Market Snapshot: Altcoins Lag as MON Sees Strong Gains on Upbit Debut

Crypto Markets Muted as MON Surges on Upbit Listing

Crypto markets held steady on Wednesday, remaining in a state of “extreme fear” following last week’s sharp sell-off. Bitcoin BTC traded around $86,600, while ether ETH edged up slightly to $2,900, with minimal movement across most major assets.

Volatility has eased compared with last week’s double-digit declines, with the largest 24-hour move among the top 20 cryptocurrencies just 3%. CoinDesk Indices data highlights that altcoins are underperforming relative to Bitcoin, with the CoinDesk 10 Capped Index excluding BTC down 36.8% YTD, compared to 29.7% including BTC, reflecting investor preference for Bitcoin’s stability despite brief “altcoin seasons.”

Derivatives Trends
Bitcoin’s 30-day implied volatility index (BVIV) has nearly retraced last week’s spike from 53% to 65%, signaling calmer market conditions. On Deribit, a large block trade involving a $220,000 call and $40,000 put expiring June 2026 suggests a bet on rising volatility. BTC put spreads remain popular among block traders, while ETH favors diagonal calendar spreads. BTC puts continue to trade at a premium, while ETH options show bullish call bias starting September 2026.

Futures open interest (OI) mostly declined or stayed flat, with CME BTC futures OI dropping to 132.4K BTC, the lowest since April, and ETH OI falling to nearly 2 million ETH, reflecting institutional risk aversion.

Altcoin Activity
The altcoin market largely consolidated, except for monad (MON), which surged after listing on South Korea’s Upbit following a 48-hour Coinbase debut. MON has doubled from $0.023, with 24-hour volume on Upbit reaching $370 million, surpassing Coinbase’s $274 million. The rally appears driven by strong South Korean retail demand, contrasting with weaker uptake in U.S. and European markets.

Other altcoins remained muted: ETH rose slightly, XRP fell 1.3%, and STRK retraced over 40% of its gains from earlier this month.