Bitcoin extended recent losses as derivatives data show a clear risk-off shift.
Derivatives data show a clear risk-off shift, with falling futures open interest, negative funding rates, elevated short positioning and implied volatility signaling strong demand for near-term downside protection.
Crypto wallet Rainbow’s new RNBW token plunged about 75% from its ICO price, beset by distribution delays and infrastructure issues. Even though the largest cryptocurrency dropped more than 2.8% in the last 24 hours, it remains well off its recent lows of around $60,000. Still, it has struggled to regain momentum after last week's steep drop that reignited debate over whether the market has entered a deeper bear phase or is nearing a bottom.as a sign of exhaustion, even as critics took victory laps. Nevertheless, attention is being paid to software stocks, some of which started to rebound as concerns of a deeper collapse ease.dropped about 5%, underperforming bitcoin as traders cut risk across major tokens, but held above the psychological support at $2,000. The broader CoinDesk 20 slid from $19 billion to $16 billion over the last week, marking a period of sustained deleveraging. Funding rates on Bybit and Binance have flipped neutral-to-negative, signaling that short sellers are now leading the narrative. With the three-month basis compressing to 3%, institutional demand has cooled, reflecting a broader derivatives landscape dominated by risk-off sentiment. Options data confirms this defensive shift, with one-week 25-delta skew for BTC rising to 20% and call dominance dropping to 48%. The implied volatility term structure is now in extreme backwardation, with front-end volatility at 85.03% dwarfing long-term expectations . That's a massive premium for immediate protection against near-term price drops. Coinglass data shows $397 million in 24-hour liquidations, with a 45-55 split between longs and shorts. BTC , ETH and SOL were the leaders in terms of notional liquidations.The Ethereum-based project introduced the token on the layer 2 network Base, with the price tumbling to $0.025, a 75% drop from its $0.10 initial coin offering just two months earlier. It has since risen to $0.031, odds of that bet reached a near 80% high earlier in the year. The FDV is now hovering closer to $31 million.to early buyers and participants in Rainbow’s onchain rewards program. Some users said they had not received their airdropped tokens hours after the launch.backend infrastructure buckling under demand. U.S.-based investors won’t be able to fully access their tokens until December 2026, according to vesting terms. Rainbow raised $18 million in a 2022 Series A led by Reddit cofounder Alexis Ohanian’s firm, Seven Seven Six. The wallet is known for gamified features and a points system tied to the RNBW token.
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