Despite another sharp altcoin downturn and $415 million in liquidations, BTC futures interest stays firm near $25B with negative funding rates on Binance and OKX signaling cautious sentiment.
Bitcoin remains near the $110,000 support as the crypto market experiences another sell-off following last weekend’s $500 billion downturn. BTC futures open interest is stable around $25 billion, though Binance and OKX show negative funding rates between -2% and -3%, indicating traders leaning short. Meanwhile, a 1-week 25 Delta Skew spike to 12.6% suggests traders are paying a premium for calls, pointing to underlying bullish sentiment. Altcoins TAO, ASTER, and LDO plunged over 12%, while TRX managed modest gains. Coinglass reported $415 million in liquidations in 24 hours, with 70% from longs. Market liquidity remains thin amid declining trading activity, which dropped 17.5% in September to $8.12 trillion. Ripple also announced the $1 billion acquisition of treasury software firm GTreasury to expand its blockchain finance suite.