Good morning, team!
BTC has bounced back toward $84K after spending time around the $83K area, but the derivatives market still looks unusually cautious.
Open interest has fallen to roughly 652K BTC — one of the lowest readings of the year — while perpetual funding has turned negative again. In simple terms, leverage is leaving the market and the traders who remain are increasingly willing to pay to stay short.
That sounds bearish, but there is another side to it 📊
With fewer crowded longs and more aggressive shorts, the market is becoming less vulnerable to a long liquidation cascade. Any unexpected positive catalyst could instead force short sellers to unwind quickly.
Macro conditions are still difficult: Treasury yields remain above 5.2%, Brent is near $106, and the dollar is holding close to recent highs.
For me, the $82.8K–$83K area remains the important floor. As long as it survives, a move back through $84K could bring buyers back quickly.
The market is no longer overheated. Now the question is whether caution turns into another selloff — or fuel for the next squeeze.
Bull Run 🐂