A Bitcoin whale is betting hundreds of millions of dollars on a short-term decline in Bitcoin’s price ahead of a pivotal week filled with key economic reports that could significantly influence its trajectory and investor risk appetite.

A large crypto investor, or whale, has opened a 40x leveraged short position for over 4,442 Bitcoin (BTC) —worth over $368 million — which functions as a de facto bet on Bitcoin’s price fall.

Leveraged positions use borrowed money to increase the size of an investment, which can boost the size of both gains and losses, making leveraged trading riskier compared to regular investment positions.

The Bitcoin whale opened the $368 million position at $84,043 and faces liquidation if Bitcoin’s price surpasses $85,592.

Source: Hypurrscan

The investor has generated over $2 million in unrealized profit, however, he has an over $200,000 loss on his position’s funding fees, Hypurrscan data shows.

Despite the heightened risk of leveraged trading, some crypto investors are making significant profits with this strategy. Earlier in March, a savvy trader gained $68 million on a 50x leveraged short position, banking on Ether’s (ETH) 11% price decline.

The leveraged bet comes ahead of a week of numerous significant macroeconomic releases, including the upcoming Federal Open Market Committee (FOMC) meeting on March 19, which may impact investor appetite for risk assets such as Bitcoin.

Related: Bitcoin’s next catalyst: End of $36T US debt ceiling suspension

Bitcoin needs weekly close above $81,000 to avoid pre-FOMC downside

Bitcoin price continues to risk significant downside volatility due to growing macroeconomic uncertainty around global trade tariffs.

To avoid downside volatility ahead of the FOMC meeting, Bitcoin will need a weekly close above $81,000, according to Ryan Lee, chief analyst at Bitget Research,

The analyst told Cointelegraph:

“The key level to watch for the weekly close is $81,000 range, holding above that would signal resilience, but if we see a drop below $76,000, it could invite more short-term selling pressure.”

Related: Bitcoin experiencing ‘shakeout,’ not end of 4-year cycle: Analysts

The analyst’s comments come days before the next FOMC meeting scheduled for March 19. Markets are currently pricing in a 98% chance that the Fed will keep interest rates steady, according to the latest estimates of the CME Group’s FedWatch tool.

Source: CME Group’s FedWatch tool

“The market largely expects the Fed to hold rates steady, but any unexpected hawkish signals could put pressure on Bitcoin and other risk assets,” added the analyst.

Magazine: SCB tips $500K BTC, SEC delays Ether ETF options, and more: Hodler’s Digest, Feb. 23 – Mar. 1

A Bitcoin whale is wagering hundreds of millions on Bitcoin’s short-term decline, ahead of a week filled with key economic reports that may significantly impact Bitcoin’s price trajectory and risk appetite among investors.

A large crypto investor, or whale, has opened a 40x leveraged short position for over 4,442 Bitcoin (BTC) worth over $368 million, which functions as a de facto bet on Bitcoin’s price fall.

Leveraged positions use borrowed money to increase the size of an investment, which can boost the size of both gains and losses, making leveraged trading riskier compared to regular investment positions.

The Bitcoin whale opened the $368 million position at $84,043 and faces liquidation if Bitcoin’s price surpasses $85,592.

Source: Hypurrscan

The investor has generated over $2 million in unrealized profit, however, he has an over $200,000 loss on his position’s funding fees, Hypurrscan data shows.

Despite the heightened risk of leveraged trading, some crypto investors are making significant profits with this strategy. Earlier in March, a savvy trader gained $68 million on a 50x leveraged short position, banking on Ether’s (ETH) 11% price decline.

The leveraged bet comes ahead of a week of numerous significant macroeconomic releases, including the upcoming Federal Open Market Committee (FOMC) meeting on March 19, which may impact investor appetite for risk assets such as Bitcoin.

Related: Bitcoin’s next catalyst: End of $36T US debt ceiling suspension

Bitcoin needs weekly close above $81k to avoid pre-FOMC downside: analysts

Bitcoin price continues to risk significant downside volatility due to growing macroeconomic uncertainty around global trade tariffs.

