Analysis: Bitcoin oscillates in the $70000 range, derivatives turn to defense, and the market is wary of short-term violent fluctuations Odaily Planet Daily News: The overall cryptocurrency market is stabilizing, with BTC currently fluctuating around $70500. However, derivative data has released clear defensive signals, coupled with rising macro uncertainty, and market sentiment remains under pressure. According to derivative data, the open interest contracts (OI) of Bitcoin remain stable at approximately $16.9 billion, with funding rates returning to the neutral range of 0% -10%. The three-month annualized basis remains at 2.8%, reflecting the overall cautious attitude of institutions. The options market presents a defensive structure, with the call/put ratio dropping to 43/56, indicating a significant increase in downside hedging demand. In addition, the short-term implied volatility is inverted, and the market expects high-intensity volatility events in the short term. In the past 24 hours, the total amount of online liquidation was about 308 million US dollars, of which 63% were multiple orders. BTC and ETH were liquidated by about 93 million and 81 million US dollars respectively. The Binance Clearing Heat Map shows that $68500 is a key clearing support level that needs to be closely monitored. On a macro level, crude oil prices fell below the $100 mark to around $96, and the United States may consider releasing sanctioned Iranian oil to increase supply, which initially boosted risk assets. However, the trend reversed and US stock futures weakened, with Nasdaq futures and S&P 500 futures falling by about 0.6% and 0.4% respectively, indicating that the market is still relatively fragile.