Derivatives Data

The trading volume of mainstream Perp DEX platforms has generally declined, but open interest remains high. Hyperliquid's 24-hour trading volume is $7.03 billion, while EdgeX and Aster are at $3.03 billion and $2.03 billion, respectively.

The crypto market is reeling from an overnight selloff, with bitcoin BTC$69,464.74 trading lower at $69,400 having lost 2.6% since midnight UTC and ether (ETH) heading back toward $2,000 after tumbling by 4.1%. The declines come alongside a sharp drop in U.S. equities and precious metals.

The crypto market is poised for significant movements as $14.2 billion in Bitcoin options expire this Friday on Deribit. This event, one of the year's largest, may impact liquidity and market direction amid geopolitical tensions, particularly regarding Iran.

On March 26, due to a decline in BTC prices, a large whale with an address starting with 0x965 was liquidated, totaling 125 BTC, with a loss of approximately $8.69 million. The same address was also liquidated twice in ETH long positions three hours earlier, losing about $270,000. The total liquidation across both rounds exceeded $14.2 million.

According to Hyperinsight monitoring, on March 26, the S&P 500 experienced a total liquidation of $11.7 million, ranking third, mainly from an address on Hyperliquid. The liquidation was caused by a short-term drop in BTC affecting margin, resulting in the liquidation of 1,779.8 long positions with a loss of approximately $195,000.

Gate News reports that on March 26, the options market analysis firm QCP released a Bitcoin options market observation report. The data shows that implied volatility has slightly declined, the curve remains mildly in contango, downward hedging demand still exists but has not reached extreme levels, and geopolitical premiums continue to be reflected in volatility pricing. QCP pointed out that BTC is currently neither fully following the high-beta logic of the stock market nor has it formed stable safe-haven demand; market movements are still primarily driven by news. QCP stated that in the short term, a trending market awaits clearer macroeconomic or geopolitical developments.

BlockBeats News, March 26 — According to Onchainlens monitoring, as ETH drops below $2100, "Brother Maji" Huang Licheng's ETH long position was liquidated again, but he immediately opened a new ETH (25x) long position. In addition, "Maji's" losses have now exceeded $30.7 million.

Between 09:30 and 09:45 (UTC) on March 26, 2026, BTC prices experienced a short-term decline within the range of 69,442.8 to 70,026.0 USDT. The 15-minute return was -0.75%, with an amplitude of 0.83%. Market attention remained high during the event window, volatility increased significantly, and short-term selling pressure was notably released. The main drivers of this movement were the increased leverage in the derivatives market and hedging effects before options expiration. Open interest in futures contracts reached $18–20 billion, and funding rates further rose to +0.51%.

From 09:30 to 09:45 (UTC) on March 26, 2026, ETH price dropped by -1.56% within 15 minutes, with a price range of 2075.21 to 2116.99 USDT and a volatility of 1.97%. The market experienced clear fluctuations, on-chain trading volume surged, and market attention quickly intensified. Short-term capital accelerated flow, and derivatives market volatility increased, indicating the characteristics of a trend reversal under multiple structural pressures. The main driver of this movement was whales collateralizing ETH through DeFi protocols to release liquidity, then transferring large amounts of funds into a major exchange, leading to

Gate News reports that on March 26, Onchain Lens monitoring showed that as the market declined, Magi's ETH long positions were fully liquidated again. After the liquidation, Magi immediately reopened a 25x leveraged ETH long position. As of now, Magi's total losses in this round of trading have exceeded $30.7 million.

The U.S. CFTC issues a no-action letter for self-custody wallets and classifies XRP as a digital commodity alongside the SEC, creating opportunities for XRP to enter the regulated derivatives market. This move helps non-custodial wallets connect with compliant markets, boosts industry activity, and lays the foundation for XRP's long-term development.

Bitcoin was pressured by a large-scale options expiration on March 27, 2026, causing the price to fall below $70,000, with a low of $69,990. The expiration of options contracts led to price volatility, especially around $75,000, while macro factors such as geopolitical risks and developments in crypto ETFs also influenced market sentiment. Technical analysis shows Bitcoin remains in an upward trend, with a short-term key range of $69,000 to $71,000.

Gate News bot message, A whale trader on HyperLiquid faced liquidation of $125.7K on a long position of 2,647 ETH valued at $5.59M. The whale had deposited 729K USDC and transferred an additional $500K from a second account over the past 3 days.

BlockBeats News, March 26 — According to Hyperinsight monitoring, during the brief dip below $70,000 for BTC, a whale starting with 0xe84 opened a 40x leveraged long position with a size of $2.1 million, at an average price of $70,010, with a liquidation price of $71,121. The whale also placed a market buy order, planning to execute a stop-loss if the price rises to $70,500.

If Bitcoin falls below $68,000, the liquidation strength of mainstream CEX long positions will reach $719 million; if it breaks above $72,000, the short liquidation strength will reach $834 million. The liquidation chart reflects the impact of price fluctuations on the market.

On March 26th, Hyperinsight detected that the largest S&P 500 bull (0xebe) completed a 15x leveraged long position in S&P 500, with a position size of $29.9 million and an unrealized loss of $110,000. The account also holds $10 million in short positions on WTIOIL and BRENTOIL, seemingly betting that U.S.-Iran negotiations will yield positive progress and boost stock market recovery.

Crypto trader Machi Big Brother accumulated losses of $74 million by continuously going long on Ethereum with 25x leverage. Analyst Ai Auntie simulated reverse trading and found that by fully mirroring opposite trades, a 30-day return rate of 5644.9% could be achieved. The public wallet records of Stanley Huang drew community attention and became a reverse market indicator. However, reverse copy trading carries similar risks and requires careful evaluation.