Bitcoin climbed 2.6% in the last 24 hours to around $70,000 (about 1.6 million won) per coin, trading near the round number despite Middle East tensions and weakness in U.S. stock futures, showing a stronger performance than gold. Over the past 24 hours, about $570.02 million in futures positions were liquidated, with longs totaling $203.07 million and shorts totaling $366.95 million liquidated. According to CoinDesk, the open interest (OI) in USD- and USDT-denominated futures declined from 229,000 BTC to 228,000 BTC, suggesting no new leverage inflows despite the price rise. This pattern was similarly observed in Ethereum, XRP, and Solana, with futures open interest in these assets also showing declines.
In particular, futures open interest for Dogecoin, ADA, SUI, AVAX, Chainlink, and Pax Gold fell by up to 10%. Derivatives indicators showed perpetual funding rates at roughly 5–10%, signaling rising expectations. However, demand for put options persisted as a hedge in the options market. On Deribit, Bitcoin and Ethereum put options carried volatility premiums of about 5–6 points, down from 8–10 points earlier in the week.
Altcoins generally posted stronger performance, with Hyperliquid (HYPE_), Optimism (OP), and Curve (CRV) up about 3%. The DeFi theme remained a headwind for some, with Balancer Labs halting operations and the Resolving USR stablecoin hack cited as dampening market sentiment. There was commentary that rewards and yield opportunities were limited, and some warned of risks from protocol use. The Meme Coin Index (CDMEME) rose 0.1%, while some constituent coins fell 3–5%.
Leave a Reply