To avoid downside volatility ahead of the FOMC meeting, Bitcoin will need a weekly close above $81,000, according to Ryan Lee, chief analyst at Bitget Research,

The analyst told Cointelegraph:

“The key level to watch for the weekly close is $81,000 range, holding above that would signal resilience, but if we see a drop below $76,000, it could invite more short-term selling pressure.”

Related: Bitcoin experiencing ‘shakeout,’ not end of 4-year cycle: Analysts

The analyst’s comments come days ahead of the next FOMC meeting scheduled for March 19. Markets are currently pricing in a 98% chance that the Fed will keep interest rates steady, according to the latest estimates of the CME Group’s FedWatch tool.

Source: CME Group’s FedWatch tool

“The market largely expects the Fed to hold rates steady, but any unexpected hawkish signals could put pressure on Bitcoin and other risk assets,” added the analyst.

Magazine: SCB tips $500K BTC, SEC delays Ether ETF options, and more: Hodler’s Digest, Feb. 23 – Mar. 1

The creator of the Libra (LIBRA) token has launched another memecoin with some of the same concerning onchain patterns that pointed to significant insider trading activity ahead of the coin’s 99% collapse.

Hayden Davis, the co-creator of the Official Melania Meme (MELANIA) and the Libra token, has launched a new Solana-based memecoin with an over 80% insider supply.

Davis launched the Wolf (WOLF) memecoin on March 8, banking on rumors of Jordan Belfort, known as the Wolf of Wall Street, launching his own token.

The token reached a peak $42 million market cap. However, 82% of the WOLF token’s supply was bundled under the same entity, according to a March 15 X post by Bubblemaps, which wrote:

“The bubble map revealed something strange — $WOLF had the same pattern as $HOOD, a token launched by Hayden Davis. Was he behind this one too?”

Source: Bubblemaps

The blockchain analytics platform revealed transfers across 17 different addresses stemming back to address “OxcEAe” owned by Davis.

“He funded these wallets months before $LIBRA and $WOLF launched, moving money through 17 addresses and 2 chains,” Bubblemaps added.

Source: Bubblemaps

The Wolf memecoin lost over 99% of its value within two days, from the peak $42.9 million market capitalization on March 8 at 4:00 am UTC to just $570,000 by publication time, Dexscreener data shows.

WOLF/SOL, market cap, 1-hour chart. Source: Dexscreener

Davies’ latest token launch comes weeks after the Libra token’s collapse, where eight insider wallets cashed out $107 million in liquidity, leading to a $4 billion market cap wipeout within hours.

The Libra token turned into a political issue, with Argentine President Javier Milei risking impeachment after his endorsement of the Libra coin.

Argentine lawyer Gregorio Dalbon has asked for an Interpol Red Notice to be issued for Davis, citing a “procedural risk” if Davis remained free as he could have access to vast amounts of money that would allow him to either flee the US or go into hiding.

Related: Milei-endorsed Libra token was ‘open secret’ in memecoin circles — Jupiter

Memecoins are turning into “retail value extraction tools”

Memecoins are turning against crypto’s fundamental ethos of decentralization, becoming increasingly used to exploit retail investors amid the growing number of rug pulls, according to Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum.

“Memecoins have evolved from community-driven social experiments into a chaotic landscape dominated by value extraction from retail investors,” Plotnikova told Cointelegraph, adding:

“Insider rings, pump-and-dump schemes, and sniper groups have replaced the organic, collectible nature of original memecoins, creating an unhealthy playing field.”

Related: TRUMP, DOGE, BONK ETF approvals ‘more likely’ under new SEC leadership

Investors will also need to distinguish between memecoins that can be seen as genuine “collectibles” and “outright fraudulent activities” like rug pulls which are “not only unethical but also clearly illegal, with case law to support enforcement.”

“In my view, these activities should fall firmly within the jurisdiction of law enforcement agencies,” she added.

United States regulators are becoming increasingly aware of the growing memecoin scams.

A New York lawmaker introduced a bill that would establish criminal penalties specifically aimed at preventing cryptocurrency fraud and protecting investors from rug pulls, Cointelegraph reported on March 6.

