Crypto markets remained largely unchanged, with Bitcoin BTC $ 70,758.90 gaining only 0.8% since midnight UTC, while ether (ETH) added less than 0.1%. Crude oil prices dropped below $100 on Thursday and are now trading at $96 per barrel. This move was seen as a temporary boost to risk assets, but has now reversed. Precious metals are now back in line with crypto following a rally to record highs at the start of the year. Bitcoin open interest (OI) stabilizes at $16.9 billion, indicating that speculative activity has decreased. Funding rates across most platforms have returned to a neutral range of 0-10%. The options market reflects defensive positioning, with the one-week 25-delta skew rising to 14% from 9%, increasing the cost of downside protection.