Markets Today: Crypto Prices Hold Steady While Derivatives Show Long Positions Unwinding

Bitcoin and ether revisited recent lows before rebounding and altcoin prices were even more lackluster.

• Bitcoin and ether revisited recent lows before rebounding.
• The CoinDesk 20 Index posted a slight increase while the CoinDesk 80 Index held steady, reflecting generally lackluster trading in altcoins.
• In contrast to the overall market trend, Mantle Network’s MNT and HASH recorded double-digit price gains.

Major cryptocurrencies were directionless with U.S. stock index futures little changed even though the meeting between European leaders, President Donald Trump and Ukraine President Volodymyr Zelensky ended on a positive note.

The top 10 coins, including bitcoin and ether (ETH), fell early Tuesday, revisiting early Monday lows, before recovering to trade flat on a 24-hour basis, according to CoinDesk data.

The CoinDesk 20 index of the largest tokens rose 0.5% and the CoinDesk 80 Index, a broader market gauge, added even less, indicating relatively lackluster trading in altcoins. The CoinDesk Memecoin index dropped 0.3%.

Still, select a few names like Mantle Network’s MNT token and HASH chalked out double-digit price gains.

• The capital outflow suggests the price drop was driven by the unwinding of long positions rather than the initiation of new short positions.
• The opposite was the case with ETH. Open interest rose to above 5 million ETH, suggesting an influx of new shorts.

• Open interest in the top 10 tokens, excluding ETH and BNB, fell over the past 24 hours.
• Mantle Network’s MNT token has gained nearly 14% in 24 hours. However, funding rates have flipped bearish in the last few hours alongside an uptick in open interest. Those holding long positions are now shorting futures to hedge their bullish exposure.

Open interest in ETH CME options surpassed 200,000 ETH for the first time since September, indicating increased investor interest in hedging instruments.