Bitcoin rebounded from its weakest level since September 2024, trading near $59,700 after falling as low as $58,100. The broader crypto market and U.S. equity futures signaled continued weakness.
Derivatives data indicate significant stress. Over $1 billion in leveraged positions, mostly longs, were liquidated in 24 hours. Bitcoin futures open interest surged to 778,000 BTC, suggesting traders are adding shorts. Implied volatility indexes have jumped, and the put skew on options is approaching 30%, reflecting strong downside fear.
Ether failed to mirror Bitcoin's bounce, dropping further to around $1,550. AI tokens and Hyperliquid also declined.
In a rare bright spot, Aave (AAVE) gained nearly 7% following reports that Kraken is in talks to acquire a 15% stake in the DeFi lender. Solana (SOL) also showed relative strength, bouncing from its Thursday lows.