BTC recovers to $62,500 after $3 billion in liquidations, but put options at $60,000 exceed $1 billion in open interest.
Bitcoin stabilized above $60,000 after plunging to $61,300 and rebounding to $62,500, triggering $3 billion in liquidations over two days. Open interest in futures contracts fell 8.5% to $111.4 billion as traders positioned for further declines.
Derivatives markets turned decisively bearish, with put options at the $60,000 strike on Deribit surpassing $1 billion in notional open interest. Ether also saw increased put skews, while Solana’s open interest hit a record despite price declines, signaling aggressive short accumulation.
The broader crypto market faced selling pressure, with $1.7 billion in futures positions liquidated, including $750 million in bitcoin and $390 million in ether. Altcoins like NEAR, ZEC, and JUP fell over 13%, reflecting risk aversion amid shifting investor focus toward AI-related equities.