Key facts
- Bitcoin rose 1.2% to $63,000 and ether gained 0.75%.
- Nasdaq 100 futures increased by 2.6%.
- U.S. airstrikes targeted 90 Iranian military targets.
- LIT and ETHFI led altcoin gains, rising 5.6% and 8.5% respectively.
- ENA also showed strength with a 5.6% increase.
- The Altcoin Season indicator ticked up to 47/100.
Cryptocurrencies demonstrated resilience on Thursday, with Bitcoin and ether posting gains despite renewed geopolitical tensions in the Middle East following U.S. airstrikes on Iranian military targets. Bitcoin rose 1.2% to $63,000, while ether added 0.75% to $1,755, mirroring a broader market recovery that saw Nasdaq 100 futures climb 2.6%.
U.S. Central Command announced it had struck 90 military targets, a move that initially caused markets to sell off. However, cryptocurrencies, particularly Bitcoin, rallied from oversold conditions, extending a positive streak since the start of the month. Bitcoin is now up 9% from its June monthly close.
Several altcoins also outperformed. LIT and ether.fi (ETHFI) led the charge, surging approximately 35% over the past month. Ethena (ENA) showed strength with a 5.6% increase, though it remains significantly below its previous peak. The Donald Trump family-linked WLFI token, however, slipped 0.5% and is down around 90% from its record high.
The crypto futures market saw a slight pullback in activity, with 24-hour volume decreasing by nearly 20% to $191 billion and open interest remaining steady around $106 billion. Diverging trends in Bitcoin futures open interest suggest investor reluctance to take leveraged positions in the current volatile environment. Conversely, open interest in S&P 500 perpetual futures is increasing.
Implied volatility for BTC and ETH has decreased, indicating expectations for market calm, although put options remain pricier than calls, reflecting ongoing downside concerns. This contrasts with the S&P 500 options market, which shows a record bias towards bullish bets.