After rebounding from their recent lows, BTC and ETH have stabilized briefly, but the trend of risk-averse trading in derivatives continues.

According to Mars Finance, the cryptocurrency market showed signs of stabilization after Tuesday's sharp sell-off, with Bitcoin and Ethereum rebounding from their recent lows. However, the derivatives market as a whole remains in a risk-averse state. On the macro level, the US House of Representatives passed a government funding bill to end part of the government shutdown, boosting US stock futures and global risk assets. Precious metals also rebounded, with gold returning above $5,000 and silver rising to around $90, a single-day increase of nearly 6%. In the derivatives market, traders continued to reduce their risk exposure, with the total notional open interest in cryptocurrency futures contracts falling to $105.9 billion, the lowest level since April of last year. Bitcoin's 30-day implied volatility climbed to an annualized 53%, the highest level since December 1st, while open interest in Bitcoin and Ethereum futures decreased by 0.7% and 2%, respectively.