Bitcoin rose around 4% in the last 24 hours, trading near $71,000, as the market shrugged off tensions in the Middle East and softer U.S. stock futures, with BTC outperforming gold. More than $550 million in liquidations occurred, largely taking the wind out of short positions, while declining open interest suggested the rally did not attract new leverage. Altcoins showed relatively stronger performance, though concerns about DeFi weakness and meme-coin performance linger. After midnight, several altcoins outpaced Bitcoin, with HYPE, OP, and CRV rising about 3%.
On Deribit and other platforms, BTC and ETH put options remained skewed toward protective puts across all tenors, while call options traded at a smaller premium versus puts. Flow activity favored risk-management strategies, with BTC put condors gaining traction, while ETH risk reversals dominated. Open interest on major USD- and USDT-paired futures declined modestly, from about 229,000 BTC to about 228,000 BTC, reflecting a cautious stance.
Futures on ETH, XRP, SOL, and other top tokens showed similar patterns, with several contracts seeing up to roughly a 10% drop in open interest. Funding rates for major futures generally held in the 5%–10% range, signaling a cautiously bullish but controlled rally. By midday, the altcoin-focused CD80 index rose more than 1% and the CD20 index gained about 0.3%, suggesting improving sentiment in the altcoin space. On-chain cost basis remained a reference point, with around $60,000 as a key support level and deeper historical support near $54,000. Bitcoin continues to reflect stabilization around the 2023 investor-cost basis as it revisits patterns observed in prior cycles.
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