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Bitcoin remained resistant during the latest market sale, while Altcoins faced estimated liquidation of $ 8 to $ 10 billion, and funding rates became deeply negative, according to research.
A sharp jump in volatility shook on the cryptocurrency market, wiping billions of open interest rates, with Bulit and Block Scholes reporting that Bitcoin (BTC) remained stable while Altcoins scored the biggest hit.
In a research report divided by Crypto.news, Bybit said Bitcoin “surpassed Bitcoin compared to the wider crypto market,” adding that his eternal replacement was better. In contrast, the Ethereum Option market has experienced a sharp jump of short -term volatility, increased above 140%, which is the highest level in more than three months.
The liquidations were brutal. As reported by Crypto.news earlier, the Belbit CEO of Ben Zhou estimates that the true notary value of liquidated positions could be “at least $ 8 billion to $ 10 billion.” Through BTC, ETH, XRP (XRP) and Solan (Sol) Eternal Replacements, more than $ 3.1 billion open interest rates disappeared after the maximum late Friday.
Financing rates fall for Altcoins
Financing rates reflected bear shift. Altcoins saw deeper negative funding rates in days after a collision, while BTC remained relatively stable, the report said. The levels of open interest rates collapsed through the main tokens, with one key exception – the market of the Bitcoin option. Unlike Perpetuals, Bitcoin options have not experienced a major liquidation event, and its inversion of the term quickly got rid of it, Bybit said.
Despite the market turmoil, the volume of trading increased, with over $ 31.1 billion in constant replacement on February 2, which indicated the largest daily volume in more than a month. For Bitcoin, the short -term volatility of the option facilitated after the spikes in the early week, suggesting the return of stability, at least for now.
