Analysis: Bitcoin hits $70000 before falling back, while derivative funds flood in but bearish sentiment remains Odaily Planet Daily News: Bitcoin fell after hitting a strong $70000 in the US market on Wednesday, and was reported at around $68600 in the Asian session on Thursday, failing to effectively stabilize at the key integer level. Since the end of February, BTC has maintained an overall range oscillation structure, with a drop of $62500 this month and an upper touch of $71100 on February 15th. Market insiders pointed out that Bitcoin broke through a similar volatile range in January this year, but then quickly fell back from $98000 to $60000 and formed a lower high point in this downward cycle, making some traders cautious about the sustainability of the current breakthrough. According to derivative data, the total amount of open interest contracts (OI) in the cryptocurrency market futures increased by over 6.6%, approaching $100 billion, with a growth rate higher than the overall market value growth, indicating the inflow of new funds. In terms of the options market, Deribit data shows that the rebound of Bitcoin has driven an increase in demand for call options with strike prices ranging from $85000 to $90000. However, the overall option structure still leans towards put protection, with a $60000 put option being the currently most popular position and a nominal open interest of over $1.4 billion, indicating that the market still retains downside risk.