Crypto Markets Rebound: Synthetix Surges 120% Post $500B Crash

The crypto market rebounded on Monday after a significant downturn over the weekend, which led to a $500 billion loss in market value and a $10 billion drop in open interest.

Bitcoin rose by 1.4%, while Ethereum gained 2.5%.
Synthetix (SNX) surged by 120% amid anticipation of "perpetual wars" with HyperLiquid.
Plasma (XPL) and Aster (ASTER) saw declines of 4.2% and 2.5%, respectively.

Derivatives Positioning

The BTC futures market stabilized, with open interest settling at around $26 billion after dropping over the weekend.
The 3-month annualized basis returned to a 6-7% range, indicating renewed bullish sentiment, despite negative funding rates on Binance.
The BTC options market shows increased demand for bullish exposure, with the Put/Call Volume favoring calls at over 56%.
Coinglass data recorded $620 million in liquidations, mainly affecting ETH, BTC, and SOL.

Token Talk

The total crypto market cap increased by approximately 5.7%, with trading volume rising by 26.8% as investors repurchased positions.
Over the weekend, $19 billion in derivatives positions were liquidated, mostly long positions. In the past 24 hours, $626 billion was liquidated, with $420 billion being short positions, indicating a sentiment shift.
Bitcoin's dominance remains high at about 58.45%, suggesting altcoins might lag behind.
Synthetix (SNX) emerged as a major winner, surging over 120% due to upcoming trading competition with HyperLiquid.