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Bitcoin ETFs shed $450 million as Clarity Act fails
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Futures liquidations: Forced deleveraging intensified over the past 24 hours as cryptocurrency prices sold off after the Senate’s procedural vote on the Clarity Act failed. Leveraged futures positions worth more than $570 million were liquidated in that window, the most since Aug. 22, though still well short of the washouts seen in early February and early June.
Taker long-short ratio: The taker long-short volume ratio flipped bearish, with shorts accounting for 51.5% of flow over 24 hours. Takers are traders who lift offers or hit bids at available prices in the order book, thereby draining liquidity.
Hyperliquid long/short ratio: The Hyperliquid trader long/short ratio has pulled back slightly to 2.53 from 2.71, the highest reading since early October 2025, when bitcoin last traded at record highs above $120,000. Even so, there are still more than two longs for every short, pointing to considerable bullish leverage that could face liquidation if prices keep sliding.
Bitcoin futures positioning: Bitcoin dropped 1.4% over 24 hours even as futures open interest ticked up to 688,000 BTC from 676,000 BTC. That combination is widely read as a short bias: traders adding bearish bets into the decline. BTC’s 24-hour OI-adjusted cumulative volume delta (CVD) is negative, a sign that more shorts are being executed at the prevailing market price rather than via passive limit orders. Perpetual funding rates, however, point to lingering optimism among some traders.
XRP futures positioning: Payments-focused XRP has dropped nearly 10%, again alongside a slight uptick in futures open interest. The open-interest tally remains well below record highs, indicating that overall positioning is still light.
Altcoin CVD and funding rates: XRP and most other major tokens, including ETH, TRX, DOGE, XLM and SHIB, have negative 24-hour CVDs, implying aggressive selling in the derivatives market. That setup argues for caution around a deeper decline. Funding rates also paint a bearish picture for ETH, XLM, TRX, SOL, BCH, ADA and LINK.
Implied volatility: Both bitcoin and ether 30-day implied volatility indexes, BVIV and EVIV, remain calm within recent ranges and well below year-to-date peaks, a sign that traders are not pricing a volatility spike around the U.S. rate decision.
Options skew: Bitcoin one-week and one-month options skews are positive and rising, a sign of growing demand for puts and downside protection. The one-week skew currently hovers around 5.76% and the one-month around 6.33%. Ether skews point in the same direction.
Options volume: Volumes tell a different story. The most-traded bitcoin options over the past 24 hours were mostly calls, led by the $79,000 strike. In ether, however, the top five most-traded options were all puts.
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