比特币波动率指数回落至47%，期货未平仓量降至月初区间

Odaily Bitcoin Volatility Index has fallen back to 47%, pausing the upward trend of the previous two weeks, indicating traders are betting on a calmer market environment. However, derivatives data for most of the top 25 tokens by market cap shows bears still dominate price movements. Open interest in Bitcoin and Ethereum futures has retreated to levels seen at the beginning of the month, reflecting cautious sentiment among traders. The positions of SOL and AVAX are drawing attention to the sustainability of the recent rebound. The altcoin market is generally range-bound, with investors awaiting Bitcoin's next direction. The CoinMarketCap Altcoin Season Index remains at 49/100.