The total crypto market cap is $2.42T, up 2.55% in 24h but down 26.36% over 30 days. However, derivatives tell a weaker story: perpetuals open interest fell 27.79% in 24h, and total volume dropped 20.14%, showing leveraged traders are retreating. What this means: This is bearish because the price bounce lacks support from futures and perpetuals markets, suggesting it may be driven by spot buying or short covering rather than new bullish conviction.
Conclusion:-
Market sentiment is currently conflicted, trapped between deep-seated fear and short-term bullish sparks. The extreme Fear & Greed reading suggests the market is oversold, but weak derivatives activity and a 30-day downtrend caution against assuming a sustained reversal. Watch for whether the market cap can hold above the key 78.6% Fibonacci retracement level at $2.39T over the next 48 hours as a test of this rebound's strength.