Data: Divergence in long and short positions for encrypted derivatives, BTC holdings rise as traders intend to short, ETH holdings stabilize with no signs of panic selling

In the past 24 hours, the cryptocurrency derivatives market experienced massive liquidations, with a total liquidation amount of approximately $1 billion, and Ethereum's liquidation amount exceeded that of Bitcoin. At the same time, Bitcoin contract open interest rose for the second consecutive day to 778,000 BTC, with a sharp increase in open interest at the end of Thursday indicating that Bitcoin traders are adding short positions in a downtrend. In contrast, Ethereum contract open interest has remained stable at around 14 million ETH since June 15, and Ethereum traders have not actively shorted during the decline.

The 24-hour cumulative trading volume difference adjusted for open interest shows that short positions continue to dominate among the top 25 cryptocurrencies, with only BNB, SOL, and TON as exceptions. Meanwhile, the 30-day annualized implied volatility index for Bitcoin surged to 53%, the highest since June 7; the volatility index for Ethereum rose to 66%. In the cryptocurrency options market, last week the skew for Bitcoin options approached 30%, with significant premiums for put options. In large trades, put options with a strike price of $53,000 expiring on July 10 have appeared, reflecting strong demand for downside hedging.