Bitcoin Faces $104M Liquidations as Altcoin Index Drops to 47

Crypto markets saw sharp deleveraging on July 1 with over $104 million in futures liquidated in one hour and $342 million over 24 hours, concentrated in BTC and ETH perpetuals. The Altcoin Season Index fell to 47 from 51, signaling Bitcoin regaining momentum amid whale rotations from altcoins into BTC and ETH. Over the prior days, open interest halved to $20.4 billion from a $45 billion July 2025 peak, exchange outflows resumed with 2,291 BTC net exits, and Binance stablecoin flows turned negative at -$89.3 million. Valuation models flagged extreme undervaluation with Stock-to-Flow at 1.1 and Power-Law Quantile at 6.2%, while BlackRock advanced integration of Ethena’s USDe into its $20 trillion Aladdin platform.