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BTC price drops to two-week low as $300 million in longs are liquidated

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BTC price drops to two-week low as $300 million in longs are liquidated

The crypto market tumbled to the lowest levels in more than two weeks, with bitcoin BTC$65,649.96 dropping below $67,000 and ether (ETH) closing in on $2,000. The CoinDesk 20 Index (CD20) lost 2.2% since midnight UTC, reaching its lowest since March 9.

The fall coincided with a drop in U.S. equities. Nasdaq 100 futures are now trading at 23,760, 10% below this year’s high from January.

The risk-off atmosphere was spurred by rising oil prices and fears that the war in Iran would not de-escalate as quickly as many had hoped. Oil remains above $100 per barrel, stoking inflation concerns.

Sections of the altcoin market were harder hit on Friday, with the likes of ETHFI losing 6% since midnight. WLD, WIF, SEI and FET all lost between 3.6% and 4.7%.

Derivatives positioning

  • Long crypto futures bets, or bullish positions on market direction, bore the brunt of liquidations over the past 24 hours, with nearly $300 million liquidated, compared with just $50 million in short positions.
  • That’s the fifth time in 10 days the longs have neared that level of punishment, an indication traders were predominantly positioned for the Iran war to translate into a price rally that has not materialized.
  • XRP’s price fell over 2.5% in 24 hours, while open interest in futures has increased by 2% to 1.95 billion XRP, the most since Feb. 2.
  • That combination represents renewed investor interest in shorting the falling market. Negative cumulative volume delta and sub-zero funding rates suggest the same.
  • Futures tied to bitcoin, solana, dogecoin and BNB displayed an XRP-like bearish profile.
  • Memecoin SHIB has the largest negative open-interest–adjusted cumulative volume delta among major tokens, signaling aggressive derisking, or shorting, by traders.
  • Canton Network’s CC token stood out with positive funding rates and an increase in futures OI, both signaling growing demand for bullish exposure.
  • Bitcoin and ether’s 30-day implied volatility indices, BVIV and EVIV, continued to drop despite weak spot prices, suggesting that traders aren’t panicking yet and do not anticipate a turbulent selloff.
  • On Deribit, bitcoin options worth over $15 billion expired early Friday. So, the supposed expiry-related price magnet of $75,000 is no longer valid, which opens doors for deeper declines amid a worsening macro outlook.
  • Bitcoin and ether puts are again trading at 6 to 8 volatility premium to calls across all expirations, risk reversal shows. It indicates sticky demand for downside protection.

Token talk

  • The altcoin market showed its fragility again on Friday, failing to cling on to key levels of support in a low-liquidity trading environment.
  • The CoinDesk Computing Select Index (CPUS) was the worst-performing benchmark, tumbling by 2.3% while the bitcoin-dominant CoinDesk 20 (CD20) dropped 1.2%.
  • One token that bucked the bearish trend was ONDO, which rose after Ondo Finance, an asset management company, said it agreed to tokenize five Franklin Templeton exchange-traded funds (ETFs) and bring them to the Ondo Chain.
  • The token is up by more than 8% in the past 24 hours, although it gave back some of those gains since midnight UTC.
  • The average relative strength index (RSI) across all crypto tokens remains neutral despite the selloff, suggesting further declines are likely on Friday.

Sudoswap token jumps 225% as traders rush to profit from DAO ‘rage quit’ proposal – DL News

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Sudoswap token jumps 225% as traders rush to profit from DAO ‘rage quit’ proposal – DL News

  • Sudoswap gets a “rage quit” proposal.
  • It caused the SUDO token to soar in value.
  • Those buying the token are hoping to profit if the proposal passes a vote.

Traders have pushed up the price of a forgotten crypto token over 225% following a proposal to distribute leftover assets held by the DeFi protocol it governs to holders.

On Thursday, a pseudonymous delegate who goes by statelayer Sudoswap’s decentralised autonomous organisation, or DAO, published a proposal that would claim approximately $800,000 in fees accumulated by the protocol and allow DAO members to exchange their tokens for a portion of it.

Sudoswap is an onchain automated market maker for non-fungible tokens, or NFTs, built on Ethereum.

If the proposal passes a vote, it will let holders redeem each SUDO token they own for around $0.03 worth of Ether — triple the market value of SUDO tokens before the proposal was revealed.

Those buying up SUDO are hopeful that the proposal will pass, yielding them a return of around 225% per token.

