Bitcoin Holds Near $70K as Open Interest Rises, Altcoins Outperform

Bitcoin (BTC) traded around $69,800–$70,100, down marginally since midnight UTC, as crypto futures open interest climbed to $102 billion, signaling cautious, bearish positioning. BTC has remained range-bound between $69,000 and $71,700 over the past 48 hours, with volatility easing despite ongoing Middle East tensions.

Oil returned toward $100 per barrel after reports of a sixth ship attacked by Iran in the Strait of Hormuz, raising global supply concerns. The crypto market, however, remained resilient: Hyperliquid’s HYPE token rose 2.5% toward $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%, while the Dollar Index (DXY) moved back toward 100 after CPI data, limiting expectations for rate cuts.

Derivatives and Market Positioning
Futures open interest in BTC and ETH increased 2% and 4%, respectively. Funding rates and cumulative volume delta stayed flat to negative, pointing to defensive positioning. BTC and ETH put options remain in demand, with notable interest in the $20,000 BTC put as a hedge against downside risk.

Altcoins Show Strength
Altcoins outperformed in a risk-off environment. SKY rose 7.6%, TAO gained 4.5%, while NIGHT, the privacy token from Cardano founder Charles Hoskinson, fell 10% to $0.046 after its Binance listing. The altcoin-heavy CoinDesk 80 Index gained 2.5%, outperforming the bitcoin-heavy CoinDesk 5, which rose 0.9%. Analysts note that a BTC breakout above $74,000 could spur rotation into more speculative altcoins.