Bitcoin (BTC) saw a decline of 2%, falling to $67,275 amid an increase in U.S. Treasury yields, which negatively impacts risk assets. Ethereum (ETH) and XRP dropped more than 3%, while altcoins SOL and DOGE experienced smaller losses. The broader CoinDesk 20 Index fell over 2%, with more than $165 million in long positions liquidated across crypto futures, indicating a significant leverage flush. Recent data showed a spike in leverage usage, a precursor to market volatility. Stripe's acquisition of Bridge for $1.1 billion highlights the validation of stablecoins for public blockchains and crypto derivatives. Furthermore, the open interest for APE options has surged, with retail traders heavily engaging in contracts expiring soon. This increased activity is notable given APE’s relatively low market capitalization of $1 billion, yet it still lags behind the volumes seen in BTC and ETH options on major exchanges. Elevated yields from the U.S. Treasury note, influenced by political factors, have weakened the appeal of cryptocurrencies as investment options.

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