Night trading first turns on the risk control lights: $BTC this set of OI reports $0K, which cannot be considered as “clean leverage,” but more like a data gap in the market.

Fear of greed 15 is an extremely panic zone.
Bull and bear are 50/50, taker 1.0, indicating no clear bias in active buying and selling for now.
Under the premise of distorted OI, do not use this data set to judge short squeezes or long liquidations; only look at whether the price and volume confirm each other.
The most intense pressure tonight comes from the hawkish FOMC, with the news already indicating: Crypto is sinking, $BTC broke below 64k.
The transmission of such news is very direct, first cutting high beta, then suppressing contract risk appetite.
If there is no volume increase on the rebound later, extreme panic does not equal a bottom; it only indicates the market is very fragile.
Another hedging message is that the US and Iran reportedly signed and are in effect with the MOU.
Geopolitical cooling was originally positive for risk assets, but now it can only reduce headline risk, not directly repair the interest rate pressure after the FOMC.
So this is not “peaceful trading fully open,” but rather watching whether the risk premium continues to unwind.
In terms of structural events, CME is preparing to sue the CFTC over the classification issue regarding Bitcoin perpetual contracts.
This is not an intraday rally news, but it will affect the regulatory path of US perpetual products.
For $BTC , in the short term, see if it can recover below 64k, and wait for OI data to recover on the contract side; before the data recovers, all leverage crowding judgments should be discounted. #BTC trend
This content is assisted by Claude Fable 5 and is for informational purposes only; please verify independently.