Toncoin Cuts Losses, Outperforms Bitcoin and Ether

Toncoin (TON) pared its losses as its blockchain rebooted following an outage of around five hours.

The outage is said to be related to a higher-than-expected demand for an airdrop organized by the Ton Foundation to draw attention to the unjust detention of Pavel Durov.

TON, which is down less than 1% throughout the morning hours, is outperforming the CoinDesk 20 Index (CD20), which is down over 6.5% in the same period. CD20 continues to fall as crypto futures liquidations hit $300 million, the highest level since August 5.

BTC is down 6%, while ether (ETH), Solana’s SOL, Cardano’s ADA, and dogecoin (DOGE) are all down over 5%. XRP is showing relative strength with a 3.4% drop, while Tron’s TRX is the best performer among the majors with a 2% drop.

Ether futures had the highest liquidations with $102 million, followed by bitcoin with $96 million and altcoins with $40 million.

CoinGlass data shows that open interest in bitcoin futures fell to $31 billion from $34 billion on Monday as prices fell, suggesting weakening sentiment among traders.

The decline came as U.S.-listed bitcoin exchange-traded funds (ETFs) recorded net outflows of over $127 million yesterday, snapping an eight-day streak of inflows. Ether ETFs continued outflows for a ninth straight day, losing over $3.45 million.

The situation is similar for AI tokens. While the possibility of record earnings from Nvidia has led some investors to invest in AI tokens, they are also in the red.

According to CoinDesk Indices data, NEAR is down 10%, ICP is down 6.5%, FET is down 11.8%, Bittensor’s TAO is down 11.3% and RENDER (RNDR) is down 9.5%.