Crypto relief rally fails to shake persistent bearish derivatives signal
A relief rally tied to recovering U.S. equities lifted BTC and ETH off weekly lows, but bearish derivatives positioning and negative CVD suggest the rebound may be fragile.
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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.