“The rage quit smart contract has no time limit, and is opt-in,” the proposal said. “SUDO may be exchanged for ETH at the fixed rate as long as sufficient ETH remains in the smart contract.”

The scheme is the latest example of what in DeFi is termed a “rage quit” — where token holders of old, forgotten DeFi protocols propose liquidating any remaining funds the protocol holds and distributing them to token holders, effectively dissolving the organisations.

In 2023, holders of Hector Network’s token voted to dissolve its DAO following claims of mismanagement. The protocol later entered receivership, with some assets clawed back.

The same year, token holders at Solana-based Parrot Protocol also voted through a similar dissolution.

DAO rage quitting is similar to another manoeuvre called raiding.”

Here, activist investors target DeFi protocols where the value of assets held by the DAO is greater than the market value of its governance token. The investors buy up the protocol’s token and use the voting power it confers to push through a proposal to liquidate the DAO, allowing them to profit.

NFT exchange

Sudoswap allows users to buy and sell NFTs instantly from liquidity pools — like decentralised exchange Uniswap — rather than relying on peer-to-peer order books, like OpenSea.

The project launched in July 2022 and introduced the SUDO governance token in early 2023 through an airdrop to early users and liquidity providers.

The protocol found some success, generating almost $5 million in fees over its lifetime, according to DefiLlama data.

However, as interest in NFTs plummeted throughout 2023 and 2024, so too did interest in Sudoswap. Use of the protocol dried up, and the SUDO token plummeted in value.

Sudoswap’s token is down 99% from its all-time high.

In addition to distributing Sudoswap fees, the proposal will also prevent users from minting more SUDO tokens by transferring ownership of its smart contracts to the burn address. This, statelayer said, will remove the risk of a potential governance attack.

The vote to distribute the Sudoswap fees will begin on March 28. Token holders have three days to cast their votes.

Sudoswap founder Owen Shen, who goes by 0xmons online, did not immediately respond to a request for comment.

Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Reach out with tips at tim@dlnews.com.

Black Hat Asia

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Black Hat Asia

Apr 21, 2026 TO Apr 24, 2026

|

Singapore

Black Hat Asia returns to Marina Bay Sands in Singapore with a four-day program featuring specialized cybersecurity Trainings with courses for all skill levels, a Summit Day, and the two-day main conference. Black Hat Asia 2026 will feature Briefings by experts from around the world presenting the latest research in cybersecurity risks, developments and trends, dozens of open-source tool demos in Arsenal, a robust Business Hall, networking opportunities, social events, and much more. Use code: DARKREADING to get a Free Business pass or save S$200 on a Briefings pass.

Ondo, CC sidestep macro concerns with institutional deals as BTC, ETH prices slide: Crypto Daybook Americas

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Ondo, CC sidestep macro concerns with institutional deals as BTC, ETH prices slide: Crypto Daybook Americas

By Omkar Godbole (All times ET unless indicated otherwise)

Bearish macro headlines dominate crypto market sentiment, as they have done for most of the month, but concrete updates advancing mainstream blockchain adoption still have the ability to resonate with investors.

That’s evident from the 7% gain in Canton Network’s CC token over the past 24 hours. It’s the second-best-performing top-100 token by market value, behind Ondo Network’s ONDO token, which has risen 9%.

CC’s upswing follows Visa’s announcement that it joined Canton Network as a super validator, helping secure and validate transactions on the blockchain.

The move is pivotal because it brings a global payments giant onto a privacy-preserving network specifically built for institutions that want to transact on the blockchain without exposing sensitive data to other network participants.

Visa will help “extend privacy‑preserving blockchain infrastructure to banks and financial institutions around the world,” the firm said in an official announcement.

Privacy is widely seen as a key requirement for broader institutional adoption of the technology. At Consensus Hong Kong in February, investment banking giant JPMorgan and crypto firms Abraxas and B2C2 emphasized the need for privacy-preserving infrastructure, noting that institutions are unlikely to transact at scale on fully transparent networks where sensitive financial data could be exposed.

ONDO, too, is rallying primarily due to its pole position in the real-world asset tokenization sector, underscored by the early-week news of its partnership with Franklin Templeton to tokenize traditional assets.

The broader market remains under pressure due to geopolitical tensions and oil prices, which have traders pricing a Fed rate hike in two weeks.

Bitcoin BTC$66,090.44 has dropped over 3% to $66,800 alognside similar losses in ether (ETH) and XRP (XRP). Solana’s SOL token fell over 5% and the CoinDesk 20 Index (CD20) lost 3% decline.

