Crypto Markets Steady as MON Surges on Upbit, Bitcoin and Altcoins Remain Muted

Crypto markets held largely steady on Wednesday, continuing to operate in a state of “extreme fear” following last week’s sell-off. Bitcoin BTC traded around $86,600, while ether ETH inched up to $2,900, reflecting minimal movement across the market.

Overall, the top 20 cryptocurrencies saw modest changes, with the largest 24-hour move reaching only 3%, highlighting a notable reduction in volatility compared with last week’s double-digit drawdowns. CoinDesk Indices data shows that altcoins have struggled relative to Bitcoin, with the CoinDesk 10 Capped Index excluding BTC down 36.8% YTD, compared with 29.7% when including BTC. This demonstrates that, despite brief “altcoin seasons,” investors continue to favor Bitcoin’s relative stability.

Derivatives and Volatility
Bitcoin’s 30-day implied volatility (BVIV) has nearly retraced last week’s spike from 53% to 65%, signaling easing market concerns. A notable block trade on Deribit saw a simultaneous purchase of a $220,000 call and $40,000 put, expiring June 26, 2026, positioning for a potential volatility surge. Put spreads remain the most popular BTC strategy among block traders, while ETH favors diagonal calendar spreads. BTC puts continue trading at a premium to calls, while ETH shows bullish call bias starting with September 2026 expiries.

In futures markets, ETH and ZEC saw small increases in open interest (OI) over 24 hours, whereas BTC and other tokens remain flat or slightly lower. CME BTC futures OI has dropped to 132.4K BTC, the lowest since April, indicating institutional risk aversion, while ETH OI fell to nearly 2 million ETH, the lowest in over two months.

Token Spotlight: MON
The broader altcoin market remains subdued, but monad (MON) stood out after launching on South Korea’s Upbit, following a brief 48-hour debut on Coinbase. MON has doubled from its $0.023 debut, with 24-hour trading volume on Upbit reaching $370 million, surpassing Coinbase’s $274 million. The rally appears driven by strong retail participation in South Korea, contrasting with weaker demand in U.S. and European markets.

New token launches often bring volatility, as seen in Plasma’s XPL, which surged to $1.67 at debut before falling below $0.20 seven weeks later. Beyond MON, the altcoin market remained quiet: ETH rose slightly to $2,900, XRP fell 1.3%, and STRK erased most of its earlier gains, sliding over 40% in the past week after a mid-November rally from $0.10 to $0.27.