The Crypto Fear & Greed Index inched up from yesterday's extreme low of 8 to 12, still stuck in extreme fear territory. Bitcoin hit a daily high of $69,136 before sliding back to $67,577, currently trading around $67,959 with a mere 0.37% drop in 24 hours — a paradoxical mix of deep fear and low volatility. Ethereum bucked the trend, rising 1.26% to $2,132. Total crypto market cap stands at $2.43 trillion, with BTC dominance at 56.22%.
116K Traders Liquidated, Shorts Account for 54%
According to CoinGlass, 116,494 traders were liquidated in the past 24 hours, with total liquidations reaching $289 million. Short positions represented $156 million (54%), while longs accounted for $133 million. Ethereum led with $68.11 million in liquidations, with shorts making up $45.35 million — reflecting the pain inflicted on bears by ETH's rebound. Bitcoin saw $65.9 million in liquidations, also skewed toward shorts. The single largest liquidation came from a BRENTOIL-USD contract on Hyperliquid, valued at $17.17 million.
Drift Protocol Hacked for $270M, Liberation Day Anniversary Adds Pressure
Solana-based DeFi protocol Drift Protocol confirmed a security breach resulting in losses of $270 million — including 51.61 million USDC, 125,000 WSOL, and 164,000 cbBTC — making it the largest DeFi hack of 2026 so far. The attacker bridged funds to Ethereum and deposited 19,913 ETH. DRIFT token plunged over 20%, and SOL dropped 2.4% to $81.23. Drift has suspended deposits and withdrawals.
Adding to the bearish backdrop, today marks the one-year anniversary of Trump's "Liberation Day" tariff announcement, which last year imposed 10% baseline tariffs on over 50 countries, wiping 8% off the crypto market in a single day. The Supreme Court's review of the tariffs' constitutionality remains pending, keeping markets on edge over policy risk.
On the bullish side, the SEC approved NYSE American to list multi-crypto ETF options, a step forward for institutional tools. Whale Bitmine announced a $100 million purchase of 45,000 ETH, providing a direct boost that helped Ethereum outperform.
Altcoin Divergence: SOL Hit Hard, ETH Leads
SOL was the worst performer among major coins, down 2.42% to $81.23 due to the Drift fallout. XRP edged up 0.63% to $1.35, while ETH rode the whale buying wave to lead gains. Bitfinex's latest report noted that Bitcoin closed March in the green, breaking a six-month losing streak, but bearish sentiment in derivatives markets persists, mirroring the extreme fear index. Historically, a fear index below 10 has been followed by a median 62% gain over 90 days — but whether that pattern holds amid tariff uncertainty and DeFi security fears remains to be seen. U.S. stocks provided limited positive correlation: the S&P 500 rose 0.72% and Nasdaq gained 1.16%, helped by easing tensions in the Strait of Hormuz and a tech rally.