Bitcoin and Ether Edge Closer to Significant Support Levels, While DeFi Tokens Suffer the Most, Despite Gains for XLM and LIT.
By Oliver Knight, Omkar Godbole|Edited by Sheldon Reback Jun 30, 2026, 10:48 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Bitcoin price (CoinDesk data)SummaryShow- Bitcoin and Ether are testing crucial multi-year support levels, with Ether at a price point it has rebounded from twice before, and Bitcoin near its lowest since late 2024.
- Open interest in Dogecoin surged to its highest level since the October crash, although this occurred amidst negative funding and aggressive selling. BTC puts continue to trade at a significant premium to calls, reflecting a demand for downside protection, even as volatility remains low.
- Some tokens, however, are defying the trend, with Stellar (XLM) maintaining gains following news of DTCC's integration with Stellar, and Lighter (LIT) rising 23% over the past week due to its similarity to the successful HYPE token.
Bitcoin BTC$59,307.25 declined by 1.5% on Tuesday after failing to maintain a position above $60,000 on Monday. Currently, it is priced at $59,250 and appears poised to revisit the weekend's lows of $58,800. Ether (ETH) has decreased by 1.73% since midnight UTC, trading at $1,580 after struggling to surpass $1,640.
Both cryptocurrencies are now approaching significant multi-year support levels. Ether has successfully rebounded from this level twice previously, in April 2025 and October 2023, while Bitcoin is hovering around its lowest mark since late 2024. A failure to maintain these levels could leave both assets without clear support.
The altcoin market experienced notable declines on Tuesday, particularly among DeFi tokens such as Ethena (ENA), Jupiter (JUP), and Ether.fi (ETHFI), which fell between 3.3% and 7.5% as market risk appetite diminishes.
This trend contrasts with traditional markets, where U.S. equities have remained stable since midnight. The S&P 500 and Nasdaq 100 futures recorded slight gains of 0.03%, while the Dollar Index (DXY) rose by 0.25%.
Derivatives Positioning
- The HYPE token, associated with the decentralized exchange Hyperliquid, has seen a 4.3% increase in the past 24 hours, standing out as the only major token in the green.
- This rally appears to be driven by spot market movements, with traders not yet inclined to increase derivatives exposure. Open interest (OI) in HYPE futures remains steady at around 40 million tokens, a level maintained since at least June 22.
- Despite the overall light positioning, there is a slight bullish inclination. Annualized funding rates are hovering near 10%, indicating that perpetual futures are trading above the spot price.
- Among major cryptocurrencies, Dogecoin DOGE$0.07238 has experienced the largest increase in open interest over the past 24 hours, reaching 16 billion tokens, the highest level since the crash on October 10, up from 13 billion the day before.
- However, these inflows appear bearish rather than bullish due to negative funding rates and a negative 24-hour OI-adjusted cumulative volume delta, suggesting sellers are more aggressive, filling their bearish bets at favorable bids.
- The futures markets for Bitcoin, Ether, and XRP are offering little excitement, with open interest remaining within recent ranges. Meanwhile, SOL's positioning remains elevated, with OI nearing record highs, indicating potential volatility ahead.
- Volatility indexes continue to reflect a calm market atmosphere. The 30-day implied volatility for BTC, known as BVIV, fell by 11% to 44% on Monday and has remained stable. Ether's equivalent index, EVIV, is indicating a similar trend.
- On Deribit, BTC puts are trading at a premium of over 10% compared to calls across all time frames, reflecting ongoing downside concerns. ETH shows a similar pattern at shorter durations, with weekly puts carrying a comparable premium, while longer-term puts are significantly cheaper than calls.
- Block flows indicated a BTC short straddle, an options strategy that benefits from low volatility and price consolidation.
Token Discussion
- Native DeFi tokens faced challenges on Tuesday, with negative sentiment prevailing. AI tokens such as FET, TAO, and RENDER also declined, along with privacy coins like Zcash (ZEC) and Monero (XMR).
- Even HYPE, which had outperformed its peers recently, traded at $65.3 after a 2.2% drop on Tuesday. HYPE's chart suggests it is in a consolidation phase following last month's rally rather than a corrective phase, characterized by two higher highs and two higher lows.
- Stellar Lumens (XLM) was one of the few tokens to gain on Tuesday, maintaining a bullish outlook after DTCC announced plans to connect its tokenized securities platform to the Stellar network in the first half of 2027. This announcement had previously triggered a 100% rally in late May.
- Another token defying the trend is Lighter (LIT), which has seen a 23% increase over the past week, benefiting from its similarities to HYPE as the native token of a decentralized perpetual exchange.
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