Bitcoin is currently trading at $111,000 as it maintains the crucial $110,000 support level. The leading cryptocurrency has failed to recover from a significant weekend sell-off that pushed prices from $121,000 to $110,000, resulting in a $500 billion reduction in total crypto market capitalization.
Altcoins have experienced even steeper declines, with Plasma (XPL) dropping 58% weekly while FET, OP, and ETHFI all lost over 35% of their value respectively.
Derivatives Market Analysis
- BTC futures show stabilization signs with open interest holding at $25.5 billion. The 3-month annualized basis trades at 5-6%, indicating reduced bullish momentum. Funding rates display platform divergence, with Bybit at -5% and Hyperliquid maintaining 10% positive rates.
- BTC options demonstrate strong bullish positioning with 25 Delta Skew spiking to 12.62%. Put/Call volume reaches 50-50 balance, shifting from previous call dominance, reflecting premium payments for upside exposure.
- Coinglass reports $627 million in 24-hour liquidations, predominantly affecting long positions (70%). ETH leads with $185 million liquidations, followed by BTC at $125 million. Binance heatmap identifies $110,600 as critical liquidation threshold.
Token Performance Update
By Oliver Knight
- Plasma (XPL) declined 13.5% today, totaling 52% losses since September debut
- The layer-1 blockchain faces tokenomics concerns with substantial ecosystem allocations
- Current circulating supply of 1.8 billion tokens versus 10 billion total indicates extended sell pressure
- ICO investors remain profitable with $0.05 entry versus current $0.41 prices
- Post-listing buyers face significant losses amid negative market conditions
- Analysts project continued downward momentum with major token unlocks scheduled for Q2 2026