Bitcoin consolidated at $62,600 on Tuesday following a sharp Monday selloff that drove the price from $64,400 to $61,800, as U.S. President Donald Trump threatened “very heavy” strikes against Iran and South Korean equities cratered, sending crypto volumes surging.
The consolidation reflected a stabilization after the intraday decline. Binance’s liquidation heatmap flagged $61,300 as key support. Over the preceding 24 hours, $283 million in positions were liquidated across crypto derivatives exchanges, with 74% skewed toward long liquidations and 26% toward shorts. Bitcoin notional liquidations accounted for $66 million of that total.
Options markets signaled a low-stress environment. The put/call ratio softened to 58/42 from 64/36, while one-week delta skew compressed to 15% from 26% a week prior, indicating moderating bullishness. Bitcoin’s three-month annualized basis held at 3.8%, with funding rates trading in a 0% to 8% range. Open interest stood at $17.1 billion.
South Korean Capital Rotation Drives Volume Spike
The South Korean KOSPI index declined 10% since Friday, prompting a sharp reallocation. Upbit, the country’s largest crypto exchange, recorded a 1,426% surge in trading volume as Korean investors rotated capital from equities into digital assets. The shift potentially reverses a machine chip trade that saw South Korean investors exit crypto at the end of last year.
Ether and Altcoins
Ether tracked Bitcoin’s consolidation, trading in a $1,770 to $1,790 range with $8.95 billion in 24-hour volume, a 2.2% increase. Liquidations on Ether totaled $50 million notional.
Among altcoins, Ethena (ENA) and Lighter (LIT) both rebounded 5.7% since midnight UTC on Tuesday. LIT is attempting another rally following a 200% surge since May, while ENA remains in a steep downtrend, having lost 90% of its value since September. NEAR gained 3.3% and FET rose 1.7%, while JUP declined 1.5% and WLFI fell 0.5%. The CoinMarketCap Altcoin Season indicator read 54/100, above its 50/100 threshold.
Macro Backdrop
Gold extended its decline from a January 29 record high, falling 28% to approximately $4,020 per ounce. U.S. equities futures were mixed, with Nasdaq 100 futures up 0.31% and S&P 500 futures down 0.12%.
Frequently Asked Questions
Why did South Korean crypto trading volume spike?
The KOSPI index declined 10% since Friday, and Upbit recorded a 1,426% surge in trading volume as Korean investors rotated capital from equities into digital assets.
How much was liquidated across crypto derivatives?
$283 million in positions were liquidated over 24 hours, 74% long and 26% short, with Bitcoin notional liquidations of $66 million.
Where did Bitcoin find support?
Binance's liquidation heatmap flagged $61,300 as key support, while Bitcoin consolidated at $62,600 after falling from $64,400 to $61,800.
