Bitcoin edges toward $72K with open interest climbing, signaling growing leverage amid choppy conditions.

Bitcoin edged higher alongside equities, but a surge in open interest and declining volatility signals growing leverage, even as the market continues to struggle near the $72,000 resistance level.

BTC rose around 1.2% after midnight UTC, tracking gains in U.S. equity futures, with the Nasdaq 100 up roughly 1%. The move followed a drop in oil prices below $100 after Donald Trump proposed a 15-point plan to end the Iran conflict, though Iranian officials dismissed the claim.

Despite the upward move, bitcoin has repeatedly failed to sustain a breakout above $72,000 this month. Each rally attempt has been followed by a pullback toward the $67,000–$65,000 range. These repeated rejections have encouraged traders to build short positions near resistance, contributing to a sharp increase in open interest.

At the same time, parts of the altcoin market are showing relative strength. DeFi tokens such as LDO and ETHFI have risen between 2.5% and 3.5%, outperforming bitcoin in the short term.

Derivatives positioning

Futures data highlights a growing build-up of leverage. Total crypto open interest has climbed to around $112 billion, a one-week high. The top 10 tokens, including BTC and ETH, have all recorded increases of at least 4% in open interest over the past 24 hours.

Ether open interest has jumped to approximately 14.55 million ETH, the highest since late August. Combined with positive funding rates and rising cumulative volume delta, this points to increasing demand for long positions. DOGE and ZEC have also stood out, with open interest rising more than 10% over the same period.

Meanwhile, volatility continues to decline. Bitcoin’s 30-day implied volatility index (BVIV) has fallen for a third straight session, nearing weekly lows around 53%, indicating a fading geopolitical risk premium. Ether volatility is also easing. On Deribit, put skew continues to soften, although options pricing still reflects some downside caution.

Attention is now turning to Friday’s multibillion-dollar options expiry, where the “max pain” level is estimated near $75,000, potentially acting as a near-term price magnet.

Token performance

The CoinDesk Computing Select Index (CPUS) led gains, rising 1.9%, while the CoinDesk 20 (CD20) added 0.9%. The CPUS index is heavily weighted toward AI-related tokens, including TAO, FET, and Chainlink.

LINK rose 1.5%, while TAO and FET gained 4.9% and 2.9%, respectively. Broader altcoin sentiment has improved, with CoinMarketCap’s Altcoin Season indicator rising to 48/100 after lingering near 22 earlier in February.

On the downside, privacy-focused tokens such as XMR and ZEC slipped around 1%, as traders rotated capital across sectors ahead of a potential broader market breakout.

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