Bitcoin Funding Hits Two-Week High; $70K Breakout Still Unlikely

Bitcoin flirted with the $65,500 level on Monday as the perpetual futures annualized funding rate jumped to 7%, its highest in nearly three weeks. The rise—still inside a neutral 6%–12% band—followed comments from US Vice President JD Vance that the Strait of Hormuz remains open amid “encouraging progress” in talks with the Iranian delegation, and came alongside Brent crude sliding to $77.50, the lowest since March.

Options and order-book flows offered a mixed picture: demand for put options outpaced calls by more than two times, signaling stronger demand for downside protection, while bids on major exchanges exceeded offers by $12 million, reversing the weekend trend. Gold slipped 0.9% and investors sold US government bonds, a combination that suggests caution despite the stronger order-book bids.

Equity weakness weighed on sentiment too. The Nasdaq 100 fell about 1% as AI names cooled, and SpaceX shares dropped 13% after the company said it would raise debt despite holding more than $100 billion in cash.

United States

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