Bitcoin recovers from Asian-session lows as falling oil price supports risk appetite — SkimNews
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- Bitcoin traded near $86,000 after recovering from Asian-session lows of ~$85,000, breaking above the May high on Monday as the CoinDesk 20 Index rose 2.2% over 24 hours.
- WTI crude fell more than 2% to below $90/barrel after a Kyodo report said Iran was willing to reopen the Strait of Hormuz within seven days if the US eased its blockade, easing inflationary pressure.
- Spot bitcoin ETFs attracted nearly $1 billion in inflows on Monday — the largest single-day haul since October last year.
- Crypto futures volume jumped 38% to $292 billion while open interest rose just 1% to $157 billion, with $768 million in liquidations mostly shorts — pointing to a short squeeze rather than conviction-driven buying, per the source's cumulative volume delta analysis.
- Bitcoin futures open interest climbed to 716,000 BTC, the highest since Aug. 25 but still well below the ~750,000 BTC average seen April–July.
- Dogecoin's open interest surged 10% in a day, the biggest jump among top-10 coins — a pattern the source flags as historically appearing near interim market tops.
- ZetaChain holders voted over 99% in favor on 58% turnout to retire the blockchain and migrate the ZETA token to Solana; ZETA spiked to ~7 cents then fell 16% over 24 hours to ~6 cents on $117 million in volume.
Why it matters: For traders reading this as a bullish risk-on breakout, the source data undermines that framing: a 38% futures volume surge paired with just 1% open interest growth and mostly short-side liquidations points to forced short covering rather than fresh capital. Dogecoin's 10% OI jump mirrors a pattern the source flags as historically appearing near interim tops.
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