Bitcoin holds $65,000 as tech sell-off tests risk appetite

Bitcoin traded above $65,000 on Monday even as major technology stocks came under pressure, a split that matters for investors watching whether crypto is moving on its own drivers again. The strength has raised talk of a possible push toward $70,000, but derivatives data cited by Cointelegraph shows larger traders are still cautious.

Bitcoin was quoted at $65,423.59, up 1.55%, in market data included with Cointelegraph’s report. The token had struggled to clear $65,500 over the prior week, but it held up better than parts of the equity market as investors took profits in memory-chip makers and other artificial intelligence-linked names.

The Nasdaq-100 futures index, a benchmark tied to large technology companies, fell below 28,800 on Friday for the first time in five weeks, according to TradingView data cited by Cointelegraph. Bitcoin then strengthened over the weekend and moved back above $65,000 on Monday.

Derivatives are not showing full confidence

Crypto derivatives are contracts that let traders bet on, hedge against, or gain leveraged exposure to price moves without directly owning the asset. In Bitcoin’s case, Cointelegraph pointed to two measures that show traders are not treating a $70,000 move as a high-conviction trade yet.

Laevitas data cited by Cointelegraph showed Bitcoin’s annualized funding rate for perpetual futures at 8% on Monday, unchanged from a week earlier. A perpetual future is a futures contract with no expiration date, and the funding rate is the recurring payment between bullish and bearish traders that helps keep the contract price close to spot Bitcoin.

Cointelegraph said readings above 12% typically signal heavy demand for bullish leverage. The last time the indicator was above that level was July 10, according to the report.

Options data also showed defensive positioning. Bitcoin’s 30-day options delta skew on Deribit stood at 13% on Monday, based on Laevitas figures cited by Cointelegraph. Delta skew compares demand for put options, which can protect against price declines, with demand for call options, which benefit from price gains. A neutral range is typically between negative 6% and positive 6%, according to the report.

The reading improved from 19% the prior week, but still showed puts trading at a premium to calls. In plain English: bigger players and market makers were still willing to pay more for downside insurance than for upside exposure.

Strategy’s cash raise eased one pressure point

Strategy also played into the market discussion. The company said it raised $263 million in cash by selling common stock during the prior week, according to Cointelegraph. That helped address concerns that the Bitcoin-heavy company could become a source of selling pressure.

Cointelegraph reported that investors had been focused on Strategy’s $1.76 billion in annual dividend payments to preferred perpetual equity holders, along with $2.6 billion of convertible debt due in 2028 and 2029. The company’s cash reserves rose to $3.22 billion after the raise, according to the report.

Broader markets stayed under pressure. Cointelegraph cited declines in AI-related stocks including IBM, SanDisk, Oracle, ARM, SpaceX and Intel, alongside a rise in the US 5-year Treasury yield to 4.33% on Monday from 4.22% two weeks earlier. Treasury yields rise when bond prices fall, often signaling that investors want higher returns to hold government debt.

Geopolitics added another layer of risk. Cointelegraph reported that President Trump vowed to retaliate against Iran after a missile strike killed US soldiers in Jordan. Against that backdrop, Bitcoin’s ability to hold near $65,000 stood out, but the derivatives market still pointed to caution rather than broad confidence in a near-term rally.

This story draws on original reporting from Cointelegraph.