Crypto Movers: NIGHT on Cardano drops sharply, alongside ZEC and XMR

Crypto Markets Today: NIGHT Plummets as Year-End Caution Grips Markets

Crypto Markets Today will be on hiatus starting Wednesday and returns Jan. 5 with regular trading updates. Wishing everyone a happy holiday season.

Crypto markets remain in risk-off mode. Cardano-based Midnight Network’s NIGHT token fell 22% in 24 hours, the largest drop among the top 100 tokens by market cap. Other losses included PUMP (-13%) and MNT, XMR, and ZEC (down up to 8%).

Bitcoin (BTC $87,363.32) retreated below $88,000 after failing to maintain momentum above $90,000 on Monday. Volatility could rise following the release of U.S. third-quarter GDP data, expected to show a resilient economy.

Derivatives Overview

• BTC futures: Global open interest steady at ~670,000 BTC, dipping slightly over 24 hours, reflecting muted leveraged activity.
• SOL futures: OI rose to 58.75M SOL, the highest since Oct. 10.
• XRP & ETH futures: XRP OI increased 1.28%, ETH declined 1.7%.
• Funding rates: Slightly positive for most majors; BCH and LINK remain negative.
• Options: BTC and ETH put skews strengthened after BTC failed to hold $90K. January $80K BTC puts are the most popular. Strangles and straddles account for 35% of block flows; ETH flows dominated by call spreads.

Token Launch Performance

Analysis of 118 token launches in 2025 (Memento Research) shows:

• Only 15% trade above TGE price.
• Median losses: 71% FDV, 66% market cap.
• Tokens with FDV ≥ $1B fell 81% on median; none remain profitable.
• FDV-weighted performance declined 61.5%, versus 33.3% for equal-weighted baskets.
• Infrastructure, DeFi, and AI-linked tokens underperformed; perpetual DEXs like Hyperliquid and Aster were notable exceptions.