BTC and ETH briefly stabilized after rebounding from phase lows, with the derisking trend in derivatives continuing

Odaily News: The cryptocurrency market showed signs of stabilizing after Tuesday's sharp sell-off, with Bitcoin and Ethereum rebounding from recent lows. However, the overall derivatives market remains in a state of derisking. On the macro front, the U.S. House of Representatives passed a government funding bill to end a partial government shutdown, boosting U.S. stock futures and global risk assets. Precious metals also rebounded, with gold climbing back above $5,000 and silver rising to around $90, gaining nearly 6% in a single day. In the derivatives market, traders continued to reduce their risk exposure. The total nominal open interest for crypto futures contracts across the network fell to $105.9 billion, the lowest level since April of last year. Bitcoin's 30-day implied volatility climbed to an annualized 53%, the highest since December 1st. Open interest for Bitcoin and Ethereum futures decreased by 0.7% and 2%, respectively. (CoinDesk)