Bitcoin’s derivatives signal caution as traders fear another wave of fund liquidations. Despite recovering some losses, Bitcoin struggles to match gold or tech stock gains. Derivatives metrics suggest caution as demand for upside exposure near $70,000 remains constrained. Aggregate liquidations in Bitcoin futures hit $1.8 billion in five days. Bulls add positions despite price decline. BTC futures open interest remains flat. BTC futures basis rate drops to 2%, indicating lack of bullish demand. Options skew hits 20%, signaling extreme fear in the market. Probability of further price downside remains high.

Read more at Cointelegraph: Bitcoin Reclaims $71K, But How Long Will It Hold?