Bitcoin remained stable despite a minor price decline of 0.71%, with trading volume surging by 94.03%. Market capitalisation stood at $2.29 trillion, and liquidations were higher for long positions at $34.70 million compared to shorts at $10.27 million. Ethereum saw a drop of 2.20% in price but experienced a 41.36% increase in volume, with market capitalisation at $546.07 billion. Liquidations were skewed towards longs at $92.52 million, indicating a strong trading interest.
Solana experienced a sharp price decrease of 4.06%, with a volume increase of 29.04%, and its market capitalisation was at $128.17 billion. Despite the drop, Solana maintained trader interest, with longs facing higher liquidations at $28.18 million. XRP saw a slight decrease of 1.78%, with market capitalisation at $178.51 billion and a modest 7.05% rise in volume. It had a balanced liquidation profile with longs at $14.21 million.
Dogecoin suffered the largest drop at 7.45%, with a reduction in volume by 17.56% and market cap at $39.83 billion. Liquidations heavily affected longs at $29.11 million, reflecting a challenging trading day for Dogecoin.
Given the massive volume in Bitcoin with a stable price, we should be watching for signs of accumulation by large players. This pattern reminds us of the periods leading up to the ETF approvals in 2024, where big money moved in quietly before the price surge. Data from major exchanges shows that wallets holding over 1,000 BTC have increased their balances by 3% this month, suggesting institutional confidence.
For Ethereum, the rising open interest on a down day signals traders are setting up for a big move, likely betting on the upcoming “Cancun-Prague” network upgrade in Q1 2026. While over $92 million in long positions were just wiped out, this often clears out weak hands before a recovery. We’ve seen this before, particularly during the consolidation phase after the Merge in 2022.
Solana’s sharp drop is a volatility play, and with open interest falling, it suggests traders are taking short-term profits or cutting losses rather than building new long-term positions. This high engagement during a dip is typical for SOL, as we saw during the network stability scares back in 2023. The key is to see if support holds around the $220 level, which has been a critical pivot point all year.
XRP is showing weakness as traders are clearly moving on to assets with more immediate catalysts. The declining open interest confirms capital is flowing out, likely because the long-running legal narrative has lost its power to drive speculative interest. Until we see a significant new development, it’s likely to underperform the market leaders.
Dogecoin’s collapse in price, volume, and open interest is a major red flag for us. Recent on-chain data shows a 20% drop in active daily addresses, confirming that retail interest is quickly fading. This is a classic signal that the speculative fever has broken, and trying to catch this falling knife is a high-risk, low-conviction trade right now.
