Japan · Bitcoin · Ethereum · CoinDesk
Crypto relief rally falters to shake persistent bearish derivatives signal
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The crypto market showed signs of resilience on Thursday, with bitcoin BTC $ 61,062.11 adding 1.1% since midnight UTC after dipping below $60,000 on Wednesday to its lowest since October 2024.
Key facts
- Ether (ETH) rose 1.5% on Thursday and was recently trading at $1,644 after briefly tumbling to $1,550 at around 17:00 UTC on Wednesday
- In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024
- The crypto market showed signs of resilience on Thursday, with bitcoin BTC $ 61,062.11 adding 1.1% since midnight UTC after dipping below $60,000 on Wednesday to its lowest since October 2024
- A potential break lower in price could trigger a slide to around $52,000
Summary
Nearly $1 billion in crypto futures positions were liquidated in 24 hours as bitcoin's dip below $60,000 triggered a violent two-way move, with negative funding rates suggesting capital is skewed toward shorts rather than bulls. Implied volatility pulled back from Wednesday's highs, supporting the overnight bounce, though put-call skew remains extreme. SOL completed a 75% slide from its September peak after touching $64 on Wednesday, with a break below $60 threatening its lowest level since December 2023. The largest cryptocurrency remains at a critical level in terms of broader market structure.