Crypto market drops as Nasdaq tech selloff spills into digital assets Bitcoin lost 2.5% to $62,300 and ether fell more than 4% while $717 million in liquidations amplified losses across altcoins. – Derivatives signal growing bearish conviction with indications that sellers are…
control at most of the top 25 coins. – Options market structure heading into Friday’s quarterly expiry is skewed long calls, but those bullish bets are underwater as spot prices have collapsed through the quarter. – Privacy coins DASH and XMR bucked the selloff, losing less than 1%, while the average crypto RSI sits at 39.05, in oversold territory, leaving room for a potential relief rally. The crypto market fell on Tuesday, with bitcoin The selloff follows Monday’s downturn in technology stocks, with another day in the red foreshadowed by Nasdaq 100 futures, which have cratered by 2.5% since midnight
Tech stocks are struggling due to profit-taking and the risk of higher bond yields, according to Patrick Munnelly, market strategy partner at TickMill. Altcoins performed worse than bitcoin and ether, with tokens such as ethena (ENA) and hype (HYPE) losing 5%-6% and $717 million in liquidations across the market spurring exaggerated downswings. The Dollar Index (DXY) rose to its highest level in more than a year, hitting 101.15, the most since May 2025.
Derivatives positioning – The most notable data point in derivatives is the 10% surge in open interest (OI) in SpaceX perpetuals listed on Hyperliquid, Binance and other exchanges while the price has dropped by 15%. – This combination validates the downtrend and suggests the deployment of leverage on the short side. The OI increase is the highest among major tokens, a clear sign of a raised preference for trading traditional assets over blockchain rails. – SpaceX futures are also now the sixth-largest in the world, ahead of several prominent coins such as ZEC, but still behind BTC, ETH, XRP, and others. – XRP futures open interest increased…