Under the proposal, new criminal charges would be created for offenses involving “virtual token fraud,” explicitly targeting deceptive practices associated with cryptocurrencies.

Magazine: Caitlyn Jenner memecoin ‘mastermind’s’ celebrity price list leaked

The creator of the Libra (LIBRA) token has launched another memecoin with some of the same concerning onchain patterns that pointed to significant insider trading activity ahead of the coin’s 99% collapse.

Hayden Davis, the co-creator of the Official Melania Meme (MELANIA) and the Libra token, has launched a new Solana-based memecoin, with an over 80% insider supply.

Davis launched the Wolf (WOLF) memecoin on March 8, banking on rumors of Jordan Belfort, known as the Wolf of Wall Street, launching his own token.

The token reached a peak $42 million market cap, however, 82% of the WOLF token’s supply was bundled under the same entity, according to a March 15 X post by Bubblemaps, which wrote:

“The bubble map revealed something strange — $WOLF had the same pattern as $HOOD, a token launched by Hayden Davis. Was he behind this one too?”

Source: Bubblemaps

The blockchain analytics platform revealed transfers across 17 different addresses stemming back to address ‘OxcEAe’ owned by Davis.

“He funded these wallets months before $LIBRA and $WOLF launched, moving money through 17 addresses and 2 chains,” Bubblemaps added.

Source: Bubblemaps

The Wolf memecoin lost over 99% of its value within two days, from the peak $42.9 million market capitalization on March 8 at 4:00 a.m. UTC, to just $570,000 at press time, Dexscreener data shows.

WOLF/SOL, market cap, 1-hour chart. Source: Dexscreener

Davies’ latest token launch comes weeks after the Libra token’s collapse where eight insider wallets cashed out $107 million in liquidity, leading to a $4 billion market cap wipeout within hours.

The Libra token turned into a political issue, with Argentinian President Javier Milei risking impeachment after his endorsement of the Libra coin.

Argentine lawyer Gregorio Dalbon has asked for an Interpol Red Notice to be issued for Davis citing a “procedural risk” if Davis remained free as he could have access to vast amounts of money that would allow him to either flee the US or go into hiding.

Related: Milei-endorsed Libra token was ‘open secret’ in memecoin circles — Jupiter

Memecoins are turning into “retail value extraction tools”

Memecoins are turning against crypto’s fundamental ethos of decentralization, becoming increasingly used to exploit retail investors amid the growing number of rug pulls, according to Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum.

“Memecoins have evolved from community-driven social experiments into a chaotic landscape dominated by value extraction from retail investors,” Plotnikova told Cointelegraph, adding:

“Insider rings, pump-and-dump schemes, and sniper groups have replaced the organic, collectible nature of original memecoins, creating an unhealthy playing field.”

Related: TRUMP, DOGE, BONK ETF approvals ‘more likely’ under new SEC leadership

Investors will also need to distinguish between memecoins that can be seen as genuine “collectibles” and “outright fraudulent activities” like rug pulls which are “not only unethical but also clearly illegal, with case law to support enforcement.”

“In my view, these activities should fall firmly within the jurisdiction of law enforcement agencies,” she added.

United States regulators are becoming increasingly aware of the growing memecoin scams.

A New York lawmaker introduced a bill that would establish criminal penalties specifically aimed at preventing cryptocurrency fraud and protecting investors from rug pulls, Cointelegraph reported on March 6.

Under the proposal, new criminal charges would be created for offenses involving “virtual token fraud,” explicitly targeting deceptive practices associated with cryptocurrencies.

Magazine: Caitlyn Jenner memecoin ‘mastermind’s’ celebrity price list leaked

The creator of the Libra (LIBRA) token has launched another memecoin with some of the same concerning onchain patterns that pointed to significant insider trading activity ahead of the coin’s 99% collapse.

Hayden Davis, the co-creator of the Official Melania Meme (MELANIA) and the Libra token, has launched a new Solana-based memecoin, with an over 80% insider supply.

