I just looked at the current market data, and it's interesting how cautious traders are becoming right now. Bitcoin is moving around $72,680, and Ether is only slightly in the plus — that's more of a sideways trend. But what stands out: derivative positions are signaling real caution. The open interest in Bitcoin is stabilizing around $16.9 billion, funding rates are back in the neutral zone, and options market data clearly show increased hedging against downside risks. The 25-delta skew has risen to 14 percent — hedging is becoming more expensive.

The macro environment is also weighing on the market: oil prices have fallen below $100, which briefly boosted risk assets, but stock futures have been back in the negative since midnight. Gold is now trading again at $4,660 after the sharp rise at the beginning of the year. Overall, you can feel the market fragility everywhere.

For altcoins — the alternative cryptocurrencies besides Bitcoin and Ethereum — the situation looks somewhat better. QNT and FET have recently posted gains, although the latest data show that the altcoin season index is at 46/100. Still well above the lows from February, but not yet in a bull run mode. The CoinDesk 80 Index for smaller altcoins is performing slightly better than the mainstream index — it could become interesting if the macroeconomic situation eases.