Bitcoin recovered from Asian-session lows as falling oil prices supported broader risk appetite, lifting smaller tokens and memecoins like PEPE, DOGE, and SHIB. Total crypto futures volume surged 38% to $292 billion while open interest rose only 1% to $157 billion, creating a volume-to-OI ratio near 2 that suggests the rally stems from short covering rather than fresh long positioning. The move triggered $768 million in liquidations, predominantly shorts, even as cumulative volume delta remained negative across major assets, indicating aggressive sell-side taker flow persisted despite rising prices. Bitcoin futures open interest climbed to 716,000 BTC, the highest level since August 25, while whale bias turned extremely bullish on BTC but bearish on XRP and DOGE. Conversely, Ether and Solana traders remain leverage-shy with declining OI trends, though Dogecoin saw a notable 10% OI surge that often signals speculative fervor near interim tops. Despite the price action, implied volatility indexes remain contained within recent ranges, and options markets show active call buying at $90,000 and $95,000 strikes for Bitcoin and $2,500-$3,000 for Ethereum.