Analysis: BTC bearish momentum is increasing, the market has entered a deep deleveraging phase, and extreme fear has not subsided.

The crypto market is showing a divergent trend, with memecoin leading the gains while mainstream assets are relatively weak, and Bitcoin is still struggling to firmly hold above the $70,000 mark. Derivatives market data shows that short-selling momentum in Bitcoin futures continues to strengthen, with open interest falling to approximately $15.9 billion, indicating a deep deleveraging phase. Regarding funding rates, Binance and Bybit have fallen to -7% and -8% respectively, indicating that short sellers are paying high costs to maintain their positions. The three-month basis remains at 3%, indicating low institutional participation. Defensive sentiment in the options market has cooled somewhat, with the proportion of call options rising to 56%, indicating that some funds are beginning to attempt bottom-fishing. The implied volatility structure has also transitioned from an extreme inverted curve to a mixed structure, reflecting that short-term safe-haven demand remains high, but long-term volatility expectations are stabilizing. In terms of market sentiment, the crypto fear and greed index remains in the "extreme fear" range after last week's sharp sell-off. (CoinDesk)