0218 Bitcoin Daily Report#比特币下一步怎么走？

Bitcoin briefly dropped to $66,600 yesterday, then narrowed its decline. In recent months, Bitcoin has often moved in tandem with tech stocks. It declined along with the US stock market, but when US stocks experienced a slight rebound, Bitcoin failed to recover simultaneously.
Last week, spot ETF net outflows reached $360 million, marking the fourth consecutive week of net outflows. Market sentiment remains pessimistic, and overall market sentiment is in extreme fear; macro-level volatility and a wave of uncertainties could easily trigger a more severe decline, potentially retesting the $50,000 level. Although some on-chain indicators have shown signs of temporary easing, Bitcoin has struggled to stay above the $70,000 mark over the past two weeks. Meanwhile, investor confidence in tech stocks is also weakening.
Data shows that total open interest has fallen from a peak of $94 billion to $44 billion, a decline of 55%. A decrease in open interest often indicates traders are reducing leverage and exiting speculative bets. Conversely, an increase suggests new funds are flowing into derivatives markets, boosting trader confidence. Currently, open interest continues to decline, with most funding rates being negative, indicating that current rebounds are driven by short covering and spot demand rather than new leveraged long positions. Market analysts believe that this period or price level may be more suitable for patient investors willing to hold long-term and make dollar-cost averaging investments.