The crypto market staged a recovery on Monday following the weekend's $500 billion bloodbath that resulted in a $10 billion drop in open interest.

Bitcoin (BTC) rose by 1.4% while ether (ETH) outperformed with a 2.5% gain. Synthetix (SNX), meanwhile, stole the show with a 120% rally as traders anticipate "perpetual wars" between the decentralized trading venue and HyperLiquid.

Plasma (XPL) and aster (ASTER) both failed to benefit from Monday's recovery, losing 4.2% and 2.5% respectively.

Derivatives Positioning • The BTC futures market has stabilized after a volatile period. Open interest, which had dropped from $33 billion to $23 billion over the weekend, has now settled at around $26 billion. Similarly, the 3-month annualized basis has rebounded to the 6-7% range, after dipping to 4

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