Just noticed the crypto rally today picking up steam as oil prices pulled back. Seems like Trump's latest comments on energy policy spooked the oil market, and that's been helping risk assets bounce. Bitcoin and the broader market catching some bids this morning, which is always nice to see after the chop we've been dealing with.

But here's what's bugging me about this crypto rally today - the derivatives market doesn't look that convinced. Open interest is pretty flat, funding rates are muted, and the volume behind this move feels thin. Like, people are buying, but not exactly throwing their whole stack at it. I've seen this pattern before when rallies run out of gas quick.

So yeah, crypto rally today is real, but I'm watching to see if this holds or if we just get a relief bounce that fizzles out by end of week. The macro picture still feels uncertain with all the policy chatter, so I'm staying cautious for now. Anyone else seeing the same weakness in the derivatives side?