Bitcoin holds near $70K as oil tops $100 and leverage in BTC derivatives thins out

Amid rising tensions around the Strait of Hormuz and oil above $100 per barrel, Bitcoin is trading in a tight band around $70,000–$71,500. Derivatives data show open interest has dropped from over $40 billion to $21.8 billion and funding has turned near neutral to slightly negative, indicating reduced leverage that could still be vulnerable if macro-driven liquidity shocks intensify.