📊 Market Derivatives Snapshot – Mixed Signals Across Majors

Here’s what’s shaping the crypto derivatives landscape 👇

🔹 $BTC open interest (OI) in perpetuals remains flat across offshore exchanges — a sign of hesitation.

🔹 $ETH shows strength:

• OI is rising, fueled by positive funding rates

• KuCoin reports a 20% surge in ETH futures OI

🔹 $XRP OI jumped 6% on Sunday — its biggest move in 4 weeks

😕 Bearish tones elsewhere:

• Funding rates remain negative for BNB, TRX, BCH, XLM, hinting at persistent downside sentiment

🧠 Options Market Insight (Deribit):

• BTC call bias fading in longer-term risk reversals

• ETH June 2026 calls still trade at a >1% premium

• Ongoing flows: BTC call spreads & long calls for Sept and Dec — bulls preparing for a breakout?

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