During the recent market crash, the steepest losses were seen in wrapped tokens and synthetic stablecoins, with trader margins dropping sharply, but ETH futures quickly stabilized to a neutral stance.

Following a 20.7% flash crash, ETH's price recovered above $4,100, signaling a short-term correction phase.

Ethereum's strength is underpinned by its substantial spot ETF holdings totaling $23.5 billion and open interest in options reaching $15.5 billion, which help maintain resilience amid volatility.

Despite recent turbulence, ETH's network effects and institutional interest position it favorably for a potential recovery towards $4,500.

The derivatives market showed signs of normalization, with perpetual futures funding rates plunging to -14%, indicating cautious trading amid broader market uncertainty.

Options markets on Deribit remained stable, with balanced demand between bullish and bearish strategies, suggesting no panic or expectation of a sharp downturn.

ETH outperformed many altcoins during and after the crash, with tokens like SUI, Avalanche, and Cardano experiencing much deeper intraday corrections.