Davis launched the Wolf (WOLF) memecoin on March 8, banking on rumors of Jordan Belfort, known as the Wolf of Wall Street, launching his own token.

The token reached a peak $42 million market cap, however, 82% of the WOLF token’s supply was bundled under the same entity, according to a March 15 X post by Bubblemaps, which wrote:

“The bubble map revealed something strange — $WOLF had the same pattern as $HOOD, a token launched by Hayden Davis. Was he behind this one too?”

Source: Bubblemaps

The blockchain analytics platform revealed transfers across 17 different addresses stemming back to address ‘OxcEAe’ owned by Davis.

“He funded these wallets months before $LIBRA and $WOLF launched, moving money through 17 addresses and 2 chains,” Bubblemaps added.

Source: Bubblemaps

The Wolf memecoin lost over 99% of its value within two days, from the peak $42.9 million market capitalization on March 8 at 4:00 a.m. UTC, to just $570,000 at press time, Dexscreener data shows.

WOLF/SOL, market cap, 1-hour chart. Source: Dexscreener

Davies’ latest token launch comes weeks after the Libra token’s collapse where eight insider wallets cashed out $107 million in liquidity, leading to a $4 billion market cap wipeout within hours.

The Libra token turned into a political issue, with Argentinian President Javier Milei risking impeachment after his endorsement of the Libra coin.

Argentine lawyer Gregorio Dalbon has asked for an Interpol Red Notice to be issued for Davis citing a “procedural risk” if Davis remained free as he could have access to vast amounts of money that would allow him to either flee the US or go into hiding.

Related: Milei-endorsed Libra token was ‘open secret’ in memecoin circles — Jupiter

Memecoins are turning into “retail value extraction tools”

Memecoins are turning against crypto’s fundamental ethos of decentralization, becoming increasingly used to exploit retail investors amid the growing number of rug pulls, according to Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum.

“Memecoins have evolved from community-driven social experiments into a chaotic landscape dominated by value extraction from retail investors,” Plotnikova told Cointelegraph, adding:

“Insider rings, pump-and-dump schemes, and sniper groups have replaced the organic, collectible nature of original memecoins, creating an unhealthy playing field.”

Related: TRUMP, DOGE, BONK ETF approvals ‘more likely’ under new SEC leadership

Investors will also need to distinguish between memecoins that can be seen as genuine “collectibles” and “outright fraudulent activities” like rug pulls which are “not only unethical but also clearly illegal, with case law to support enforcement.”

“In my view, these activities should fall firmly within the jurisdiction of law enforcement agencies,” she added.

United States regulators are becoming increasingly aware of the growing memecoin scams.

A New York lawmaker introduced a bill that would establish criminal penalties specifically aimed at preventing cryptocurrency fraud and protecting investors from rug pulls, Cointelegraph reported on March 6.

Under the proposal, new criminal charges would be created for offenses involving “virtual token fraud,” explicitly targeting deceptive practices associated with cryptocurrencies.

Magazine: Caitlyn Jenner memecoin ‘mastermind’s’ celebrity price list leaked

Toncoin (TON) has surged by over 50% in the past week, fueled by news that Telegram founder Pavel Durov has been granted permission to leave France for Dubai.

TON/USDT weekly price chart. Source: TradingView

TON’s bullish reversal, especially after falling to $2.35, its lowest level in a year, has traders eyeing key price levels, with crypto analyst Crypto Patel highlighting a “great entry zone” for long-term investors.

TON is eyeing a 100% rally in 2025

As Crypto Patel notes, TON’s price has “perfectly bounced” from its support level of around $2.50.

Furthermore, the support falls inside the $2.40-3.00 area that served as resistance in December 2022-April 2023 and September 2023-April 2024 periods. The analyst argues that the area now served as a “great entry zone,” citing TON’s ongoing rebound from the same range.

TON/USDT weekly price chart. Source: TradingView/Crypto Patel

A decisive rebound from the $2.40-3.00 zone could have TON target its prevailing descending trendline resistance in the coming weeks, which may push its price toward $5 by June or July.

