Bitcoin traders stay cautious as global liquidity hits records; OI near $27.3B

Bitcoin traders remain cautious even as global liquidity hits record levels across major economies. BTC is still nearly 30% below its all-time high, while aggregated open interest hovers near $27.3 billion and funding stays mildly positive. Cycle gauges also sit far from overheated territory, pointing to a market that has yet to fully engage risk.