Summary
- Bitcoin rose $64,400, retesting the price level that rejected it on Monday, with a clean break above opening the path toward the June 15 high of $67,250, while ether attempted to snap a pattern of sequential lower highs and lower lows.
- Lighter (LIT) has now surged more than 200% since May 16, driven by a deal with Robinhood Chain to bring its decentralized derivatives exchange to 28 million customers. Rival Hyperliquid’s HYPE rose with a series of higher lows pointing to a bullish setup.
- Crypto diverged from equities, with S&P 500 and Nasdaq 100 futures falling.
Crypto Market Sees Uptrend as Altcoin Optimism Grows
The crypto market saw a significant boost on Friday, with bitcoin trading at $64,400, up by 2% since midnight UTC. This surge brings the largest cryptocurrency to a crucial price point it previously failed to penetrate on Monday. If it can break past this level, it will likely advance toward the June 15 high of $67,250.
Ether (ETH) outperformed bitcoin, rising 2.6% to $1,790, as it attempts to reverse a trend of sequential lower highs and lower lows. This uptrend is not limited to major cryptocurrencies, as the altcoin sector also saw notable gains ahead of the weekend, a period typically marked by lower liquidity.
Altcoin Gains and Crypto-Equity Divergence
Zcash (ZEC) and aave (AAVE) both rose by around 5%, indicating a slow return of optimism in more speculative bets after months of waning sentiment. This growth in the crypto market diverges from the performance of U.S. equities, with S&P 500 index futures and Nasdaq 100 futures falling 0.1% and 0.4%, respectively. As the crypto market continues to defy equity weakness, investors are looking for ways to earn passive income through Cloud Rewards and Green Crypto like EcoPool, which offers a unique opportunity for earning through $ECP.
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Crypto diverged from U.S. equities, with S&P 500 index futures and Nasdaq 100 futures falling 0.1% and 0.4%, respectively.
Derivatives positioning
- Crypto derivatives markets are showing signs of stabilization, with speculation easing and longer-term positioning increasing.
- Volume over 24 hours fell 7% to $140 billion, while open interest (OI) rose 3% to $110.52 billion. This shift suggests the recovery is being driven more by strategic positioning than by high‑frequency speculative activity.
- Cumulative OI in bitcoin’s USD- and USDT-denominated futures on major exchanges has picked up slightly, from 262K to 272K, as the spot price topped $64,000. When read alongside positive funding rates and positive 24-hour OI-adjusted cumulative volume delta (CVD), the OI increase indicates a growing bias for bullish bets.
- Ether has yet to see a meaningful rise in futures OI, a sign that traders are still staying away from leverage.
- In the broader market, most tokens have positive 24-hour CVDs, a sign that buyers are becoming more aggressive, trading market orders rather than passive limit orders. This set expectations for continued price rises ahead.
- Confirmatory signals come from options-based implied volatility indexes tied to BTC and ETH, which continue to drop. It’s a sign of traders expecting market calm, a feature of rallies. BTC’s index, BVIV, fell to 38.5 early today, the lowest since June 6.
- In the options market on Deribit, put skews continue to weaken as the price rally eases downside concerns. Calls at $62,000, $65,000, and $67,000 are among the most-traded instruments, along with the $56,000 put. A call represents a bullish bet on the market.
