On June 19, after the Federal Reserve sent out hawkish policy signals, the entire crypto market weakened with major tokens declining across the board. According to CPT Markets, Bitcoin dipped to around $63,900, while many altcoins posted steeper losses, showing that trading sentiment quickly turned risk-averse amid shifting policy expectations.

In terms of derivatives data, CPT Markets pointed out that the market is currently dominated by defensive positioning. A large number of long positions were liquidated over the past 24 hours, and open interest for Bitcoin and Ethereum shrank sharply. Although some tokens retained relatively high open interest, funding rates and active order flows failed to deliver optimistic signals.

Notably, demand for short-term downside protection in the options market has risen, yet implied volatility has not surged correspondingly. This indicates investors prefer cautious hedging rather than betting on a swift market rebound. As sentiment deteriorates, the market will become more sensitive to news catalysts.

Looking ahead, CPT Markets forecasts that crypto assets will continue to swing back and forth based on interest rate expectations and risk appetite in the short run. Without obvious inflows of new capital, the market is likely to stay in a cautious bearish rhythm.