Key Highlights
- Bitcoin, Ether, Solana, XRP and BNB all traded higher as the top crypto market showed broad recovery after the recent sell-off.
- BTC options data showed a 0.41 put/call ratio, with the largest call open interest concentrated at the $79,000 strike.
- ZEC open interest jumped 11.47% in 24 hours as privacy coins extended their strong weekly rally.
Bitcoin, Ether, Solana, XRP and BNB all turned green on May 25, giving the crypto market its broadest recovery signal since the latest sell-off began. The move was not just a price bounce. Options positioning, derivatives flows and liquidation data all pointed to a market that is slowly shifting away from defensive hedging and back toward upside exposure.
Bitcoin traded near $77,649, while Ether, BNB, Solana and XRP also posted gains over the past 24 hours. The stronger signal came from Deribit’s BTC options market, where the put/call ratio fell to 0.41 and call open interest clustered heavily around the $79,000 strike. At the same time, total crypto liquidations dropped to their lowest level since before the May 12 sell-off, suggesting that forced selling pressure has cooled.
That recovery is now showing up beyond Bitcoin. ZEC open interest surged more than 11% in 24 hours as the privacy-coin rally continued, while NEAR, HYPE and several AI-linked tokens remained among the strongest weekly performers. The setup leaves traders watching whether Bitcoin can break the $79,000 options wall and turn the latest relief rally into a broader market rebound.
The options market is sending the most constructive signal since the selloff began. Deribit’s BTC put/call ratio dropped to 0.41, with massive call open interest concentrated at the $79,000 strike — the highest single-strike call position on the board. ZEC open interest surged 11.47% in 24 hours as the privacy-coin rally extended to +28.6% on the week. Bitcoin held $77,649 (+1.6%), the Fear & Greed Index returned to 41 (Neutral), and PHALA topped the trending board at +35.5%.
A 0.41 put/call ratio, ZEC OI surging 11%, and HYPE funding rates at -0.048% (shorts paying longs) point to a market that is positioning for upside, not hedging for downside.
PlaysOut, PHALA, and Wojak lead the gainer board
The CoinGecko gainer board was led by PlaysOut at +50.9%, followed by Wojak at +46.8% and Anoma at +38.0%. PHALA’s +35.5% surge on AI-compute infrastructure narrative made it the most-watched gainer of the day — trending on CoinGecko alongside NEAR, ZEC, and HYPE.
| Top gainers | Price | 24h move |
|---|---|---|
| PlaysOut (PLAY) | $0.1043 | +50.9% |
| Wojak (WOJAK) | $0.08347 | +46.8% |
| Anoma (ANOMA) | $0.01247 | +38.0% |
| PHALA (PHA) | $0.05021 | +35.5% |
| Nockchain (NOCK) | $0.03574 | +29.8% |
| ORE | $130.86 | +27.4% |
| Pirate Chain (ARRR) | $0.4356 | +24.9% |
| Collector Crypt | $0.167 | +25.8% |
PHALA is the narrative play. The Phala Network token rallied on its AI-compute partnership pipeline and the broader AI-agent infrastructure bid that has driven NEAR (+48.9% 7d) and Grass (+43.9% 7d) this month. Pirate Chain (+24.9%) extends the privacy-coin rotation alongside ZEC (+28.6% 7d).
The loser board was brutal for Monji (-63.2%) and Solstice (-35.6%), both microcaps that appear to have experienced exit liquidity events. Asteroid Shiba (-14.9%), SkyAI (-14.4%), and PYTHIA (-14.2%) continued their multi-day corrections.
| Top losers | Price | 24h move |
|---|---|---|
| Monji | $0.02263 | -63.2% |
| Solstice | $0.2292 | -35.6% |
| Asteroid Shiba | $0.0002254 | -14.9% |
| SkyAI | $0.2856 | -14.4% |
| PYTHIA | $0.02932 | -14.2% |
| SAFEbit | $0.1004 | -11.7% |
| Superfortune | $1.20 | -11.0% |
| Diem | $1,620.75 | -10.5% |
BTC, ETH, and alts post broad green session
The entire top 10 posted gains on May 25 — the first uniformly green session in over two weeks. BTC +1.6%, ETH +1.5%, BNB +2.4%, SOL +1.3%, TRX +1.9%, and DOGE +1.0%. The weekly picture is also improving: BTC is now only -1.0% on the week, ETH -0.2%, and BNB +4.8%.
