Key facts
- Bitcoin rose to $65,760, up 1.1% in 24 hours.
- Ether gained 1.6% to trade higher.
- Brent crude oil futures hit $97.66 per barrel, a new mid-May high.
- The crypto market showed resilience despite rising oil prices and geopolitical tensions.
- Hyperliquid (HYPE) and AI tokens FET and NEAR posted gains.
- Several altcoins, including WLFI, AVAX, HBAR, and SUI, experienced declines.
Bitcoin and ether showed resilience, trading near $65,000 and gaining 0.6% respectively, as the crypto market held its ground despite Brent crude oil reaching its highest level since mid-May. This stability offers a positive signal for market bulls.
Bitcoin rose toward $65,000, adding 1.1% to $65,760, while ether gained 1.6%. The broader crypto market remained constructive despite a macro backdrop that might typically apply more pressure. Brent crude futures traded at $97.66 per barrel, the highest since mid-May, amid ongoing de-escalation concerns in the Iran conflict. Previous oil spikes have historically rattled risk assets, including cryptocurrencies, but digital assets were broadly higher.
Hyperliquid (HYPE) led the altcoin market for the second consecutive session, rising 2.4% to $58.93. AI tokens FET and NEAR posted gains of 2.23% and 1.38%, respectively, showing tentative signs of stabilization after weeks of underperformance. MORPHO extended its run in the DeFi sector with a 1.89% gain.
However, underlying weakness persists in some segments. WLFI gave back 2.13% of its previous day's surge, a pattern attributed to its susceptibility to sharp reversals due to thin liquidity. Lighter (LIT) fell 1.32%, extending a slide that has unwound nearly 20% from its July peak. Over the past 24 hours, WLFI, AVAX, HBAR, and SUI were down between 4% and 10%, indicating that the intraday recovery masked lingering caution in parts of the altcoin market.
In derivatives markets, trading volume increased by 11% to $165 billion, while open interest remained steady at around $116 billion, suggesting market churn rather than significant new positional interest. Dogecoin (DOGE) futures open interest continued to rise, nearing 16 billion tokens, the most since October, which, combined with a falling spot price, signals a confirmed downtrend and increased shorting interest. Ether futures open interest also rose to 14.53 million ETH, the highest since June 7, with mixed signals from funding rates and 24-hour CVD indicating both bullish sentiment and bearish price action.
Broad-based bearish leadership was observed, with most tokens, including BTC, showing negative 24-hour CVD, except for TRX and CRO. Volatility declined, with BTC's 30-day implied volatility measure falling by 3% to 39%, halting a five-day streak of advances. In options markets, a $5 billion open interest cluster formed at $70,000-$72,000 strike prices, primarily driven by bullish bets.