- Bitcoin futures saw a record $11 billion in open interest wiped out following new U.S. tariff threats against China.
- Altcoins such as Ethereum, Cardano, Dogecoin, and Ripple outperformed Bitcoin over the last 24 hours.
- Cardano led gains among major cryptocurrencies, rising over 10% in price.
- China Renaissance Holdings and YZi Labs are planning a $600 million investment vehicle focused on a cryptocurrency linked to Binance.
- Publicly traded crypto-related companies, including MicroStrategy and Coinbase, recorded modest gains.
On Friday, major price swings hit the cryptocurrency market after comments from U.S. President Donald Trump regarding new tariffs on China. The events led to significant liquidations in Bitcoin futures, marking the largest forced unwinding on record according to data from analysis firm Glassnode.
Glassnode reported that over $11 billion in open interest was erased, meaning that leveraged positions in Bitcoin futures contracts were closed out en masse. The firm called it a “historic deleveraging event” that reduced excess speculation in the market. Bitcoin stabilized around $114,000 in early Monday trading, rising 2.5% in the previous 24 hours.
Ethereum saw nearly 8% gains in the past day, trading at approximately $4,100. Retail sentiment for both Bitcoin and Ethereum was described as “bullish” with high message activity. Cardano (ADA) stood out, gaining more than 10% to trade around $0.71, with retail sentiment rising from neutral to bullish.
Other altcoins also rebounded, with Dogecoin up approximately 9.8% and Ripple’s XRP climbing 8.1% to $2.60. Solana and Binance Coin (BNB) recorded price increases of 7.3% and 5.8%, respectively.
According to a Bloomberg report, China Renaissance Holdings is seeking to raise about $600 million for a new investment fund focused on a cryptocurrency tied to Binance. YZi Labs intends to invest alongside China Renaissance, the report said, with both firms expected to contribute a combined $200 million.
In related equities, MicroStrategy, the largest publicly traded holder of Bitcoin, saw its shares rise 0.3% in pre-market trading. Bitmine Immersion Technologies advanced up to 4%, and Coinbase gained 1.6%.
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