Bitcoin stalls below $80K as open interest drops 6% and bearish derivatives positioning builds

Bitcoin has been pinned in a tight $77,500–$78,500 range since midnight UTC Friday, unable to reclaim the $80,000 level it briefly tested earlier this week. Futures open interest has fallen more than 6% in 24 hours to 744,300 <a class="ticker-mention" href="/en-US/token/btc">BTC</a>, a clear sign that traders are unwinding leveraged longs rather than adding to them. The 24-hour open interest–adjusted cumulative volume delta has flipped negative, with sellers hitting the bid more aggressively than buyers lifting the ask.

Derivatives markets are reinforcing the cautious read: annualized perpetual funding rates remain slightly negative, and Deribit risk reversals show a persistent put bias across all time frames — traders are hedging downside and selling upside via covered calls. Bitcoin&#x27;s 30-day implied volatility index has dropped to 42%, its lowest since January 31, suggesting the market has priced in a period of consolidation.

Zcash is…