Bitcoin and major tokens decline as derivatives data indicate risk-off sentiment

Bitcoin continues its recent downward trend, stabilizing below $70,000. Derivatives data shows a clear risk-averse sentiment in the market, including a decline in futures open interest, negative funding rates, an increase in short positions, and rising implied volatility, indicating strong demand for short-term downside protection. In addition, the new token RNBW from crypto wallet Rainbow has dropped about 75% from its ICO price due to distribution delays and infrastructure issues.