Bitcoin has struggled to reclaim the $70,000 level, while meme coins and some altcoins have shown relative strength. Futures open interest on Bitcoin has declined, and funding rates on major exchanges remained in deep negative territory, signaling a short-position advantage and a broad deleveraging phase. In a market where Bitcoin and other major assets are directionless, short-term funds have moved into meme coins and theme-based altcoins, signaling a defensive rotation.
Bitcoin hovered around the 68,000-dollar range with little variation. Ethereum fell, but the meme-coin sector showed relative strength, with the meme-coin index rising more than 1% and PIPPIN posting double-digit gains.
AI-related tokens also performed well, with World Coin and Virtuals rising. However, the broader market sentiment remained subdued, and the Crypto Fear and Greed Index stayed in extreme fear territory. The derivatives market remained weak, with negative funding rates and a prevailing short-position tilt. While the options market indicated signs of easing near-term defensive sentiment, institutional risk appetite remained limited, underscoring a cautious market environment even as meme coins and certain altcoins outperform.
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