Bitcoin steady near $70,000 as rising open interest hints at cautious, bearish positioning

Bitcoin traded around $69,800 as open interest rose to $102 billion, suggesting defensive, bearish bets while altcoins outperformed in a risk-off macro backdrop. What to know : Bitcoin has traded in a tight $69,000–$71,700 range for 48 hours, even as the Middle East conflict pushed oil back up toward $100 and pressured global equity markets. Crypto futures open interest rose 2% to $102 billion, but flat-to-negative funding rates and cumulative volume delta suggest traders are adding cautious bearish positions rather than aggressive longs. Altcoins are showing relative strength: HYPE, SKY and TAO gained while NIGHT fell 10% after its Binance listing triggered selling from holders.