The crypto selloff continues to intensify, marked by nearly $400 million in liquidations due to margin shortfalls. Bitcoin’s price has dropped by 2.4%, now trading around $66,700, while Ether experienced a sharper decline of 4.4%. This market downturn is further exacerbated by rising short interest, reflecting the cautious sentiment among traders.
The crypto selloff coincided with nearly $400 million in futures positions liquidated due to margin shortfalls, representing a 17% increase from the previous day. Bitcoin lost 2.4% since midnight UTC and was trading around $66,700 at the time of reporting. Ether declined by 4.4% over the same period. Open interest (OI) registered a notable decline in the past 24 hours.
Outside of spot cryptocurrencies, related markets recorded divergent moves: Brent crude rose about 10% to roughly $108 per barrel. Equity futures were weaker, with Nasdaq 100 futures down 1.5% and S&P 500 futures down 1.1%. The U.S. dollar strengthened by 0.5% to trade above 100 points.
The figures above summarize key price moves and liquidation metrics across cryptocurrencies and related markets during the current crypto selloff. This summary focuses solely on recorded market movements and liquidation data. Volatility indices and options demand are excluded from this summary.
During the ongoing crypto selloff, the derivatives market exhibited specific trends. The implied volatility indices for Bitcoin and Ether have remained flat, indicating stability despite the market fluctuations. Traders have shown increased interest in downside protection, with a noticeable surge in demand for Bitcoin and Ether put options, used as hedges.
Notably, on the Deribit exchange, put options were more expensive than calls across all tenors, underlining the heightened demand for protective measures. Additionally, there was active trader participation in Ethereum straddles, put spreads, and Bitcoin call spreads as part of their risk management strategies.
Ethena (ENA) fell by more than 10% during the selloff. DeFi tokens UNI, LDO, SKY and AAVE each shed between 4.2% and 6.5% during Asian and European hours. Algorand (ALGO) rose about 0.8% during the same period. ALGO has rallied 22% in the past week.
CoinMarketCap’s altcoin season index fell from 50/100 to 42/100 since March 30. The DeFi Select Index (DFX) declined 5.9% since midnight. The CoinDesk Computing Select Index (CPUS) declined 5%.
The figures above summarize the reported token-level moves and index changes among selected altcoins during the selloff. They report individual token declines, one token’s recent weekly gain, and decreases in broader altcoin and sector indices.
Most crypto privacy models weaken as blockchain data grows, with the article noting a general weakening across the majority of privacy models. Encryption-based privacy models, such as Zcash, show strengthening and are cited as exceptions to the broader weakening trend. The article states that the weakening of most privacy models occurs alongside strengthening in encryption-based models like Zcash as blockchain data grows.
