Overview
- Bitcoin remains range‑bound between $62,000 and $71,000 around the high‑$60,000s, with no decisive breakout since February 6.
- The annualized three‑month futures basis on major exchanges has widened from roughly 1.5% to about 4% since February 13, and funding rates have risen, signaling stronger demand for long exposure.
- Total bitcoin futures open interest stands at about 639,780 BTC ($43.81 billion), with the CME leading by open interest and Binance close behind.
- Options positioning skews toward calls at roughly 56% of open interest versus 44% in puts, with notable bets including a Feb. 27 $40,000 put (~7,409 BTC) and a Dec. 25 $120,000 call (~5,930 BTC).
- Coinbase’s CEO reports retail buyers are adding to positions, while analysts caution that concentrated leverage and low volume raise the risk of forced liquidations and a sharp unwind.