BlockBeats news: On May 18, influenced by U.S. President Trump’s hardline remarks targeting Iran, the cryptocurrency market and global risk assets collectively weakened. Trump stated that Iran “is running out of time” and “should act quickly, or else it will have nothing,” prompting Brent crude oil to briefly surge above $112 per barrel.
Bitcoin fell approximately 2.4% to $76,500, hitting its lowest level since April 30; Ethereum dropped about 3.5% to $2,116, nearly erasing all gains since April. U.S. stock futures also came under pressure, with the S&P 500 and Nasdaq 100 futures declining 0.3% and 0.25%, respectively.
Derivatives market data shows that the total notional trading volume across all contracts surged 65% to $159 billion over the past 24 hours, while open interest (OI) declined 1.48% to $125 billion, and liquidation amounts spiked 500% to $677 million—indicating a large-scale deleveraging trend rather than new directional bets.
Altcoins have significantly underperformed compared to major cryptocurrencies, with BCH down 10% and DOGE down 4.5%. The CoinDesk Meme Index fell 2.2%, becoming one of the worst-performing sectors.
Among these, BCH shows clear signs of a "crowded short": open interest increased by 13% to 1.47 million contracts, and the perpetual funding rate dropped to an annualized -72%, the most negative among major cryptocurrencies, indicating aggressive short sentiment; a reversal in sentiment could trigger a sharp short squeeze.
In comparison, ZEC has shown relatively strong performance, with open interest increasing for the third consecutive day and surpassing 2 million contracts. Its 24-hour net buying volume ranks among the top among major cryptocurrencies, and the funding rate remains at approximately 4%, well below overheated levels. ZEC has gained 111% this quarter, and the market believes it still has upside potential if overall market conditions stabilize.
In addition, open interest has increased for tokens such as HYPE, CRO, and TON. With the exception of ZEC, TON, and HYPE, most of the top 25 tokens recorded negative cumulative volume deltas (CVD), indicating that the overall market remains dominated by aggressive selling pressure.
In terms of volatility, Bitcoin’s 30-day implied volatility index, BVIV, has risen from 40% to 42% since May 9; the U.S. Treasury volatility indicator, the MOVE index, surged 14% last Friday, marking its largest single-day gain since March 26, as markets worry that rising global financial stress could further fuel panic sentiment in the crypto market.