Bitcoin risks another lower high as AI tokens outperform

Bitcoin has dropped 7% over the past two weeks and is forming a potential lower high in a bearish structure dating back to October — even as S&P 500 and Nasdaq 100 futures push above 0.5% gains, pointing to crypto-specific headwinds rather than broad macro pressure. Ether is faring worse, trading at $2,098 after shedding more than 10% over the same period, sitting firmly mid-range with no signs of reclaiming lost ground.

The derivatives picture is subdued: BTC futures open interest has pulled back to 711K BTC from 793K early this month, 24-hour liquidations fell 21% to $126 million, and 30-day implied volatility continues to slide — a sign of persistent volatility selling. On Deribit, BTC puts at $70K–$76K strikes are among the most traded of the past 24 hours, reflecting quiet but real downside hedging.

Not everything is weak.