Analysis: Bitcoin falls below $67000, bearish sentiment dominates, and deleveraging in the derivatives market continues to intensify

Odaily Planet Daily News: Short sentiment dominates the cryptocurrency market, with Bitcoin and Ethereum continuing to decline. In the past 24 hours, Bitcoin has fallen about 2.4% to about $66900, and Ethereum has fallen about 2.7% below the $2000 mark. On a macro level, the weakening of the US dollar and the decline in US bond yields have raised market expectations for the Fed's interest rate cuts. The Polymarket market shows that the probability of a March interest rate cut has increased from 7% at the beginning of the month to about 19%, while the Kalshi market is about 21%. In the derivatives market, BTC futures open contracts fell to $15.6 billion, indicating a continued deleveraging trend and further negative fund rates (Binance around -6%, Bybit around -0.5%). The three-month basis narrowed to 1.6%, reflecting a rapid cooling of institutional risk appetite.