On 19 December, Bitcoin Cash rose by about 10% in 24 hours, with derivatives activity and growing leverage driving most of the move. Open Interest in BCH perpetual futures increased to roughly $786 million, while funding rates turned positive as shorts lost around $2.54 million. At the same time, spot investors sent nearly $3.93 million in BCH to exchanges to sell, leaving the rally to confront key resistance zones near $598–$606 and around $651.

MYX Finance's token fell 11% as liquidity and participation weakened, with TVL down about $1.16 million to roughly $22.64 million over eight days. Derivatives metrics turned bearish, including a funding rate near -0.0140%, a 14% drop in open interest to $21.27 million, and spot volume sliding to $44.74 million.

ONDO declined over the past 24 hours amid broader market pressure. Derivatives activity showed capital withdrawals, while on-chain participation strengthened, with TVL setting a new high on the 15th of December. Binance positioning and a positive funding rate suggest improving sentiment despite near-term bearish momentum.

Bitcoin has hovered near $90,000 for 18 consecutive days, according to AMBCrypto, underscoring one of this year's longer tight consolidations. Alphractal flagged the Realized Cap Impulse at a historically important support, with key levels near $88,000 and $81,400, and $56,400 below. Onchain Mind noted open interest fell about 15%, while funding stayed above 0.0044% and the long/short ratio sat just over 1.02.

According to Glassnode, unrealized losses across crypto have reached $350 billion, including $85 billion tied to Bitcoin investors, even as outflows begin to ease. Digital Asset Treasuries now hold more than 1.69 million BTC and U.S. spot ETFs saw $286.6 million net inflows last week, despite a negative Fund Market Premium.

Merlin Chain’s MERL token, a Bitcoin layer-2 asset, has surged 16% while perpetual futures open interest reached a record $75.79 million and holders climbed to 173,800. Derivatives-led liquidity, a buy-heavy taker ratio and ongoing spot accumulation support the uptrend, but a liquidation heatmap with major liquidity pools below the current price signals elevated short-term pullback risk.

Ethereum has been trading above $3,000 while on-chain data shows a sharp drop in exchange reserves and rising accumulation. Correlation with the record-high Russell 2000 and renewed institutional ETF inflows, including a $42.30 million purchase on 11 December, are raising expectations that ETH could enter a stronger bullish phase heading into 2026.

At press time, Bitcoin traded around $91,400 after rebounding from $84,000 to nearly $93,000. According to CryptoQuant, total exchange volume fell from 88,000 BTC to about 21,000 BTC, average deposits slid from 1.1 BTC to 0.7 BTC, and whale deposit share dropped from 47% to 21%, setting up a potential test of $98,700 and even $102,000–$112,700.

Pudgy Penguins (PENGU) has dropped 11%, marking the steepest 24‑hour loss among the top 100 cryptocurrencies as capital exits its derivatives market. Despite a 19% decline in Open Interest and nearly $1 million in long liquidations, funding and Long/Short data on Binance and spot inflows suggest investors are still positioning for a potential rebound.