Crypto Markets Today: BTC Price Holds Steady During a Wave of Sell Pressure; Altcoin Prices Slide

Bitcoin's price remained stable despite significant sell pressure characterized by a recent $228 million transfer to Kraken by a long-term holder. Trading volume for BTC rose to $81 billion as the market absorbed this influx. In contrast, altcoin prices experienced declines, with Ether falling 3.4% and the altcoin season index dropping to 26/100. Despite the downturn, Zcash and Cosmos showed remarkable gains. Over $600 million in leveraged crypto futures positions were liquidated, primarily affecting bullish positions, while open interest in Bitcoin and Ethereum futures declined significantly. Meanwhile, concerns emerged over the upcoming token launch by Base founder Jesse Pollak due to previous failures with 'content tokens.' Memecoins continued to struggle, with their index down more than 40% since September, reflecting ongoing bearish trends in the broader market.

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