Derivatives liquidations neared $250 million in the past 24 hours even as bitcoin traded in a narrow range around $111,391, highlighting concentrated risk in derivatives markets. Bitcoin has lost 2.9% over the past 30 days, while the broader CoinDesk 20 index was modestly higher, gaining 0.46% since midnight and 1.7% over 24 hours.
Derivatives positioning shows several pressure points. Total open interest across perpetuals climbed to $114 billion overnight. A Binance liquidations heatmap places a roughly $90 million cluster of stop‑loss liquidations above the current price near $112,200 and a $76.6 million cluster below at about $110,000 — levels that can magnify moves if triggered. On Deribit, 24‑hour BTC put‑call volume hit about 26.4K contracts with calls accounting for 51.6% of the flow; the most‑active contract was a $108K put expiring Sept. 26, followed by a $114K call the same day. Funding rates remain positive across most assets, signaling general bullishness, with the notable exception of TRX, which shows a negative APR near -10.2%.
Altcoins are outperforming bitcoin in the past month. Ether and Solana are up roughly 21% and 27.5% over 30 days, respectively, and bitcoin dominance has slid from near 61% to roughly 57–58%, a shift that reflects renewed appetite for non‑BTC assets. Institutional flows and corporate treasury purchases are part of the story: ETF‑held ETH reportedly rose by about 250,000 to 6.74 million last week, and on‑chain options founder Nick Forster estimates a 44% chance ETH reaches $6,000 before the end of 2025. These flows have helped many altcoins hold gains even as BTC cooled.
What this means: concentrated liquidation clusters mean even modest price moves can cascade in highly leveraged pockets, while positive funding and active options flows point to continued market engagement. Traders should be aware of counterparty and leverage risk; this is market commentary, not investment advice.
Source: CoinDesk. Read the original coverage for full details.