Analysis: Bitcoin Falls Below $67,000 as Bearish Sentiment Dominates, De-leveraging in Derivatives Market Intensifies

Odaily News: Bearish sentiment dominates the crypto market, with Bitcoin and Ethereum continuing their decline. Over the past 24 hours, Bitcoin fell approximately 2.4% to around $66,900, while Ethereum dropped about 2.7%, breaking below the $2,000 mark. On the macro front, the US dollar weakened and Treasury yields fell, increasing market expectations for a Fed rate cut. The Polymarket shows the probability of a March rate cut has risen from 7% at the beginning of the month to around 19%, while the Kalshi market indicates about 21%. In the derivatives market, BTC futures open interest has decreased to $15.6 billion, indicating a continuation of the de-leveraging trend. Funding rates have turned further negative (approximately -6% on Binance, -0.5% on Bybit), and the three-month basis has narrowed to 1.6%, reflecting a rapid cooling of institutional risk appetite. (CoinDesk)