Ether steadies after $540 million sell wave while altcoins lag: Crypto Markets Today
Ether recovered toward $2,000 after a $540 million selloff, outperforming lagging altcoins in a generally pressured crypto market.Summary
The crypto market remained under pressure despite rising U.S. equity futures, with Bitcoin trading slightly down. Ether (ETH) emerged as an outlier, rising 0.43% back toward $2,000 after a significant weekend selloff. This dip was triggered when a wallet attributed to trader Garrett Jin deposited over $540 million worth of ether onto Binance, creating oversold conditions that facilitated Monday's modest rebound. In contrast, many altcoins lagged significantly; HYPE, ZEC, and XMR fell over 3%, DOGE dropped 10% in 24 hours, and ZRO slid 34% in five days. Gold outperformed crypto, trading at $5,000. Derivatives data showed capital outflows from crypto futures, with open interest dropping for BTC and ETH, though implied volatility risks have decreased. Funding rates for several altcoins remain negative, suggesting bearish short positions, while BTC and ETH futures trade at slight premiums, indicating some underlying support.
(Source：CoinDesk)