Related: Wallet in Telegram to list 50 tokens and launch yield program

The upside outlook aligns with analyst Profit Mind’s falling wedge setup, which anticipates the Toncoin price to grow toward the $6 upside target if it breaks above the wedge’s upper trendline.

TON/USDT daily price chart. Source: TradingView

Falling wedges typically resolve when the price breaks above the upper trendline and rises by as much as the pattern’s maximum height.

Analyst Crypto Billion further anticipates a bullish reversal in TON markets, citing its oversold relative strength index (RSI) as a primary catalyst for potential long-term accumulation.

Source: Crypto Billion

Toncoin’s Sharpe ratio, a financial metric used to measure an asset’s risk-adjusted returns, further indicates oversold conditions in the TON market.

As of March 16, the 180-day average ratio had dropped below -25, as denoted in blue. In the past, TON has undergone bullish reversals largely when its Sharpe ratio turned blue, as seen in late 2022 and mid-2023.

TON Sharpe ratio (180 days). Source: CryptoQuant

TON shorts remain dominant

In the derivatives market, Toncoin is witnessing a resurgence in its open interest (OI) — a metric tracking the total number of unsettled TON contracts such as options and futures.

As of March 16, TON’s OI was around $169.12 million, compared to $80.75 million just five days prior.

TON Futures’ OI and funding rates. Source: CoinGlass

On the flip side, TON’s weekly funding rates are treading around negative territory — they marginally rose into positive territory after plunging to -0.678% earlier on March 16.

When funding rates turn negative as OI rises, it often reflects bearish sentiment with aggressive shorting. The 30-day liquidation map tracking TON/USDT on Bybit risks nearly $10 million in long liquidations if the Toncoin price falls toward $2.54.

Bybit TON/USDT 30-day liquidation map (as of March 16). Source: Coinglass

Conversely, the same liquidation map reveals that approximately $12 million worth of short positions could be at risk if TON surpasses the $4 mark.

If this scenario plays out, the cascading effect of forced buybacks could accelerate Toncoin’s upward momentum, sending the price to the aforementioned levels.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

XRP (XRP) price versus Ether (ETH) reached its highest level in five years over the weekend, extending its recovery.

On March 15, the XRP/ETH pair touched 0.00128 ETH for the first time since April 2020. That amounts to a 925% rebound when measured from its all-time low of 0.00013 ETH established in June 2024 and approximately 620% gains since November 2024, when Donald Trump won the US presidential election.

XRP/ETH weekly price chart. Source: TradingView

XRP potential breakout versus ETH

The XRP/ETH rally is fueling speculation among market watchers that XRP could flip Ether to become the second-largest cryptocurrency by market capitalization.

For instance, analyst Dom highlights 0.0012 ETH as a historically significant resistance level, a threshold that has consistently preceded explosive rallies in past cycles. He notes that XRP has gone parabolic after breaking this resistance, delivering gains of at least 160% in previous instances.

XRP/ETH 12-hour price charts. Source: TradingView/Dom

He illustrated the same with three key breakout points—in early 2017, late 2017, and 2018 when XRP’s surged against Ether following a confirmed breach of the 0.0012 ETH resistance.

As of March 16, XRP was once again testing this critical level. If history repeats itself, even a partial rally of 80% would be enough for XRP to flip ETH in market capitalization, DOM suggests, especially as Ether’s price risks more downside in 2025.

Related: XRP price poised for 46% gains after Ripple secures first Dubai license

At $138 billion, XRP’s market cap is less than $100 billion short of hitting Ethereum’s. Moreover, XRP’s fully diluted valuation (FDV) briefly surpassed Ethereum’s earlier this week.

For context, FDV represents the total theoretical value of all tokens, including those not yet in circulation, whereas market capitalization only accounts for tokens currently in circulation.

Why is Ethereum underperforming XRP?

XRP’s market dominance has grown by over 300% since Trump’s reelection on Nov. 5.

XRP.D vs. ETH.D daily price chart. Source: TradingView

The same period has witnessed Ethereum losing its market share by over 35.50%, showing a clear lack of interest among traders for Ether compared to other top-ranking crypto assets.

