A survey suggests that Bitcoin has remained resilient despite the recent market decline. Altcoins have seen liquidations between $8 and $10 billion with funding rates going down.
Crypto market volatility spiked, wiping out billions of open interest. Bybit Block Scholes reported that Bitcoin (BTCThe price of ) has remained stable while the altcoins have taken the largest hit.
Bybit shared a study with crypto.news that stated Bitcoin was gaining in popularity. “outperformed relative to the wider crypto market,” Adding that its perpetual exchanges also fared well. Ethereum, on the other hand (ETHThe short-term options market has experienced an explosive increase in volatility. It is now at its highest levels in more than three months.
The liquidations were harsh. Crypto.news earlier reportedBen Zhou, CEO of Bybit, estimates that liquidated positions had a true value. “at least $8 billion to $10 billion.” Across BTC (ETH), XRP, and XRPXRPSolana,SOLMore than $3.1 Billion in interest was lost after the high of late Friday.
Funding rates drop for altcoins
The funding rates reflect the shift to bearishness. The report says that altcoins experienced more negative funding rates after the crash while BTC was relatively stable. Open interest levels plummeted across major tokens, with one key exception—Bitcoin’s options market. Bybit reported that Bitcoin options, unlike perpetuals did not have a significant liquidation, nor was there a sudden inversion of the terms.
Trading volume increased despite the turmoil in the markets. On Feb. 2 alone, over $31.1billion in perpetual swaps were traded, the largest daily volume for over a week. Bitcoin’s short-term option volatility has eased following a spike in the early part of this week, indicating a return to some stability.
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Source: crypto.news
