BTC clears $80K as altcoins surge — but derivatives tell a more cautious story.

Bitcoin traded at $80,690 during Asia hours Tuesday, up more than 1% since midnight UTC, while <a class="ticker-mention" href="/en-US/token/eth">ETH</a> lagged at $2,370 after failing to clear its April high of $2,460. The broader altcoin complex outperformed, with the DeFi Select Index gaining 2.7% and tokens including ENA, ONDO, and <a class="ticker-mention" href="/en-US/token/ton">TON</a> posting standout moves. U.S. equity futures also edged higher — Nasdaq 100 up 0.5%, S&amp;P 500 up 0.3% — as investors bought the dip following Monday&#x27;s Strait of Hormuz jitters.

Under the surface, derivatives data adds nuance. <a class="ticker-mention" href="/en-US/token/ada">ADA</a> futures open interest surged 18% to a record 2.17 billion tokens, with strong cumulative volume delta (CVD) signalling buyer-driven flow — yet funding rates at an annualised 9% suggest enthusiasm without extreme leverage. TON is the more striking outlier: OI jumped 40% to a record 200.2 million tokens with the strongest CVD among the top 30, but funding rates are slightly negative…