According to James Van Straten, Bitcoin is trading steadily around $105,000, showing resilience despite the Federal Reserve holding interest rates steady and ongoing Middle East conflicts, which typically weigh on risky assets. Van Straten attributes this stability to the bitcoin treasury narrative, with 235 entities now holding BTC, marking an increase of 27 in the past 30 days. However, he reports that derivatives data from Velo indicates caution, with open interest down to $55.3 billion from a peak of $65.9 billion and a BTC put/call ratio of 1.13, suggesting elevated risk of price volatility. Traders should monitor upcoming events like token unlocks for Optimism (OP) and Sui (SUI), as well as governance votes in DAOs such as Compound and Arbitrum.