BTC
$101,231.64
–
1.50%
ETH
$2,249.19
–
1.35%
USDT
$1.0008
+
0.02%
XRP
$2.0056
–
0.81%
BNB
$618.65
–
1.59%
SOL
$134.02
+
0.39%
USDC
$1.0004
+
0.02%
TRX
$0.2684
–
1.41%
DOGE
$0.1519
–
2.16%
ADA
$0.5406
–
1.34%
HYPE
$34.74
+
3.71%
WBT
$47.59
–
2.00%
BCH
$454.92
–
2.05%
SUI
$2.4791
–
2.08%
LEO
$9.0000
+
0.80%
LINK
$11.82
–
0.91%
XLM
$0.2291
–
1.76%
AVAX
$16.82
+
0.87%
TON
$2.7800
–
1.38%
SHIB
$0.0₄1079
+
0.13%
By Shaurya Malwa|Edited by Parikshit Mishra
Jun 23, 2025, 11:40 a.m.
- Ether’s recent price surge is attributed to speculative futures positions rather than increased organic demand, according to Matrixport.
- ETH experienced an over 8% drop following a U.S. airstrike on Iranian nuclear sites, highlighting its vulnerability to geopolitical events.
- Traders are actively hedging against further declines, with options market data showing a preference for downside protection.
Ether’s
recent rally may be on shaky ground with one firm warning that last week’s price surge was largely fueled by speculative futures positions instead of a bump in organic demand.
In a note on Monday, Matrixport opined that “leveraged traders have pushed [ETH’s] price higher in the absence of fundamental support,” adding that this made the asset more susceptible to the “outsized decline” the asset saw over the weekend.
STORY CONTINUES BELOW
Ether slumped over 8% in a Saturday sell-off, leading losses among majors as traders reacted to the U.S. attack on Iranian nuclear sites in a surprise airstrike.
The firm pointed to last week’s sharp drop in ETH as evidence of this position-driven fragility and warned that elevated leverage levels could continue to pressure prices.
At press time, ETH traded near $2,248 — down from last week’s high above $2,400 — as derivatives data showed traders aggressively hedging downside risk.
Options market signals echo that caution, as CoinDesk analyst Omkar Godbole noted over the weekend. According to data from Amberdata, ETH’s 25-delta risk reversals — a measure comparing the cost of puts versus calls — have skewed negative across June to July expiries. This suggests investors are paying up for protection against downside volatility.
QCP Capital further noted in a weekend market update that “risk reversals in both BTC and ETH continue to show a preference for downside protection,” adding that long holders are actively hedging their spot exposure.
Read more: SOL, XRP, DOGE Lead Altcoin Recovery After $1B Weekend Liquidation
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
