According to ChainCatcher's news, the current sentiment in the crypto market is dominated by bearishness, leading to a continued decline in Bitcoin and Ethereum. In the past 24 hours, Bitcoin has dropped about 2.4%, falling to around $66,900, while Ethereum has decreased by approximately 2.7%, breaking below $2,000.
In terms of macroeconomics, the US dollar has weakened, US Treasury yields are declining, and market expectations for a rate cut by the Federal Reserve are rising. According to data from the Polymarket market, the probability of a rate cut in March has increased from 7% at the beginning of the month to about 19%, while the Kalshi market shows that this probability is around 21%.
In the derivatives market, Bitcoin futures open interest has fallen to $15.6 billion, indicating that the trend of deleveraging continues, and the funding rate has further turned negative (approximately -6% on Binance, about -0.5% on By**it). The three-month basis has narrowed to 1.6%, reflecting a rapid cooling of institutional risk appetite.
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