Analysis: Bitcoin falls below $67,000, bearish sentiment prevails, and deleveraging in the derivatives market continues to intensify

ChainCatcher message, bearish sentiment dominates the crypto market, with Bitcoin and Ethereum continuing their downward trend. In the past 24 hours, Bitcoin has fallen about 2.4% to around $66,900, while Ethereum has dropped about 2.7% below the $2,000 mark.

On the macro front, the US dollar has weakened, and US Treasury yields have declined, leading to increased market expectations for a rate cut by the Federal Reserve. The Polymarket shows that the probability of a rate cut in March has risen from 7% at the beginning of the month to about 19%, while the Kalshi market is around 21%. In the derivatives market, BTC futures open interest has decreased to $15.6 billion, indicating a continued deleveraging trend, with funding rates turning negative (around -6% on Binance and about -0.5% on Bybit). The three-month basis has narrowed to 1.6%, reflecting a rapid cooling of institutional risk appetite.