Memecoins are gaining traction in the crypto market as Bitcoin struggles to break through the $70,000 mark. While Bitcoin remained stable, ether saw a decline, and the CoinDesk memecoin Index noted an uptick. Despite the market's "extreme fear" sentiment, altcoins, particularly those linked to artificial intelligence like Worldcoin, have outperformed. The futures market reflects significant deleveraging, with major exchanges like Binance and Bybit reporting negative funding rates, indicating that short sellers are paying a premium to maintain their positions. Merkle Trade, a decentralized exchange on the Aptos blockchain, is shutting down after raising $2.1 million less than two years ago. The exchange disabled new trading positions and plans to close all open positions soon, citing "careful consideration" for the decision. Merkle's token, MKL, has seen a 9% increase in the last 24 hours but has lost 77% over the past year. Since its launch in 2023, the platform processed $30 billion in trading volume, making its closure unexpected. In the derivatives market, Bitcoin futures show increased bearish momentum, with open interest dropping to $15.9 billion. This decline suggests an ongoing deleveraging phase, and the BTC options market indicates a shift in sentiment as call dominance rises to 56%. The liquidity landscape shows $290 million in liquidations recently, with Bitcoin and ether leading the way. As volatility expectations begin to stabilize, traders are keeping a close eye on key liquidation levels, especially around $68,160 for Bitcoin.