Crypto Update: Bitcoin falls amid Asia-led rout in altcoins.

Bitcoin slipped during Asian trading hours after failing to break above $94,500, pulling the broader crypto market lower.

BTC $90,338.24 fell to around $91,530 by 10:00 a.m. UTC, down from a local high near $93,750 at midnight. This marked the third failed attempt in five weeks to surpass the $94,500 level.

Altcoins underperformed, with PENGU and XRP leading losses at 6.5% and 3.5% respectively since midnight. Bitcoin is now trading squarely within December’s range of roughly $85,000 to $94,500, extending the decline that began in October.

The sell-off reflects rising risk-off sentiment among traders. U.S. equities also softened in pre-market trading, with Nasdaq 100 futures down 0.32% since midnight.

Crypto futures saw $465 million in liquidations over the past 24 hours, with longs accounting for more than half. This is a reversal from the previous two days, when shorts dominated liquidations. Despite the pullback, cumulative open interest across global crypto futures remains above $143 billion — the highest in nearly two months — and moderately positive funding rates suggest continued bullish positioning. Open interest in XRP, DOGE, SUI, and ZEC fell 5%-6%, likely reflecting profit-taking after recent rallies. CME Bitcoin futures show OI rising from 100K BTC to 111K BTC since Dec. 30, though overall positioning remains well below last year’s 191K BTC.

On Deribit, BTC and ETH put skews continue to weaken, though bullish sentiment is yet to emerge. BTC block flows show a mixed profile, with strangles suggesting a bullish volatility bias and call spreads signaling upside expectations. ETH activity favors straddles as the preferred volatility play.

Memecoins and privacy coins were the weakest sectors Wednesday, with ZEC ($423.54) dropping 4.5%. CoinDesk’s Memecoin Index fell 1.5%, roughly twice the decline of the CoinDesk 5 index tracking BTC, ETH, XRP, SOL, and ADA.

DeFi provided a rare bright spot: total value locked rose 0.17% over the past 24 hours despite price declines, indicating ongoing inflows. CoinMarketCap’s “altcoin season” indicator sits at 25/100, down slightly from last week’s 27 but well above December’s low of 14, signaling cautious optimism.

TRX ($0.2950) bucked the broader trend, remaining in the green since midnight and adding to a 1.2% gain over 24 hours.