Crypto Markets Today: Cardano-based NIGHT crashes, ZEC, XMR also drop

It’s yet another risk-off day in the crypto market, with Cardano-based Midnight Network’s governance token, NIGHT, sliding 22% in 24 hours, the worst performer among the top 100 tokens by market value.

While the reason for the sell-off is unclear, it is not the only one trading in the red. Non-serious token PUMP fell 13% and MNT, XMR and ZEC each dropped as much as 8%.

Bitcoin BTC$87,815.46the largest cryptocurrency by market value, slipped back below $88,000 after failing to establish a foothold above the $90,000 resistance level on Monday.

Volatility could pick up later Tuesday following the release of the third quarter US GDP, which is likely to show the economy remained strong in the three months to September.

Derivatives Positioning

• Cumulative open interest (OI) in BTC futures listed worldwide has remained unchanged at around 670,000 BTC for over a week. In the past 24 hours, it dipped slightly, indicating continued lack of participation in leveraged markets.
• Participation in SOL futures is increasing as indicated by the uptick in OI to 58.75 million SOL, the highest since Oct. 10.
• OI in XRP futures increased by 1.28% while ETH’s dropped by 1.7%.
• Perpetual funding rates for most major cryptocurrencies remain positive, if only slightly, indicating a slight bias for bullish bets. BCH and LINK stand out with negative rates.
• On the CME, BTC futures open interest continues to slide alongside weak demand for spot ETFs, a sign of waning institutional interest in carry trades.
• On Deribit, put skews in BTC and ETH options strengthened following BTC’s failure to keep gains above $90,000.
• Looking beyond December, the positioning looks bearish, with the $80,000 put as the most popular play in January expiration options.
• As for block flows, strangles and straddles cumulatively account for 35% of the total in the past 24 hours. Buyers of these strategies are essentially positioning for volatility.
• In ETH’s case, call spreads have dominated block flows.

Token Talk

• Only a small fraction of crypto tokens introduced in 2025 are still worth more than they were at their debuts, an analysis of 118 tokens shows.
• Just 15% are trading above their token generation event (TGE) valuation, according to Memento Research. The median token is down roughly 71% in fully diluted value (FDV) and 66% by market capitalization.
• The steepest losses came from tokens with the highest starting valuations. Among the 28 tokens with a starting FDV of $1 billion or more, none are above water, and the group shows a median decline of 81%.
• Big-name launches dragged down the average. The FDV-weighted performance shows a 61.5% decline, far worse than the 33.3% drop for an equal-weighted basket.
• Infrastructure, decentralized finance, and artificial intelligence-linked tokens dominated TGE counts, and their performance was overall negative. Perpetual DEXs were the rare standout, helped by strong showings from platforms like Hyperliquid and Aster.