Crypto market steadies as derivatives signal caution, macro pressure builds

BTC holds near $70,500 as derivatives turn defensive, macro risks weigh on sentiment and altcoins show pockets of strength. What to know : Open interest has stabilized and funding normalized, while options skew and backwardation signal rising demand for near-term downside protection. Oil below $100 briefly lifted risk assets, but falling equity futures highlight ongoing fragility across broader markets. QNT and FET lead gains, with the altcoin season index improving, even as majors remain rangebound.