Zcash, Hyperliquid tokens lead losses as traders bet against a bitcoin bounce
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- Bitcoin fell below $61,500, trading under its 200‑week simple moving average, a technical level historically linked to prolonged bear markets.
- Derivatives data showed futures volume up 1.2% to $193 bn, open interest down 1.5% to $102.27 bn, and liquidations up 38% to $418 mn, with long liquidations exceeding $300 mn.
- Zcash dropped more than 10% in the last 24 hours, while Hyperliquid’s HYPE token also fell over 10%, contributing to a 3% decline in the CoinDesk 20 Index.
- Uniswap V4’s total value locked appeared to surge 350% in a day, but the spike was traced to a hacked, unlimited‑supply “H” token on BNB Chain inflating the dashboard’s dollar figure.
- Morpho’s token rose 12% after the protocol raised $175 million in a funding round valuing it at up to $2 bn, co‑led by Paradigm, a16z, and Ribbit Capital.
- Strategy’s BTC Yield fell from 13.0% to 12.8% despite buying 1,550 BTC, prompting debate over whether the purchase was dilutive on a bitcoin‑per‑share basis.
Why it matters: The surge in liquidations and negative funding rates underscores heightened short positioning, while altcoin holders see double‑digit losses as risk aversion spreads ahead of the CPI release, tightening market liquidity and raising the stakes for traders betting on the upcoming inflation data.
