Crypto prices slid alongside weaker U.S. equity futures as geopolitical stress pushed investors toward risk reduction. Nasdaq 100 futures were down 10% from their yearly peak and traded near 23,760. The market was also reacting to the prolonged conflict involving Iran, while crude oil stayed above $100 a barrel, keeping inflation concerns in focus and adding pressure across risk assets.
Altcoins take the hardest hit as traders add bearish exposure
Losses were steeper across altcoins. ETHFI dropped 6%, while WLD, WIF, SEI, and FET fell between 3.6% and 4.7%. XRP lost 2.5% on the day, yet open interest in XRP futures rose 2% to 1.95 billion. That combination pointed to changing derivatives positioning. Traders were not building around a rebound; many were leaning into short exposure instead.
Liquidation data showed the same pattern. In the past 24 hours, roughly $300 million in bullish long positions were wiped out, compared with only about $50 million in short liquidations. It was the fifth major long-liquidation wave in the last ten days. Earlier bets that the conflict in Iran could lift prices did not hold up once broader risk sentiment deteriorated.
Futures in XRP, BTC, SHIB and others reflect defensive positioning
Bitcoin, Solana, Dogecoin, and BNB-linked futures echoed the weakness seen in XRP. Lower-risk positioning showed up in both trading activity and negative funding rates as participants cut exposure into the decline. SHIB stood out on that front, recording the most negative open-interest-adjusted volume, a sign that traders were actively trimming positions. CC, the token tied to Canton Network, moved the other way, with positive funding rates and rising open futures suggesting stronger bullish interest.
Options expiry shifts focus to downside protection
Thirty-day implied volatility indexes for Bitcoin and Ether kept falling, but the drop in volatility did not trigger panic selling. The calmer readings suggested traders were not pricing in an immediate large-scale dump. Early Friday, more than $15 billion worth of Bitcoin options expired on Deribit. With those contracts rolling off, previous expectations that price would stay near $75,000 began to fade, leaving the market more exposed to a deeper correction under the current macro setup.
Market observers said put options on Bitcoin and Ether were trading at premiums of 6 to 8 basis points over calls. That showed investors were paying up for downside protection. Liquidity conditions in altcoins added to the pressure, making it harder for many tokens to defend key support levels. The CoinDesk Computing Select Index fell 2.3% during the session, while the Bitcoin-focused CoinDesk 20 Index lost 1.2%.
ONDO rises on ETF-chain plan while RSI stays neutral
One token broke from the broader selloff. ONDO outperformed after Ondo Finance said it plans to move five Franklin Templeton exchange-traded funds onto its blockchain-based ONDO Chain. The announcement pushed the token up more than 8% over 24 hours, though part of that gain was later trimmed during trading.
Technical indicators were not showing a clear reversal. The average relative strength index, or RSI, for the crypto market remained in neutral territory. With no strong buying impulse and no capitulation signal, the near-term setup stayed fragile.