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Ether (ETH) steadied on Monday as broader crypto markets remained under pressure, with several altcoins lagging and derivatives positioning pointing to continued de-risking.
U.S. equity futures were up around 0.25% since midnight UTC, but crypto prices were mixed. Bitcoin (BTC) traded around $68,710, down 0.1%, while altcoins including HYPE, ZEC and XMR were down more than 3%.
ETH rose 0.43% to $1,977.34 since midnight UTC, as it worked its way back toward $2,000 following a weekend selloff.
Onchain data cited by the report showed a wallet attributed to trader Garrett Jin deposited more than $540 million worth of ether to Binance over the weekend. The move was associated with a disproportionate rise in sell volume versus other exchanges, contributing to oversold conditions that later supported a modest rebound.
Several tokens continued to fall. HYPE, ZEC and XMR were each down more than 3%, while DOGE was down 10% over the past 24 hours. ZRO slid more than 34% over the past five days, including a 10% drop in the past 24 hours.
In the broader tape, the report described a low-liquidity drift lower on Sunday, followed by a slight recovery on Monday morning. DOGE steadied after falling more than 10% in the last 24 hours, while XRP rose 1% by midnight UTC despite being down 8% since Sunday morning.
Derivatives data pointed to continued capital outflows. Notional open interest (OI)—the dollar value of total open or active contracts—fell to $98 billion.
The report also highlighted volatility dynamics. BTC and ETH’s 30-day implied volatility reversed the sharp pop from annualized 50% to nearly 100% earlier this month, when prices crashed. The reversal was described as consistent with pricing out volatility risks and supporting the case for recovery.
It added that the spread between ether and bitcoin implied volatility indexes is beginning to widen, indicating expectations for larger swings in ether.
Funding rates for several alternative tokens—including XRP, TRX, DOGE and SOL—remained negative, reflecting trader preference for bearish, short positions. The report noted that if the market stays resilient, those shorts could be forced to cover, potentially triggering a “short squeeze” higher.
On CME, SOL futures showed an annualized premium near zero, indicating buy-side pressure had faded. BTC and ETH futures were trading with slight premiums.
On Deribit, the report said someone paid $3 million in premium for a $75,000 strike bitcoin call option, describing it as a large bullish bet. Still, put options tied to BTC and ETH remained pricier than calls across all time frames, signaling lingering downside concerns.
Outside crypto, gold traded around $5,000 on Monday, down from a Jan. 29 peak of $5,600. Over the same period, silver and crypto were reported down 36% and 21%, respectively.
U.S. markets were closed on Monday due to a public holiday.
The heavily bitcoin-weighted CoinDesk 5 (CD5) Index rose 0.38% since midnight UTC, while the altcoin-dominated CoinDesk 80 (CD80) fell 0.17% over the same period, reflecting relative weakness in altcoins.
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