#Ether Prices in Downtrend as Bitcoin Challenges $64K
Ether (ETH) hovered slightly above $3,000 as Asia's trading session began, coinciding with the CoinDesk Indices Ethereum Trend Indicator turning bearish.
Bitcoin (BTC) traded just above $64,000 during the Asian session after struggling to break through this level.
Jun-young Heo, a Derivatives Trader at Presto in Singapore, noted that unexpected spikes in U.S. treasury yields, a stronger dollar, and tensions in the Middle East pushed crypto markets down.
In the derivatives market, funding rates on some exchanges turned negative, and three-month basis yields plunged to 10%, making short-term put options more expensive than call options for $BTC and ETH.
Over the past 12 hours, liquidations were almost evenly split between bullish and bearish futures positions, with $31.1 million in long positions liquidated and $36.49 million in short positions facing losses.
Justin d'Anethan, head of business development at Keyrock in Hong Kong, observed that investors struggled to breach all-time highs but hesitated to adopt a fully bearish stance.
The CoinDesk 20, tracking the largest digital assets globally, traded flat at 2,174.
d'Anethan highlighted that periods of sideways price action could precede significant market movements, as leveraged traders take positions and experience volatile liquidation events.
Heo added that reversing bullish sentiment might require time or new catalysts beyond known events.
Source - coindesk.com
