20 million bitcoins
Bitcoin holds near $70K after a strong week despite the war in Iran. Bearish positioning, persistently negative funding, and low CME engagement point to defensive sentiment but also an attractive risk reward setup for BTC.
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Robust week for BTCBitcoin rose modestly over the past week, gaining about 2% and trading just below $70,000. The price briefly reached a one-month high of $74,200 before pulling back, as broader markets remain volatile due to the war in Iran. Despite this environment, Bitcoin has outperformed major assets since February 27, rising 5.7%, while the Nasdaq is slightly down and both gold and the S&P 500 have declined around 1.7%.Market indicators still point to cautious positioning. Funding rates remain negative, options data shows continued demand for downside hedging, and CME participation suggests institutional investors remain defensive. These conditions, often seen near broader market bottoms, indicate underallocation and bearish sentiment, which could support further upside for Bitcoin from current levels.CME traders still avoiding BTCCME traders continue to show very limited engagement with BTC futures, with open interest falling to 100,780 BTC on Friday, the second-lowest level in the past two yea
