Noticing that Bitcoin is oscillating around 73K, the entire crypto market seems to be going through a period of calm. Looking at derivatives data, the signals for a bearish trend are quite clear—Solana's open interest has hit a new high since February, and the funding rate is negative, which usually indicates traders are betting on a decline. Ethereum's implied volatility has also dropped to its lowest point since late February. The overall market lacks that sense of panic and instead appears very calm.

Interestingly, although Bitcoin and Ethereum haven't moved much these days, some DeFi and AI-related tokens are quietly rising. ALGO and RENDER both surged into double digits during Asian trading hours. I've seen this phenomenon several times—when mainstream coins are in consolidation, funds tend to flow into smaller, less liquid tokens to gamble. Once Bitcoin starts a new trend, this kind of rebound usually ends.

From a broader perspective, Bitcoin has been in a downward trend all along, with a series of lower lows and lower highs since October last year. The current price is oscillating within a wide range, with no clear breakout since early February. I believe the risk of a crypto crash still exists, especially considering Glassnode data showing that traders' gamma positions below $68,000 are negative, which means a break below could trigger a chain of sell-offs. Right now, we're just waiting for a clear directional signal.