Bitcoin stalls below $70,000 while DOT, UNI lead altcoin surge
Bitcoin held a range near $70,000 as DOT and UNI surged, while ATOM declined amid building leverage in altcoin futures.Summary
Bitcoin (BTC) traded within a range between $62,500 and $71,100, stalling near $70,000 after a volatile U.S. session. This range-bound behavior follows a similar pattern seen in January before a significant price drop. Meanwhile, the broader altcoin market saw significant movement, with Polkadot (DOT) jumping 21% ahead of its March reward halving, and Uniswap's governance token (UNI) rising 15% following a vote to boost revenue capture. Conversely, Cosmos (ATOM) dropped over 6%, highlighting liquidity fragility in some altcoins. Total crypto futures open interest increased by over 6.6% to nearly $100 billion, indicating fresh capital inflow, particularly in ADA and ETH futures, which saw 21% and 15% increases in open interest, respectively. Despite some demand for high-strike call options on Bitcoin, the overall options market still shows a bias toward puts, suggesting lingering downside concerns, with the $60,000 put remaining the most popular bet.
(Source：CoinDesk)