Analysis: Bitcoin Fails to Break Higher, Derivatives Market Signals Bearish Sentiment and Prices in Deeper Pullback Risk

According to Odaily, Bitcoin and the broader crypto market have declined again, with BTC prices erasing all gains from last week's surge to $98,000. This crypto market sell-off aligns with the movement of US stock index futures, with futures tied to the Nasdaq 100 index falling over 1.9% and S&P 500 futures dropping 1.6%. Additionally, open interest in Bitcoin futures remains stable, and funding rates for most major tokens are still positive. However, Dogecoin (DOGE), Zcash (ZEC), and Cardano (ADA) saw the largest declines in futures open interest (OI), indicating capital outflows. On some derivatives platforms, traders continue to price put options for BTC and ETH higher than call options, with traders pricing in a 30% probability of BTC falling below $80,000. (CoinDesk)