Bitcoin's price has dipped below the significant threshold of $70,000, currently trading around $69,300. This decline comes amid a notable increase in open interest in bitcoin derivatives, which has reached approximately 773,000 BTC, one of the highest levels recorded. Despite the price drop, funding rates for perpetual futures have surged to about 10% annualized, indicating that leveraged traders are betting on a rebound rather than reducing their risk exposure. The Coinbase Premium Index, which measures price differences between exchanges, remains deeply negative at around -100, suggesting weak demand from U.S. institutional investors. The Crypto Fear & Greed Index continues to signal fear in the market, reflecting a lack of confidence among traders. Tom Lee, chairman of Bitmine Immersion Technologies, remarked that the recent minor sales from key holders are typical market behaviors at a bottom rather than indicative of deeper issues. Overall, the market sentiment remains cautious as bitcoin's performance diverges from broader risk assets.