A key factor in this divergence is regulatory sentiment. Trump has positioned the US as the future “world’s crypto capital,” appointing pro-crypto regulators and pledging to foster a more favorable environment.

This shift has especially benefited XRP, which caters to enterprise users, particularly as Ripple unveiled an institutional DeFi roadmap in February.

Meanwhile, Ethereum has slumped due to rising competition from rival layer-1 blockchains, particularly Solana (SOL).

The Dencun upgrade in March 2024, which slashed Ethereum’s transaction fees by 95%, was intended to improve scalability. However, it has also reduced ETH burn rates, increasing supply and weakening its deflationary appeal and “ultrasound money” narrative.

ETH supply rate since the Merge. Source: UltraSound Money

At the same time, Solana’s dominance has risen, with its trading volume now rivaling Ethereum and all its layer-2 chains combined.

The network’s faster and cheaper transactions have made it the go-to platform for DeFi activity, memecoin trading, and NFT markets, which Ethereum previously dominated. This shift has eroded Ethereum’s market share, particularly among traders and developers seeking high-speed, low-cost transactions.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin’s historic bull cycle remains intact despite widespread investor concerns over the current downturn, which analysts suggest may be just a temporary “shakeout” before the next upward move in the market.

Bitcoin’s (BTC) price is currently down 22% from its all-time high of over $109,000 recorded on Jan. 20, on the day of US President Donald Trump’s inauguration, Cointelegraph Markets Pro data shows.

Despite investor sentiment dropping into “Extreme Fear” multiple times, historic chart patterns suggest that this may just be a price shakeout — a sudden price drop caused by multiple investors exiting their positions, preceded by a sudden price recovery.

“Several key technical indicators have turned bearish, leading to speculation that the bull cycle may be ending prematurely,” Bitfinex analysts told Cointelegraph.

BTC/USD, 1-year chart. Source: Cointelegraph

“Despite this, Bitcoin’s 4-year cycle remains an important factor, historically shaping price movements,” said the analysts, adding:

“Corrections within bull cycles are normal, and past trends suggest that this may be a shakeout rather than the start of a prolonged bear market.”

However, the launch of the US spot Bitcoin exchange-traded funds (ETFs), which temporarily surpassed $125 billion in cumulative holdings, along with the growing institutional crypto investments, make it “clear that the conventional cycle ceases to exist,” the analysts added.

Related: Bitcoin needs weekly close above $81K to avoid downside ahead of FOMC

In an optimistic sign for price action, Bitcoin staged a daily close above $84,000 on March 15, for the first time in over a week since March 8, TradingView data shows.

BTC/USD, 1-day chart. Source: TradingView 

However, due to Bitcoin’s correlation with traditional financial markets, BTC may only find a bottom along with equity markets, particularly the S&P 500, said Bitfinex analysts, adding:

“While $72,000–$73,000 remains a key support range, the broader market narrative, especially global treasury yields and equity trends, will dictate Bitcoin’s next major move.”

“Trade wars have already been priced in, to some extent, but prolonged economic strain could weigh on sentiment,” the analysts added.

Related: Rising $219B stablecoin supply signals mid-bull cycle, not market top

Bitcoin halving and four-year cycle still crucial for price action: Nexo analyst

Despite fears over a disrupted Bitcoin bull market, the four-year cycle, along with the Bitcoin halving event, remain crucial for Bitcoin’s price action, according to Iliya Kalchev, dispatch analyst at Nexo digital asset investment platform.

“Bitcoin’s four-year compound annual growth rate (CAGR) has declined to a record low of 8%, posing questions about whether its traditional four-year cycle remains valid,” Kalchev told Cointelegraph, adding:

“Although strong institutional adoption over the past year has served as a significant tailwind for Bitcoin, its halving events are still expected to exert long-term influence.”

The 2024 Bitcoin halving reduced the Bitcoin network’s block reward to 3.125 BTC per block.