According to Marex, renewed outflows from spot ETFs are weighing on bitcoin.

“ETF outflows have returned in size, which removes a steady bid from the tape and makes dips feel less protected,” Marex’s analysts said in a morning note.

They added that with the quarterly options expiry out of the way, the market is more exposed to the real catalysts again: oil, war headlines, rates and risk appetite.

Speaking of risk appetite, it could remain weak as government bond yields across the advanced world, including the U.S. and Japan, are rising again. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today

What to Watch

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

  • Crypto
  • Macro
    • March 27, 10:00 a.m.: U.S. Michigan Consumer Sentiment Final for March est. 55.5 (Prev. 56.6)
  • Earnings (Estimates based on FactSet data)
    • March 27: Sphere 3D (ANY), post-market, -$4.68
    • March 27: Bonk Inc (BNKK), post-market
    • March 27: Mawson Infrastructure Group (MIGI), post-market, -$10.40
    • March 27: ZeroStack (ZSTK), post-market, -$1.97

Token Events

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

  • Governance votes & calls
  • Unlocks
  • Token Launches

Conferences

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.

Market Movements

  • BTC is down 6.13% from 4 p.m. ET Thursday at $66,329.42 (24hrs: -4.44%)
  • ETH is down 8.13% at $1,987.25 (24hrs: -4.27%)
  • CoinDesk 20 is down 3.34% at 1,909.22 (24hrs: -3.86%)
  • Ether CESR Composite Staking Rate is unchanged at 2.74%
  • BTC funding rate is at -0.0097% (-10.5930% annualized) on Binance
  • DXY is up 0.10% at 100.00
  • Gold futures are unchanged at $4,460.60
  • Silver futures are unchanged at $68.82
  • Nikkei 225 closed down 0.43% at 53,373.07
  • Hang Seng closed up 0.38% at 24,951.88
  • FTSE is down 0.69% at 9,902.97
  • Euro Stoxx 50 is down 1.39% at 5,488.69
  • DJIA closed on Thursday down 1.01% at 45,960.11
  • S&P 500 closed down 1.74% at 6,477.16
  • Nasdaq Composite closed down 2.38% at 21,408.08
  • S&P/TSX Composite closed down 1.53% at 31,887.52
  • S&P 40 Latin America closed up 0.44% at 3,481.68
  • U.S. 10-Year Treasury rate is up 9 bps at 4.42%
  • E-mini S&P 500 futures are down 0.51% at 6,492.00
  • E-mini Nasdaq-100 futures are down 0.71% at 23,624.25
  • E-mini Dow Jones Industrial Average Index are down 0.48% at 46,009.00

Bitcoin Stats

  • BTC Dominance: 58.49% (-0.61%)
  • Ether-bitcoin ratio: 0.02996 (0.07%)
  • Hashrate (seven-day moving average): 994 EH/s
  • Hashprice (spot): $31.97
  • Total fees: 2.37 BTC / $164,687
  • CME Futures Open Interest: 118,140 BTC
  • BTC priced in gold: 15.1 oz.
  • BTC vs gold market cap: 4.44%

Technical Analysis

Bitcoin's daily price swings in candlestick format. (TradingView)
Bitcoin slides to key trendline support. (TradingView)
  • The chart shows bitcoin’s daily price swings in candlestick format since July last year.
  • BTC has slipped to support of the trendline from Feb. 6 low, characterizing the price bounce within the broader downtrend.
  • Should the support give way, we could see a deeper selloff that could test dip demand around February lows near $60,000.
  • The latest pattern is similar to the one seen through December and January, which ended up deepening the selloff.

Crypto Equities

  • Coinbase Global (COIN): closed on Thursday at $173.38 (–4.26%), –1.72% at $170.39 in pre-market
  • Galaxy Digital (GLXY): closed at $19.61 (–8.06%), –1.33% at $19.35
  • MARA Holdings (MARA): closed at $8.58 (+3.62%), –0.58% at $8.53
  • Riot Platforms (RIOT): closed at $14.01 (–7.62%), –0.18% at $13.98
  • Core Scientific (CORZ): closed at $15.79 (–7.39%), –0.51% at $15.71
  • CleanSpark (CLSK): closed at $9.30 (–6.63%), –0.54% at $9.25
  • Exodus Movement (EXOD): closed at $6.85 (–6.04%)
  • CoinShares Bitcoin Miners ETF (WGMI): closed at $37.08 (–7.99%)
  • Circle Internet Group (CRCL): closed at $98.27 (–5.38%), –2.35% at $95.96
  • Bullish (BLSH): closed at $36.44 (–2.64%), –0.93% at $36.10

