The Federal Reserve kept interest rates unchanged, but three voting members supported a rate hike. Subsequently, Iran launched multiple ballistic missiles at US forces in the Middle East, prompting Trump to state he would respond forcefully. As a result, international oil prices rose by approximately 8% overnight, regaining the $90 per barrel mark, and US stocks came under pressure.
Against this backdrop, the crypto market experienced increased volatility, but major cryptocurrencies saw limited declines. Bitcoin hovered around $64,000, while Ethereum only slightly retreated from midnight UTC. More noticeable changes in the market were seen in leveraged positions rather than spot prices themselves.
$286 million cleared in 24 hours
According to CoinGlass data, approximately $286 million was liquidated in the crypto market in the past 24 hours, with about $186 million in long positions and about $100 million in short positions. Significant losses on both sides indicate that prices experienced considerable volatility around the time of the Federal Reserve meeting, before returning to their previous range.
Futures trading volume indicates a slightly bearish market sentiment. CoinGlass reports that short positions account for approximately 51% of futures long/short taker trading volume. However, overall open interest and trading volume remained largely unchanged from the previous day, suggesting that funds have not significantly increased their positions.
Demand for leveraged Bitcoin and Ethereum is weak.
Bitcoin open interest remains around 750,000 BTC, essentially within the range since early June. Ethereum open interest, on the other hand, has fallen below 14 million ETH from a six-week high of 14.53 million ETH. Both figures indicate that the recent rebound has not attracted a large influx of new leveraged funds.
In terms of volatility, Bitcoin's 30-day implied volatility index (BVIV) has fallen below 38%, approaching a level that has historically formed several periods of lows. Meanwhile, Deribit data shows that call options with strike prices of $70,000 and $75,000 are the most actively traded; the top five most traded Ethereum contracts are also all call options.
DeFi tokens have been relatively resilient to price drops.
In terms of sector performance, DeFi tokens were relatively strong. Injective (INJ) rose 6.95% in the past 24 hours, Uniswap (UNI) rose 4.46%, and FET rebounded 3.28%. However, UNI futures open interest fell back to 65.8 million tokens, indicating that some funds are liquidating their positions.
Among other tokens, Zcash (ZEC) continued its upward trend, rising 1.54% to $474 since midnight UTC; Monero (XMR) rose slightly by 0.4%. Hyperliquid (HYPE) fell 0.47% to $53.64, a cumulative pullback of about 30% from its high last month; Lighter (LIT) fell 4.22% in the last 24 hours, while Jupiter (JUP) dropped 1.48%, with its daily trading volume falling to about $23 million, significantly lower than the levels of over $50 million commonly seen earlier this year.
Overall, rising oil prices, tightening interest rate expectations, and geopolitical risks did not immediately drive down crypto asset prices, but leverage demand within the market remained cautious, and most altcoins continued to face short-selling pressure.
