Analysis: Bitcoin's Rally Falls Short, Derivatives Market Signals Bearish Sentiment and Prices in Deeper Pullback Risk

Odaily News Bitcoin and the broader crypto market have declined once again, with BTC's price erasing all gains from last week's rally to $98,000. This crypto market sell-off aligns with the movement of U.S. stock index futures; futures tied to the Nasdaq 100 index fell over 1.9%, while S&P 500 futures dropped 1.6%. Additionally, Bitcoin futures open interest has remained stable, and funding rates for most major tokens are still positive. However, futures open interest (OI) for DOGE, ZEC, and ADA saw the largest declines, indicating capital outflows. On some derivatives platforms, traders continue to price put options for BTC and ETH higher than call options. Traders are pricing in a 30% probability that BTC will fall below $80,000. (CoinDesk)