Bitcoin slides under $70K as surging oil and a steady Fed hit risk sentiment.

Bitcoin slipped below the $70,000 mark on Thursday as a sharp surge in energy prices and a pause in rate cuts by the Federal Reserve weighed on risk assets across the board.

The крупнейшая cryptocurrency dropped to around $69,600, down about 1.6% since midnight UTC, while Ethereum fell 1.7% to near $2,160. The losses came amid a spike in global energy markets, with Brent crude climbing to $114 and Oman crude surging as high as $150.

European natural gas prices also jumped, with futures rising roughly 25% to above €78 per MWh after escalating tensions in the Middle East. Iran reportedly targeted key Gulf energy infrastructure following an Israeli strike on its South Pars gas field, intensifying supply concerns.

At the same time, the Fed held interest rates steady in the 3.50%–3.75% range, pausing its easing cycle and lending support to the U.S. dollar. The combination of higher energy costs and tighter financial conditions triggered a broad risk-off move, with Nasdaq 100 futures slipping about 0.3%.

Derivatives positioning

Crypto derivatives markets reflected the shift in sentiment. Nearly $600 million in leveraged positions were liquidated over the past 24 hours, with long bets accounting for the majority as falling prices caught bullish traders off guard.

Open interest across crypto futures dropped 5.6% to around $106.9 billion, signaling reduced market participation. Ether futures saw a steeper 9% decline in open interest alongside a 6% drop in spot price, pointing to capital outflows.

Futures linked to Tether Gold and Zcash also recorded double-digit declines, highlighting growing risk aversion.

Bearish positioning has picked up, with negative funding rates across major tokens including BTC, ETH, BNB, and SOL. The 24-hour cumulative volume delta for these assets has turned negative, reinforcing the shift toward short exposure.

Volatility expectations are also rising. BVIV, which tracks 30-day implied volatility for bitcoin, jumped more than 5% to 58.36%, reversing a week-long decline. A similar trend is evident in ether markets. On Deribit, increased demand for put options signals growing concern about further downside.

Options flows show heightened interest in volatility strategies. Traders have been активно buying ether straddles, while bitcoin markets have seen demand for risk reversals and put spreads.

Token moves

Altcoins also faced heavy selling pressure. Bittensor dropped 8.8%, while Hyperliquid fell 6.5% since midnight. The declines reflect fragile liquidity conditions following a $19 billion leverage wipeout in October.

A handful of tokens bucked the trend. NEO gained 4.2%, while restaking token Ether.fi added 1.5% to trade around $0.55.

Broader market indices also turned lower. The CoinDesk 20 Index fell about 1%, while the DeFi Select Index and CoinDesk Memecoin Index declined 1.4% and 2%, respectively, reflecting widespread weakness across the digital asset market.