Last night I saw that Bitcoin recovered significantly from that $65,600 bottom, but it remains in a tricky pattern with lower highs and lows. The trend hasn't really shifted toward a true rally until we break through that $72,000 barrier. What caught my attention: the US spot ETFs have massively dumped BTC, about 100,300 units since October. That’s really a lot of selling pressure on an already weak market.

On the options side, something interesting is happening. The funding rates have now turned positive, and open interest is climbing to $15.8 billion, suggesting leverage positions are stabilizing. But short-term options still show increased 'panic premium'—traders are paying extra for immediate protection, even as longer maturities normalize. Liquidations reached $179 million in 24 hours, so the market is still quite nervous.

The interesting part: altcoins are performing much better. MORPHO jumped over 12% last night, KITE nearly 11%. JUP also turned positive. You always see this when Bitcoin consolidates—traders rotate their capital into more speculative tokens. The sentiment has thus shifted there. Saturn Credit and Apyx are also building significant positions, with nearly $200 million STRC tokenized on Ethereum. The market actually feels like it has shifted toward more risk appetite, even though BTC itself hasn't yet broken through that crucial resistance. So: keep an eye on that $72,000 level, because it determines everything.