Bitcoin steadies at $77,400 but derivatives tell a more cautious story

Bitcoin edged up 0.7% to $77,400 on Wednesday, but the derivatives market is flashing a more guarded signal: cumulative open interest in dollar and USDT-denominated BTC futures on major exchanges slipped to 257,000 BTC, while global bitcoin futures OI dropped by 1,000 BTC. When price rises and open interest falls, it typically means traders are trimming exposure into the recovery rather than building fresh longs.

Ether outperformed with a 1% gain to $2,130, and XRP open interest climbed to its highest since October 11 at 2.15 billion XRP — a combination that usually signals trend confirmation. The caveat: XRP's 24-hour cumulative volume delta is the second most negative among major coins, suggesting sellers may be driving price action through aggressive market orders, potentially shorting the bounce.

Implied volatility for both bitcoin and ether sits near 2026 lows despite turbulence…