BTC/USD, 1-day chart since 2024 halving. Source: TradingView 

Bitcoin price is up over 31% since the last halving occurred on April 20, 2024, which was coined the “most bullish” setup for Bitcoin price, partly because of the growing institutional interest in the world’s first cryptocurrency.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

Toncoin Open Interest (OI) has jumped 67% over the past 24 hours following Telegram founder Pavel Durov’s reported departure from France, where he had been required to stay since his arrest six months ago.

On March 15, Toncoin (TON) OI  — a metric tracking the total number of unsettled Toncoin derivative contracts such as options and futures —  reached $169 million, representing a 67% increase from the previous day when the reports of Durov’s departure first surfaced, according to CoinGlass data.

Toncoin open interest reaches highest level in 42 days

It is the highest level of OI in Toncoin since Feb. 1, when it was sitting at $171.49 million.

TON is The Open Network’s native cryptocurrency and is the exclusive blockchain infrastructure for Telegram’s Mini App ecosystem.

Edit the caption here or remove the text

TON’s price jumped 17% over the same period. Toncoin is trading at $3.45 at the time of publication, according to CoinMarketCap data. Trading resource account Crypto Billion said in a March 15 X post that Toncoin is “showing signs of a potential long-term accumulation phase as it stabilizes near key support levels.”

Meanwhile, approximately $18.8 million in long positions are at risk of liquidation if TON’s price retraces back toward the $3 mark it was trading at on March 14.

Toncoin open interest also surged after arrest in 2024

The court reportedly allowed Durov to travel to Dubai, a city with no extradition agreements with many countries.

The market’s reaction signals how significant this case is to the crypto industry, with many worried that Durov’s arrest in August 2024 in France could set a precedent for cracking down on other privacy-focused services. He was accused of running a platform that enables illicit transactions.

Related: Bitget predicts TON ‘de-Telegramization’ in the next 2 year

Similarly, when Durov was arrested in August 2024, TON’s OI also surged. 

Following the news of Durov’s arrest on Aug. 24, 2024, TON’s OI spiked 32% over the following 24 hours, alongside its price falling almost 12%.

On Jan. 21, Telegram announced it would cease support for all blockchains other than The Open Network for its messenger services.

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Toncoin Open Interest (OI) has jumped 67% over the past 24 hours following Telegram founder Pavel Durov’s reported departure from France, where he had been required to stay since his arrest six months ago.

On March 15, Toncoin (TON) OI  — a metric tracking the total number of unsettled Toncoin derivative contracts such as options and futures —  reached $169 million, representing a 67% increase from the previous day when the reports of Durov’s departure first surfaced, according to CoinGlass data.

Toncoin open interest reaches highest level in 42 days

It is the highest level of OI in Toncoin since Feb. 1, when it was sitting at $171.49 million.

TON is The Open Network’s native cryptocurrency and is the exclusive blockchain infrastructure for Telegram’s Mini App ecosystem.

Toncoin open interest surged 67% on March 15. Source: CoinGlass

TON’s price jumped 17% over the same period, trading at $3.45 at the time of publication, according to CoinMarketCap data.

Trading resource account Crypto Billion said in a March 15 X post that Toncoin is “showing signs of a potential long-term accumulation phase as it stabilizes near key support levels.”

However, if this rally is short-lived, around $18.8 million in long positions could be liquidated if TON’s price falls back toward the $3 level it was trading at on March 14.

Toncoin open interest also surged after arrest in 2024

The court reportedly allowed Durov to travel to Dubai, a city with no extradition agreements with many countries.

The market’s reaction signals how significant this case is to the crypto industry. Many are worried that Durov’s arrest in August 2024 in France could set a precedent for cracking down on other privacy-focused services. He was accused of running a platform that enables illicit transactions.

Related: Bitget predicts TON ‘de-Telegramization’ in the next 2 year

Similarly, when Durov was arrested in August 2024, TON’s OI also surged. 

Following the news of Durov’s arrest on Aug. 24, 2024, TON’s OI spiked 32% over the following 24 hours, alongside its price falling almost 12%.

On Jan. 21, Telegram announced it would cease support for all blockchains other than The Open Network for its messenger services.

Magazine: Vitalik on AI apocalypse, LA Times both-sides KKK, LLM grooming: AI Eye