Bitcoin traded within a tight range on Thursday, even as volatility flared across select altcoins. During Asian hours, BTC hovered around $68,600 after briefly challenging the $70,000 threshold in a sharp U.S. session the day prior.
As February approaches its close, bitcoin continues to oscillate inside a band that has defined price action since early in the month. The cryptocurrency recently dipped to $62,500 on Tuesday and previously climbed to roughly $71,100 on Feb. 15, reinforcing the market’s range-bound structure.
The setup echoes January’s consolidation phase, which initially broke to the upside before trapping late buyers. That move was followed by a steep correction from $98,000 to $60,000 over three weeks, establishing a lower high within the broader bearish cycle.
Altcoins Split Performance
While the broader market held steady, certain tokens delivered outsized moves.
- Polkadot (DOT) jumped 21% over the past 24 hours, though gains moderated in European trading. Investors appear to be positioning ahead of the network’s March reward halving.
- Uniswap (UNI) rallied 15% following a new governance proposal aimed at increasing protocol revenue capture across several layer-2 networks.
- HYPE advanced 4.3% since midnight UTC, moving back toward $30.
- Privacy-focused Decred (DCR) climbed 4% to its highest level since November.
- In contrast, Cosmos (ATOM) dropped more than 6%, with selling pressure extending into European hours despite no clear negative catalyst — a reminder of lingering liquidity fragility in parts of the altcoin market.
Among majors, Cardano (ADA) and Ethereum (ETH) each gained about 8.5% since Wednesday morning. Importantly, rising open interest alongside price appreciation suggests these advances were driven largely by leveraged futures positioning rather than spot accumulation, according to Coinalyze.
Derivatives: Leverage Builds
Open interest across the total crypto futures market climbed 6.6% to nearly $100 billion — a faster pace than the broader market cap increase, signaling fresh capital entering derivatives markets.
ADA and ETH futures led the expansion, with open interest rising 21% and 15%, respectively. Several other altcoins recorded gains near 9%, while bitcoin’s comparatively modest 3% increase in open interest appears tied primarily to spot price appreciation.
Volatility metrics remain subdued. Bitcoin’s 30-day implied volatility index (BVIV) and ether’s EVIV sit near weekly lows, reflecting calm conditions that could support further upside. Meanwhile, annualized perpetual funding rates for major tokens have stabilized slightly above zero, indicating a renewed bias toward long positioning.
On the options front, activity on Deribit shows renewed demand for bitcoin call options with strikes between $85,000 and $90,000 following the recent bounce. However, the overall options market remains skewed toward puts, suggesting traders are still hedging downside risks. The $60,000 put contract remains the most crowded position, carrying more than $1.4 billion in notional open interest.
Macro Context
In traditional markets, U.S. stock index futures were largely flat. Earnings from NVIDIA failed to ignite sustained equity upside, as investors continue to debate whether artificial intelligence valuations have become overstretched.
For now, bitcoin remains range-bound — but rising derivatives activity suggests positioning is becoming more aggressive beneath the surface.
