Bitcoin's rebound is weak, and the derivative market remains bearish.

Even as Bitcoin rebounded close to $70,000, Bitcoin derivatives are still signaling warnings, with traders still adopting defensive positioning and almost no new bullish bets in sight. The funding rate of Bitcoin perpetual futures contracts - the cost paid between long and short parties - remains below zero. This bearish stance shows that traders are still preparing for downside risks, or demanding compensation to hold long positions. At the same time, the open interest of Bitcoin perpetual futures contracts has not been able to break free from the downtrend since October, highlighting a lack of confidence support for this round of rebound. According to Coinglass data, this indicator has dropped 51% from its peak in October. Despite Bitcoin rebounding from close to $60,000 to $70,000, there is no sign of recovery in open interest contracts on Monday. "Since the sharp decline on October 10, market liquidity and depth have significantly decreased, prompting investors to reduce leveraged bets and act more conservatively," said Andy Martinez, CEO of Crypto Insights Group. "The market seems to still be trying to digest everything that has happened since October 10."