BTC trapped in tight range as growing open interest hints at defensive bets: Crypto Markets Today

Bitcoin has been trading in a tight range between $69,000 and $71,700 for 48 hours, remaining relatively steady despite geopolitical tensions pushing oil prices higher and pressuring global equity markets. Crypto futures open interest (OI) increased by 2% to $102 billion, but flat-to-negative funding rates and cumulative volume delta indicate that this growth is driven by defensive, bearish positioning rather than aggressive long bets. In contrast to Bitcoin's stagnation, altcoins are showing relative strength; tokens like HYPE, SKY, and TAO gained value, while the altcoin-heavy CoinDesk 80 Index outperformed the bitcoin-heavy CoinDesk 5 Index. The market's next major move hinges on whether Bitcoin can decisively break out of its current range, potentially leading to further rotation into more speculative altcoins.

(Source：CoinDesk)