Bitcoin Rebounds to $59,700 After $1 Billion Liquidations as Shorts Push Open Interest to 778,000 BTC
Updated
Updated · CoinDesk · Jun 26
Bitcoin Rebounds to $59,700 After $1 Billion Liquidations as Shorts Push Open Interest to 778,000 BTC
1 articles · Updated · CoinDesk · Jun 26
Summary
$59,700 bitcoin steadied after rebounding from a $58,100 low, but ether failed to follow and slipped 1% to about $1,550 for a third straight daily decline.
$1 billion in leveraged positions were liquidated over 24 hours, mostly longs, while bitcoin futures open interest climbed to 778,000 BTC from recent lows near 730,000 BTC as traders added shorts into Thursday's selloff.
53% bitcoin implied volatility, 66% for ether and a one-week bitcoin options skew nearing 30% all pointed to rising demand for downside protection rather than a broad risk reset.
Aave rose as much as 6.8% and solana gained 2% in a weak altcoin market, while Ethena fell another 5% as negative funding rates undermined its yield model.
1% lower Nasdaq 100 futures and a 0.4% drop in S&P 500 futures suggested crypto's stress is unfolding alongside a broader unwind in risk assets, though equity volatility has not reached panic levels.