| Asset | Price | 24h move | 7d move |
|---|---|---|---|
| Bitcoin | $77,648.80 | +1.6% | -1.0% |
| Ethereum | $2,126.61 | +1.5% | -0.2% |
| BNB | $670.89 | +2.4% | +4.8% |
| XRP | $1.36 | +0.9% | -1.9% |
| Solana | $86.27 | +1.3% | +2.8% |
| TRX | $0.3726 | +1.9% | +4.2% |
| DOGE | $0.1031 | +1.0% | -1.9% |
| HYPE | $62.84 | 0.0% | +36.5% |
| ZEC | $674.82 | +4.6% | +28.6% |
| NEAR | $2.67 | +7.2% | +48.9% |
The 7-day picture is telling. BNB (+4.8%), TRX (+4.2%), and SOL (+2.8%) are now green on the week, while BTC (-1.0%) and ETH (-0.2%) are approaching flat. HYPE (+36.5%), NEAR (+48.9%), and ZEC (+28.6%) remain the three highest-conviction trades of the month. The weekly recovery from last week’s -4.5% to -7.5% declines across majors to near-flat is the clearest sign that the correction has bottomed.
ZEC open interest surges 11% as privacy rally deepens
ZEC’s open interest surged 11.47% in 24 hours to $1.76B — the largest single-day OI increase for any major asset this week. The buildup was broad-based across exchanges.
| Exchange | ZEC OI | 24h OI change |
|---|---|---|
| MEXC | $72.80M | +27.88% |
| Gate | $35.51M | +20.82% |
| Bybit | $169.05M | +14.66% |
| Binance | $444.47M | +12.37% |
| Hyperliquid | $458.05M | +12.51% |
| WhiteBIT | $97.76M | +11.24% |
| Bitget | $103.72M | +9.90% |
The OI surge suggests new positions being built, not just price appreciation on existing leverage. ZEC at $674.82 (+28.6% 7d) is now the 12th-largest asset by market cap at $11.27B. The privacy-coin narrative — which also drove Pirate Chain (+24.9% today) and Railgun (+50.2% yesterday) — shows no signs of exhaustion. Hyperliquid and Binance hold nearly equal OI at $458M and $444M respectively, confirming that both centralized and decentralized venues are participating in the buildup.
Options market signals bullish positioning
The BTC options open interest on Deribit tells a clear directional story:
| Options metric | Value |
|---|---|
| Total open interest | 402,587 contracts ($31.26B notional) |
| Calls | 238,611 contracts ($18.53B notional, $629.40M market value) |
| Puts | 163,977 contracts ($12.73B notional, $522.34M market value) |
| Put/Call ratio | 0.41 |
| Max call OI strike | $79,000 |
A 0.41 put/call ratio means there are 2.4 calls for every put — a significant bullish skew. The concentration of call OI at the $79,000 strike is the market’s directional bet: options traders are positioning for BTC to break above the top of the $76K–$78K range that has contained price action for a week. Additional call clusters appear at $82,000, $87,000, and $98,000–$106,000, suggesting that the options market sees meaningful upside potential if the range breaks.
Derivatives: Liquidations hit lowest since selloff began
CoinGlass data showed $147.60M in total liquidations — the lowest reading since before the May 12 selloff began — with 62,335 traders liquidated. Shorts continued to lead at 54.4% ($80.29M) versus 45.6% longs ($67.31M), though the split continued to narrow toward equilibrium.
| Liquidation metric | 24h data | Trend |
|---|---|---|
| Total liquidations | $147.60M | Lowest since pre-May 12 |
| Short liquidations | $80.29M (54.4%) | Third consecutive short-led day |
| Long liquidations | $67.31M (45.6%) | Converging toward 50/50 |
| Traders liquidated | 62,335 | Lowest of the week |
| Largest single liquidation | $10.52M BTC-USD on Hyperliquid | Largest in days |
Liquidations by asset
| Asset | 24h liquidations |
|---|---|
| BTC | $41.68M |
| ETH | $30.55M |
| Others | $13.57M |
| ZEC | $6.72M |
| NEAR | $6.62M |
| ESPORTS | $6.14M |
| HYPE | $4.75M |
| SOL | $4.32M |
The $10.52M single BTC-USD liquidation on Hyperliquid was the largest individual position blowup in days — a whale short getting caught on the +1.6% BTC bounce. HYPE liquidations dropping from $14.96M yesterday to $4.75M confirms the HYPE squeeze has largely played out, consistent with the -4.01% decline in HYPE open interest.
