Bitcoin, ether slide deeper as leverage unwinds accelerate: Today’s Crypto Markets

Crypto Markets Slide as Bitcoin, Ether Extend Losses Amid $1.8B Liquidations

Crypto markets plunged overnight as bitcoin and ether extended declines, metals fell sharply, and leveraged traders across derivatives markets were forced to liquidate positions.

Bitcoin (BTC $76,965) dropped 2.7% since midnight UTC, while ether (ETH $2,310) fell 3.5%, compounding Thursday’s losses. Precious metals also sold off: silver fell 20% from Thursday’s record high of $121 to $96, and gold dropped 11% from $5,600 to below $5,000.

U.S. equity futures declined, while the dollar index (DXY) gained 0.57% amid growing expectations that Kevin Warsh may become the next Federal Reserve chair.

The selloff pushed bitcoin to its lowest level since November and triggered $1.8 billion in liquidations across crypto markets. The CoinDesk 20 Index (CD20) is down 6.6% year-to-date, while the altcoin-heavy CoinDesk 80 (CD80) has lost 2.28%.

Derivatives and Leverage

Leveraged crypto futures positions worth $1.8 billion were liquidated in 24 hours. Open interest (OI) fell across most major cryptocurrencies, though DOGE saw a 2% increase, reflecting shorting activity. Perpetual funding rates for BTC, ETH, XRP, and other tokens turned negative, signaling rising demand for downside bets. Bitcoin’s 30-day implied volatility (BVIV) jumped to 47% from 40%, while puts on Deribit became pricier than calls, indicating growing demand for downside protection. Traders executed BTC put spreads and ether put butterfly strategies, reflecting cautious market sentiment.

Token Highlights

Canton’s CC token was the only top-100 cryptocurrency in the green, rising 3.35%. Privacy coins Monero (XMR $422.40), Zcash (ZEC $291.00), and Dash (DASH $43.23) all fell roughly 5%. Bitcoin dominance dropped to 58.73%, suggesting investors are rotating toward speculative altcoins.

One notable altcoin, RIVER, fell 55% since Monday, including a 25% decline over 24 hours, following an 884% rally earlier this month as traders locked in profits. Tokenized silver on HyperLiquid also saw volatility, with a $47 million long position liquidated after silver prices fell to $96.