Crypto Markets Today: Bitcoin and Altcoins Recover After $500B Crash

Market Recovery - The crypto market experienced a recovery on Monday after a significant $500 billion drop over the weekend, which led to a $10 billion decrease in open interest [1] - Bitcoin (BTC) increased by 1.4%, while ether (ETH) saw a 2.5% gain, with Synthetix (SNX) leading the recovery with a remarkable 120% rally [1] Derivatives Positioning - The BTC futures market has stabilized, with open interest rebounding from a weekend low of $23 billion to approximately $26 billion [3] - The 3-month annualized basis has improved to the 6-7% range, indicating a return of bullish sentiment [3] - The BTC options market shows a bullish lean, with the 24-hour Put/Call Volume favoring calls at over 56% and the 1-week 25 Delta Skew rising to 2.5% [3] Liquidation Data - A total of $620 million in liquidations occurred within 24 hours, with a split of 34% longs and 66% shorts [3] - Major liquidations included ETH ($218 million), BTC ($124 million), and SOL ($43 million) [3] - Over the weekend, $19 billion in derivatives positions were wiped out, primarily from long positions, while the recent 24-hour period saw $626 billion liquidated, with $420 billion on the short side [3] Market Dynamics - The total crypto market cap increased by approximately 5.7% in the past 24 hours, with trading volume rising about 26.8%, indicating repurchases by those liquidated over the weekend [3] - Bitcoin's dominance remains high at about 58.45%, suggesting that altcoins may lag as capital returns to larger, safer assets [3] - Synthetix (SNX) emerged as a significant winner in the recovery, driven by anticipation of a trading competition with HyperLiquid [3]