Crypto derivatives long-short divergence: BTC open interest rises as traders intend to chase short positions, ETH open interest stabilizes without panic selling.

BlockBeats news, June 26 - Over the past 24 hours, the crypto derivatives market has seen massive liquidations, with total liquidation volume of approximately $1 billion, and Ethereum liquidations exceeding those of Bitcoin. Meanwhile, Bitcoin futures open interest has risen for the second consecutive day to 778,000 BTC. A surge in open interest at the end of Thursday's trading session indicates that Bitcoin traders are adding short positions amid the downtrend. In contrast, Ethereum futures open interest has stabilized around 14 million ETH since June 15, and Ethereum traders are not actively shorting during the decline. The 24-hour cumulative trading volume difference adjusted for open interest shows that short positions continue to dominate among the top 25 crypto tokens, with the exception of BNB, SOL, and TON.

At the same time, Bitcoin's 30-day annualized implied volatility index jumped to 53%, the highest since June 7; Ethereum's volatility index rose to 66%. In the crypto options market, the skew of Bitcoin options was close to 30% last week, with a significant premium on put options. Large trades have already seen put options with a strike price of $53,000 expiring on July 10, reflecting strong downside hedging demand.