Open interest overview
| Asset | OI | 24h change | Signal |
|---|---|---|---|
| BTC | $55.04B | +0.57% | Steady buildup |
| ETH | $32.25B | +3.44% | Fresh positioning |
| SOL | $5.58B | +2.05% | Constructive |
| XRP | $2.88B | +1.62% | Steady |
| HYPE | $2.89B | -4.01% | Deleveraging after squeeze |
| ZEC | $1.76B | +11.47% | Massive buildup |
ETH OI rising 3.44% while ETH price only gained 1.5% suggests new leveraged longs are being built on Ethereum — a positioning signal to watch. If ETH reclaims $2,150 with rising OI, the setup for a short squeeze improves significantly.
Funding rates
Funding rates reveal differentiated positioning across assets:
| Asset | Signal | Key reading |
|---|---|---|
| BTC | Mildly positive (0.0018%) | Neutral; no extreme positioning |
| ETH | Mixed (0.0111% Binance, -0.0061% OKX) | Split across exchanges |
| SOL | Positive (0.0157% Binance, 0.0300% Bybit) | Long-biased |
| HYPE | Deeply negative (-0.0459% Binance, -0.0480% KuCoin) | Shorts paying longs heavily |
| XRP | Strongly positive (0.0300%+ most exchanges) | Long-biased |
| ZEC | Mixed (-0.0024% Binance, 0.0300% Bybit) | Split |
HYPE’s deeply negative funding rate (-0.048% on Binance) means shorts are paying longs to hold their positions — the most aggressive short-biased funding in the top 20. This is counterintuitive given HYPE’s +36.5% weekly gain: it suggests that despite the rally, a significant cohort of traders is betting on a reversal. If HYPE holds above $60, those shorts will continue bleeding funding costs, creating a potential catalyst for another squeeze.
Sentiment returns to Neutral
The Fear & Greed Index returned to 41 (Neutral) after dipping to 39 (Fear) on Thursday. The Altcoin Season Index stands at 36/100, still in Bitcoin Season territory.
| Sentiment metric | Latest reading | Market read |
|---|---|---|
| Fear & Greed Index | 41 (Neutral) | Back at Neutral; highest since May 12 |
| Altcoin Season Index | 36/100 | Bitcoin Season but mid-caps leading |
| BTC options put/call ratio | 0.41 | Bullish skew |
The combination of Fear & Greed at Neutral, a 0.41 put/call ratio, declining liquidations, rising OI, and three consecutive short-led liquidation days creates the most constructive structural backdrop since before the selloff.
Levels to watch
For Bitcoin, the $79,000 strike where call OI is concentrated is the key level. A move above $79,000 would trigger delta-hedging by options market makers — buying spot BTC to hedge their call exposure — creating a mechanical catalyst for further upside toward $82,000 (the 200-day MA zone). Below, $76,000 has held as support for six consecutive sessions.
For Ethereum, $2,150 remains the first resistance, with OI rising 3.44% suggesting fresh longs are being built ahead of a potential breakout attempt.
Market outlook
May 25’s tape is the most unambiguously constructive since the selloff began on May 12. Every structural indicator has improved: liquidations at their lowest level, three straight days of short-led liquidation splits, Fear & Greed back at Neutral, a 0.41 put/call ratio with massive call OI at $79K, rising OI across BTC/ETH/SOL/XRP, all top-10 assets green, and weekly declines narrowing to near-flat for BTC and ETH.
The options market is the new tell. A put/call ratio of 0.41 with concentrated call positioning at $79,000 means the smart money is betting on a range breakout to the upside. If BTC pushes through $79,000, the delta-hedging flow from market makers would create a mechanical bid that could carry price to $82,000 and test the 200-day MA for the sixth time this month. The question is no longer whether the selloff is over — it is — but whether the recovery has enough momentum to break the 200-day MA rejection pattern.