Crypto Treasury Companies

  • Strategy (MSTR): closed at $132.93 (–4.46%), –0.99% at $131.61
  • Strive Asset Management (ASST): closed at $10.41 (–4.06%), –1.15% at $10.29
  • SharpLink Gaming (SBET): closed at $6.53 (–10.30%), –0.61% at $6.49
  • Upexi (UPXI): closed at $1.07 (–10.08%), +1.87% at $1.09
  • Lite Strategy (LITS): closed at $1.16 (–3.33%)

ETF Flows

Spot BTC ETFs

  • Daily net flows: -$171.3 million
  • Cumulative net flows: $56.14 billion
  • Total BTC holdings ~1.29 million

Spot ETH ETFs

  • Daily net flows: -$92.5 million
  • Cumulative net flows: $11.6 billion
  • Total ETH holdings ~5.76 million

Source: Farside Investors

While You Were Sleeping

Bitcoin Preps Sixth Red Month in a Row as Oil Fears Surge

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Bitcoin Preps Sixth Red Month in a Row as Oil Fears Surge

Bitcoin (BTC) neared $66,000 at Friday’s Wall Street open as analysis called US inflation trends “objectively unsustainable.”

Key points:

  • Bitcoin drops further on oil-supply woes as Iran closes the Strait of Hormuz.

  • BTC price performance is set to seal its sixth straight month of losses at the March close.

  • Traders eye the lows with $70,000 back as resistance.

Oil squeeze creates US bond-market havoc

Data from TradingView captured ongoing BTC price losses, which approached 4% on the day and threatened to turn March into Bitcoin’s sixth consecutive “red” month.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Macro headlines drove weakness across risk assets. US stocks opened downward after Iran closed the Strait of Hormuz, sharpening nerves over global oil supplies.

With the US-Iran war set to extend into April, markets showed stress everywhere — including US bonds.

“The US bond market is in major trouble today,” trading resource The Kobeissi Letter warned in a post on X.

Kobeissi noted that the 10-year Treasury note was now at its highest levels since the war began, creating a major headache for the Federal Reserve as it tries to tame inflation as labor-market conditions worsen.

“In less than one month, markets have gone from discussing rate cuts to rate hikes, with the base case showing a Fed PAUSE for the next 18 months,” it continued. 

“Keep in mind, the Fed was cutting interest rates because the labor market was weak, and it remains weak. However, inflation expectations have just become an even bigger problem than the labor market. This is objectively unsustainable.”

Federal Reserve target rate probabilities (screenshot). Source: CME Group FedWatch Tool

As Cointelegraph reported, oil prices have a pronounced impact on US inflation trends, while markets have also raised expectations of recession hitting in 2026.

“Inflation expectations have become so bad that the market is trading like an emergency Fed rate hike is imminent,” Kobeissi founder Adam Kobeissi added.

US two-year bond chart. Source: Adam Kobeissi/X

Bitcoin price resistance settles in at $70,000

Among Bitcoin traders, the mood was just as wary as BTC/USD circled its lowest levels in three weeks.

Related: Bitcoin value ‘off the chart’ as BTC price metric hits record lows in 2026

Analyzing four-hour time frames, Telegram trading resource Technical Crypto Analyst predicted a “likely” return to $64,000 next.

“BTC has clearly broken its ascending trendline and is now showing lower highs under the 70–72K supply, confirming a short-term bearish shift; with price losing the 68K support, continuation toward the 64–65K demand zone is likely, and only a reclaim above 70K would invalidate the bearish momentum,” it told subscribers.

BTC/USDT perpetual contract four-hour chart. Source: Crypto Technical Analyst/Telegram

Data from CoinGlass revealed the high stakes for price into the March monthly close, with BTC/USD readying its first six straight months of losses since the end of its 2018 bear market.

BTC/USD monthly returns (screenshot). Source: CoinGlass

“Indeed seeing the market derisking into the weekend as expected and as we’ve been seeing several weeks now,” trader Daan Crypto Trades continued. 

“Eyes on that $65.6K low from last week Monday. Main area to watch for me will be the range low. Seeing there’s still quite a bit of liquidity around that area.”

BTC/USDT perpetual contract four-hour chart. Source: Daan Crypto Trades/X