The crypto market has entered a consolidation phase, and this is evident across all key metrics. Open interest in Bitcoin has stabilized around $16.9 billion, funding has normalized, but what's interesting is that traders are clearly preparing for volatility. The ratio of calls to puts has shifted toward protection, and the cost of short-term hedging has increased noticeably. This signals that major players are not particularly trusting.

Bitcoin has only increased by 0.99% over the past 24 hours and is trading around $72,890, while Ethereum gained 1.22%. At first glance, it seems a bit dull, but there's interesting activity beneath the surface. Liquidations over the past 24 hours amounted to $308 million, with the main impact on longs. Macroeconomics is weighing down — oil has fallen below $100, gold has retreated from its January highs. Stock futures are also falling, confirming overall nervousness in the markets.

Meanwhile, altcoins are showing signs of life. QNT and FET are moving upward despite everything, and the altcoin season index is improving. It seems some capital is starting to seek hedging in riskier assets. The level of $68,500 for Bitcoin remains a key point to watch in case of a price drop. The market is clearly choosing caution — short-term hedging is valued more than stable medium-term growth. It will be interesting to see how this unfolds.