Bitcoin Holds Near $70K as Open Interest Rises, Altcoins Outperform
Bitcoin (BTC) traded around $69,800–$70,100, down 0.1% since midnight UTC, as futures open interest climbed to $102 billion, signaling defensive, bearish positioning. The largest cryptocurrency has remained range-bound between $69,000 and $71,700 over the past 48 hours, with volatility easing despite ongoing tensions in the Middle East.
Oil edged back toward $100 per barrel after reports of a sixth ship attacked by Iran in the Strait of Hormuz, stoking concerns about global energy supply. The crypto market, however, showed resilience: Hyperliquid’s HYPE token advanced 2.5% to near $40, while MORPHO, ETHFI, and XMR also posted gains.
U.S. stock futures fell, with the Nasdaq 100 and S&P 500 down roughly 0.6% overnight. The Dollar Index (DXY) rose toward 100 following Wednesday’s CPI data, limiting expectations for rate cuts.
Derivatives Insight
Crypto futures open interest rose 2% in the past 24 hours, with BTC and ETH up 2% and 4%, respectively. Annualized funding rates and cumulative volume delta (CVD) remained flat to negative, suggesting the build-up is largely defensive. BTC and ETH put options trade at a premium, with notable demand for the $20,000 BTC put, reflecting hedging against a major downside.
Altcoins Remain Strong
Altcoins outperformed amid risk-off conditions. SKY gained 7.6%, TAO rose 4.5%, while NIGHT, the privacy token by Cardano founder Charles Hoskinson, fell 10% to $0.046 after its Binance listing. The CoinDesk 80 Index (altcoin-heavy) rose 2.5%, outperforming the bitcoin-centric CoinDesk 5, which gained 0.9%. Analysts suggest the next altcoin rally may hinge on BTC breaking above $74,000, triggering rotation into more speculative tokens.
