# derivatives

A rush of liquidity added $130 billion to digital assets as Bitcoin set a new 2026 high above $97,000, even as traders confronted outages and elevated leverage. New metals perpetuals offering up to 50x leverage and fresh evidence that over half of cryptocurrencies have failed underscore a market balancing exuberance with structural risk.

Crypto traders are balancing a seasonal bid with looming derivatives risk, as a $27 billion options expiry raises questions about year-end liquidity and price stability. A sharp $3,000 pullback exposing more than $70 million in long liquidations and reported $6 million in wallet losses underscores how leverage, corporate exposure, and security lapses can quickly derail sentiment.

Bitcoin is tracking its weakest monthly performance in three years amid record ETF outflows, with a $14 billion options expiry sharpening market-structure risks. On-chain churn shows more than 8% of supply moving in a week, while builders advance interoperability to strengthen utility despite volatile sentiment. The juxtaposition underscores why positioning, risk budgeting, and user experience are defining near-term outcomes.