out with the most negative open-interest-adjusted cumulative volume delta among major tokens, signaling aggressive derisking. In contrast, Canton Network’s CC token showed relative strength, with rising open interest and positive funding rates indicating demand for bullish exposure.
Volatility indicators suggest traders are not yet in panic mode. Bitcoin and ether’s 30-day implied volatility gauges, BVIV and EVIV, continued to trend lower despite falling spot prices.
On Deribit, more than $15 billion in bitcoin options expired Friday, removing the previously cited $75,000 “magnet” level and potentially clearing the way for deeper downside as macro conditions deteriorate.
Options markets also reflect a defensive tilt. Bitcoin and ether puts are trading at a 6–8 volatility premium to calls across maturities, signaling persistent demand for downside protection.
Token trends
The broader altcoin market struggled to maintain key support levels in a low-liquidity environment. The CoinDesk Computing Select Index (CPUS) led declines, falling 2.3%, while the broader CD20 index dropped 1.2%.
ONDO was a rare outperformer, rising after Ondo Finance announced plans to tokenize five Franklin Templeton ETFs on its blockchain. The token gained more than 8% over the past 24 hours before paring some of those advances.
Despite the broader weakness, the average relative strength index (RSI) across crypto assets remains neutral, suggesting the market may still have room to extend losses in the near term.
