I just checked the market and Bitcoin is still hovering around $73,600 while Ether is at $2,310. Both have gone up a little in the last few hours but nothing extraordinary. What catches my attention is that the altcoins are falling way behind. Of the top 100 cryptocurrencies, 97 are in the red over the past 24 hours. The fear and greed index is at 11 out of 100, so there’s clearly panic in the market.

Looking at liquidation data, $218 million moved in 24 hours, mainly in long positions. Open interest in derivatives remains steady at $15.38 billion, but funding rates have shifted from negative to positive. That suggests retail investors are starting to re-enter, albeit cautiously. The market has been consolidating for a couple of weeks, and honestly, it’s unclear whether this is the calm before a bigger drop or if we’re close to a bottom.

What worries me most is that most altcoins are suffering. World Liberty Financial lost more than 10% after the recent massive sell-off, Morpho retraced all its gains, and Axie Infinity continues testing lows. If you’re looking for cryptocurrencies with more potential in this environment, you need to be very selective. Bitcoin and Ether remain the most resilient, but the rest of the market is in survival mode. Implied short-term volatility remains high, so expect more sharp movements before things stabilize.