Crypto stabilizes after sharp selloff as bitcoin and ether rebound from multiyear lows

Bitcoin and ether are posting modest gains following a sharp, market-wide selloff, even as derivatives traders continue to dial back risk exposure.

The crypto market steadied after Tuesday’s rout pushed bitcoin and ether to fresh multiyear lows. Bitcoin was last trading near $76,100 after rebounding from an intraday low of $72,870—its weakest level since November 2024. Ether climbed to around $2,255 after falling earlier to a level last seen in May. Both assets were marginally higher on the day as of midnight UTC.

Altcoins showed mixed performance. Privacy-focused tokens staged a long-awaited rebound, while Solana-linked assets lagged. PUMP and JUP were down roughly 2% and 2.5%, respectively, since midnight UTC.

The recovery followed a broader improvement in risk sentiment after the U.S. House of Representatives passed a government funding package to end a partial shutdown. U.S. equity futures and global markets moved higher, while precious metals rebounded, with gold climbing back above $5,000 and silver rising to around $90 after a nearly 6% jump.

Derivatives positioning

Derivatives data suggest traders remain cautious. Cumulative notional open interest across all crypto futures fell to $105.9 billion, the lowest level since last April, reflecting ongoing de-risking. About $679 million worth of crypto futures positions were liquidated over the past 24 hours, with bullish bets accounting for the majority.

Bitcoin’s 30-day implied volatility climbed to an annualized 53%, its highest level since Dec. 1, signaling elevated market anxiety. Open interest in bitcoin and ether futures declined by 0.7% and 2%, respectively, while larger capital outflows were seen in DOGE and recent outperformer HYPE.

In contrast, open interest in LINK futures rose 2% alongside a positive cumulative volume delta, pointing to fresh bullish pressure. The 24-hour CVD was also positive for TRX, XLM and ZEC.

Options markets continue to reflect defensive positioning. Deribit-listed options show persistent demand for downside protection, with short-dated bitcoin and ether puts trading at a 10–12 volatility premium to calls. Block trades also featured demand for bitcoin and ether put spreads, a typically bearish strategy.

Token talk

Derivatives exchange tokens HYPE, LIT and ASTER declined over the past 24 hours as traders rotated back into privacy coins. HYPE fell 8.5% on the day, though it remains up about 30% since the start of the year.

Monero (XMR) rebounded roughly 4% to around $325, snapping a losing streak after shedding more than half its value since mid-January. Zcash (ZEC) gained about 3.4% to nearly $233 after tumbling more than 62% from its November record high.

More broadly, altcoins underperformed bitcoin during the recent selloff. Bitcoin dominance has climbed back above 59%, up from 58.5% at the start of the year—a pattern typical of bear-market conditions, where thinner liquidity tends to amplify moves in smaller tokens.

Major cryptocurrencies including SOL, ADA and XRP are now trading at their lowest levels since 2024, having fully retraced the bullish rallies of recent years.

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