Analysis: Bitcoin Falls Below $67,000 as Bearish Sentiment Prevails, Derivative Market Deleveraging Intensifies

According to Odaily, 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 macroeconomic front, a weakening US dollar and falling Treasury yields have fueled market expectations for a Federal Reserve rate cut. Polymarket data shows the probability of a March rate cut has risen from 7% at the beginning of the month to around 19%, with Kalshi market data indicating approximately 21%. In the derivatives market, BTC futures open interest has decreased to $15.6 billion, indicating a continuation of the deleveraging 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)