Bitcoin (BTC) experienced a modest increase, rising 1.25% to approximately $77,250 on Friday. Despite this uptick, the cryptocurrency has remained within a trading range of $75,000 to $80,000 since April 19. Futures markets show predominantly negative funding rates, suggesting traders are inclined to sell during rallies. Open interest in Bitcoin futures is stable at around $19 billion, with a 3-month annualized basis of 1.5%. In contrast, the options market reflects a bullish sentiment, with call options making up 58% of the trading volume in the past 24 hours. Additionally, the demand for downside protection has decreased, indicating a shift in market sentiment towards optimism.