Bitcoin funding rate hits 2-week high: Is $70K next?
Bitcoin briefly approached $65,500 after signs of easing geopolitical तनाव and lower Brent crude prices lifted risk appetite. Bullish sentiment improved in derivatives: Bitcoin perpetual futures funding rose to 7%, showing growing demand for leveraged longs, while exchange order books showed bids outpacing offers. Still, caution remains. Put options were in stronger demand than calls, reflecting hedging against downside, and weak performance in stocks, bonds, and gold suggested investors were favoring cash over risk assets. Concerns around Strategy’s Bitcoin exposure also softened after it announced a larger cash position. The biggest drag on sentiment is continued weakness in US-listed Bitcoin ETFs, which saw $228 million in net outflows last week and six straight weeks of redemptions. Overall, traders are more optimistic near term, but the case for a quick move to $70,000 remains limited.
