According to James Van Straten, Bitcoin (BTC) has maintained stability above the $100,000 mark for 42 consecutive days, even as the Federal Reserve held interest rates steady and geopolitical risks escalated in the Middle East (CoinDesk). Despite ETF inflows and strong corporate treasury adoption, derivative data from Velo and Deribit highlights rising caution: total open interest has dropped to $55.3 billion, the BTC put/call ratio has risen to 1.13, and options flows cluster at near-term strikes, signaling increased hedging and range-bound risk. Funding rates are moderately positive for BTC and ETH, but altcoins such as AVAX and BCH show persistent short pressure (Bybit). With leverage compressed near BTC's current price and dense liquidation zones between $103K and $106K (Coinglass), traders should watch for potential sharp moves if the price breaks out of its tight volatility window. Major unlocks for OP, SUI, and ENA, as well as key votes in Compound, Arbitrum, and ApeCoin DAOs, could further impact market structure in the coming weeks.