Stellar (XLM) Open contracts plummet 11%, marking the first major market decline record in 2026

On Wednesday during the Asian trading session, the cryptocurrency market as a whole experienced strong selling pressure, with altcoins particularly affected—Stellar (XLM) declined nearly 5%, and Ripple (XRP) plummeted nearly 6%. Within 24 hours, the liquidation amount exceeded $465 million, with long liquidations accounting for more than half, contrasting sharply with the previous days’ dominance of short positions. XLM’s open interest contracts recently increased but then decreased by 11.79% to $142.74 million due to profit-taking. Despite the pullback, global cryptocurrency futures open interest remains above $143 billion, the highest in nearly two months, and funding rates stay mildly positive, indicating continued bullish market sentiment. On Monday, XLM surged 8%, breaking above the 50-day moving average of $0.232 for the first time since October last year, with the price rising from $0.229 to $0.254. However, it retreated on Tuesday, encountering resistance around $0.255 and falling back to $0.233. Holding above the 50-day moving average could reignite the upward momentum.