Crypto market positioning is 'defensive and thin' after Fed rate meeting, Marex analysts say

The crypto market slipped a day after the Federal Reserve raised expectations that U.S. interest rates are headed higher.

Bitcoin BTC $ 63,774.34 , the largest cryptocurrency by market capitalization, was changing hands near $63,900, down more than 1% over the past 24 hours. Other major tokens, including XRP (XRP), ether (ETH), BNB coin BNB $ 589.35 and solana (SOL), posted similar losses.

The CoinDesk 20 Index (CD20) fell more than 1.2% in the same period. The DeFi Select Index (DFX) slid 5%, the largest drop among all the CoinDesk benchmarks.

Still, there were pockets of strength. For instance, Provenance Blockchain’s HASH token surged 15%, alongside a gain of almost 10% gain in Stellar’s lumen (XLM).

"Sentiment is washed out, the fear gauge has plunged into extreme fear and BTC is now about 48% off its $126k high from last October. Contrarian fuel if you have the patience, but a clear tell that positioning is defensive and conviction is thin," analysts at Marex said.

In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.

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