BTC holds near $70,500 as derivatives turn defensive, macro risks weigh on sentiment, and altcoins show pockets of strength.
Open interest has stabilized and funding normalized, while options skew and backwardation signal rising demand for near-term downside protection. Oil below $100 briefly lifted risk assets, but falling equity futures highlight ongoing fragility across broader markets.
$70,707.30 Crude oil prices dropped below $100 on Thursday and were recently trading at $96 per barrel as the U.S. was said to be assessing whether it should releaseThis gave a momentary boost to risk assets with U.S. equities showing signs of recovery, but that move has now reversed. Nasdaq 100 and S&P 500 futures are down by 0.6% and 0.4%, respectively, since midnight, indicating continued market fragility. Precious metals are now trading back in line with crypto after a ferocious rally to record highs at the start of the year. Gold is at $4,660 after putting in a top at $5,600 on Jan. 29.Bitcoin open interest stabilized at $16.9 billion, roughly mirroring last week’s $17 billion and suggesting speculative activity has leveled off. Funding rates across most platforms have returned to a neutral range of 0%-10%, with the negative rates observed over the previous two days probably fueling an initial relief rally through short covering before contributing to the recent crash. The three-month annualized basis is holding steady at 2.8%, a sign that institutional conviction remains cautious. The options market reflects defensive positioning: The 24-hour call-to-put volume split has shifted to 43/56. Risk aversion is tightening, with the one-week 25-delta skew rising to 14% from 9%, notably increasing the cost of downside protection. The implied volatility term structure confirms a sharp front-end spike into backwardation, a signal that traders are bracing for an immediate, high-impact volatility event, prioritizing short-term hedging over stable mid-term growth expectations.Coinglass data shows $308 million in 24-hour liquidations, with a 63-37 split between longs and shorts. BTC , ETH and others were the leaders in terms of notional liquidations.The altcoin market continues to show signs of optimism despite many of the crypto majors remaining trapped in a tight trading range since early February. Quant is up by 7.5% since midnight following a spot listing on popular trading app Robinhood, while AI token FET has extended its rich vein of form, rising by 6.5%. CoinMarketCap's Altcoin Season index is currently at 46/100, falling back slightly but still well above February's lows, when it languished in the low 20s. While the CoinDesk 20 Index is flat since midnight, the altcoin-dominant CoinDesk 80 is up by 0.3%, indicating a slight outperformance. A new Ripple survey of more than 1,000 global finance leaders finds that digital assets are now seen as a strategic necessity rather than an optional experiment.A new Ripple survey of more than 1,000 global finance leaders finds that digital assets are now seen as a strategic necessity rather than an optional experiment. Seventy percent of respondents say firms must offer digital asset solutions to stay competitive, with stablecoins viewed as especially valuable for improving cash-flow efficiency and unlocking working capital. Fintechs are leading in digital asset adoption while banks and asset managers focus on tokenization, secure custody and certified infrastructure, decisions that respondents believe will shape future competitive advantage.
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