Bitcoin and Ethereum prices plunge as derivatives data shows active bears

Bitcoin and Ethereum prices plunged alongside global risk assets as escalating tensions in Iran pushed oil prices up by 10%, while a stronger US dollar intensified the market's risk-off mood. Derivatives data shows that BTC and ETH funding rates turned deeply negative and open interest increased, indicating traders are actively shorting, with liquidation amounts for both approaching $400 million. Despite the price drop, implied volatility remained stable, and the options market demand focused on downside protection rather than panic selling.