Bitcoin, major tokens drop as traders position for downside protection

Bitcoin extended recent losses as derivatives data show a clear risk-off shift. What to know : Bitcoin extended recent losses and is stabilizing below $70,000 after last week’s steep drop. Derivatives data show a clear risk-off shift, with falling futures open interest, negative funding rates, elevated short positioning and implied volatility signaling strong demand for near-term downside protection. Crypto wallet Rainbow’s new RNBW token plunged about 75% from its ICO price, beset by distribution delays and infrastructure issues.