Ether holds steady after $540 million in selling pressure, outpacing the broader digital asset market.

Cryptocurrency markets remained pressured Monday, even as U.S. equity futures advanced roughly 0.25% from midnight UTC.

Bitcoin traded near $68,710, down 0.1% on the day, while several altcoins — including HYPE, ZEC and XMR — posted losses exceeding 3%.

Ethereum bucked the broader softness, climbing 0.43% to approach the $2,000 level after enduring intense weekend selling. The downturn was amplified by sizable transfers tied to trader Garrett Jin. Blockchain data indicates a wallet linked to Jin moved more than $540 million worth of ETH onto Binance, sparking a surge in exchange sell volume and pushing ether into oversold territory — setting the stage for a modest rebound.

In traditional markets, gold traded around $5,000, retreating from its Jan. 29 high of $5,600 but still outperforming silver and cryptocurrencies, which have fallen 36% and 21%, respectively, over the same period. U.S. cash markets were closed for a public holiday.

Derivatives reflect de-risking

Futures data points to continued caution. Total notional open interest (OI) across crypto derivatives slipped to $98 billion, reflecting capital outflows.

Over the past 24 hours, OI declined 1% in bitcoin futures and 2.7% in ether futures. Contracts tied to XRP, DOGE, SUI and ADA recorded sharper pullbacks of 6% or more. In contrast, open interest in tokenized gold futures (XAUT) rose 8%, signaling defensive positioning.

Volatility expectations have cooled from recent extremes. Thirty-day implied volatility for BTC and ETH has dropped back toward 50% annualized after briefly nearing 100% during the recent sell-off, suggesting traders are dialing back tail-risk pricing. Still, the widening volatility gap between ether and bitcoin implies expectations of comparatively larger swings in ETH.

Funding rates across several altcoins — including XRP, TRX, DOGE and SOL — remain negative, highlighting persistent short bias. If prices stabilize, that dynamic could fuel a short squeeze.

On the CME, SOL futures trade with an annualized premium near zero, indicating fading bullish conviction, while BTC and ETH contracts maintain modest premiums.

Options flows show mixed signals. On Deribit, a trader spent $3 million in premium on a $75,000-strike bitcoin call, reflecting a notable upside wager. However, put options on BTC and ETH continue to command higher prices than calls across maturities, underscoring lingering downside hedging demand.

Altcoins lag

The broader altcoin market drifted lower in thin Sunday trading before stabilizing slightly Monday morning.

DOGE dropped more than 10% over 24 hours but steadied after midnight UTC. XRP rose 1% since midnight, though it remains roughly 8% below Sunday morning levels.

LayerZero’s ZRO extended its slide, falling more than 34% over five days, including a 10% decline in the past 24 hours. The weakness follows the rollout of its native blockchain developed alongside Citadel Securities and Depository Trust & Clearing Corporation.

Index performance reflected the divergence. The bitcoin-heavy CoinDesk 5 Index gained 0.38% since midnight UTC, while the altcoin-focused CoinDesk 80 Index slipped 0.17%, highlighting continued relative weakness outside bitcoin.