Bitcoin remains highly sensitive to macro signals amid changing derivatives narrative

• Bitcoin’s sensitivity to US rate expectations intensified as Waller’s comments triggered a rally before stronger payroll data reversed gains.
• Binance’s TradFi perpetual volume peaked at $16.8 billion compared to $16.3 billion for BTCUSDT, suggesting rotation into TradFi products when crypto weakens.
• Hyperliquid now ranks third in Bitcoin perpetual open interest with 34,500 BTC, behind Binance and Bybit.

Bitcoin’s (BTC) sensitivity to US economic data has become increasingly evident this year. As the market approaches several important data dumps this week, BTC traders are keenly aware of the significance just like their counterparts in TradFi.

And just like the stock market, crypto traders are focused squarely on the US central bank's interest rate policy.

Bitcoin consolidates as macro developments weigh on price

The top crypto’s price action last week showed “clear signs of heightened sensitivity to macro headlines,” particularly changes in expectations for US interest rates, according to a Tuesday report from K33. The report noted that markets rallied on Thursday after Federal Reserve (Fed) Governor Christopher Waller indicated he would favor keeping rates unchanged if incoming data confirmed that inflation was cooling.