Bitcoin hovers around $70,000 as increasing open interest suggests traders are leaning cautious and bearish.

Bitcoin Near $70K as Futures Open Interest Rises, Altcoins Outperform

Bitcoin (BTC) held steady around $69,800–$70,100, down slightly since midnight UTC, while crypto futures open interest rose to $102 billion, signaling cautious, bearish positioning. The largest cryptocurrency has traded in a narrow $69,000–$71,700 range over the past 48 hours, with volatility easing despite ongoing Middle East tensions.

Oil edged back toward $100 per barrel after reports of a sixth ship attacked by Iran in the Strait of Hormuz, raising global supply concerns. The crypto market remained resilient: Hyperliquid’s HYPE token rose 2.5% toward $40, while MORPHO, ETHFI, and XMR also posted gains.

U.S. stock futures fell, with the Nasdaq 100 and S&P 500 down around 0.6%, while the Dollar Index (DXY) climbed toward 100 following CPI data, curbing rate-cut expectations.

Derivatives Overview
Futures open interest in BTC and ETH rose 2% and 4%, respectively. Funding rates and cumulative volume delta stayed flat to negative, indicating defensive positioning. Put options, including the $20,000 BTC put, continue to trade at a premium to calls, reflecting hedging against downside risk.

Altcoins Outperform
Altcoins showed strength amid a risk-off environment. SKY gained 7.6%, TAO rose 4.5%, while NIGHT, Cardano founder Charles Hoskinson’s privacy token, fell 10% to $0.046 following its Binance listing. The altcoin-heavy CoinDesk 80 Index rose 2.5%, outperforming the bitcoin-heavy CoinDesk 5, up 0.9%. Analysts note that a BTC breakout above $74,000 could drive rotation into more speculative altcoins.

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