Bitcoin Cash

A 9.6% one-day drop in Open Interest puts $222 as the breakdown trigger and $188 as the next downside reference.

Eighteen of 20 constituents were higher, with BCH up 5.8% while HBAR and XLM were the only decliners.

Bitcoin slid for a fourth day as long liquidations piled up and one-week put skews priced a 10%+ volatility premium.

BTC futures open interest rose to 728,000 BTC as funding and CVD stayed negative and Deribit puts priced richer than calls.

Oil briefly topped $112 as $677M in crypto liquidations and a drop in open interest signaled forced deleveraging.