Bitcoin (BTC), trading at approximately $65,121.75, experienced a volatile overnight session, peaking with a 3.7% increase before retracting some of those gains. Since midnight UTC, the largest cryptocurrency has remained positive, currently up 2.4% and trading around $65,600. This price movement occurs within a range that has been consistent over the last three weeks, highlighting its stability amid market fluctuations.
In parallel, the altcoin market shows renewed vigor. Notable layer-1 tokens, including Solana (SOL) and Cardano (ADA), rallied by 4.5%. Other tokens such as VIRTUAL, MORPHO, and ETHFI recorded impressive gains exceeding 10%. The U.S. equity index futures have also risen in tandem with the growth in the crypto market, while silver posted a 4% increase since midnight, suggesting that the current rally across risk assets may be driven more by speculative trading than significant news events.
The overall average relative strength index (RSI) for cryptocurrencies has moved out of the oversold territory and into a neutral zone, indicating potential consolidation in the market as the week progresses. Cumulative open interest in crypto futures has increased by over 1.5% to reach $93.5 billion. This growth is largely attributed to rising spot prices rather than new capital inflows. Open interest for Bitcoin and Ether (ETH) futures has remained stable over the past 24 hours. However, futures linked to Tether Gold (XAUT) have seen a significant decline of 12% in open positions, indicating a shift in capital away from gold-related assets.
In terms of trading activity, tokens such as TRX, AVAX, SOL, LINK, and HBAR noted the highest cumulative volume delta over the last day, with positive cumulative volume delta readings demonstrating that buying interest is currently outweighing selling pressure. Bitcoin’s annualized 30-day implied volatility index (BVIV) has decreased to 56%, down from an earlier spike of 65% earlier this week, suggesting a calmer market environment that could support ongoing recovery in Bitcoin’s price. Ether has displayed a similar trend in its volatility. Options trading on Deribit shows the $60,000 put option emerging as the most popular, reflecting ongoing concerns about downside risks. Puts for both BTC and ETH continue to command higher prices than calls, indicating a bearish sentiment.
The “altcoin season” indicator has surged to its highest level since early January, buoyed by widespread rallying of altcoins. Leading the charge is the AI agent token VIRTUAL, which has gained 15.5% since midnight and more than 20% in the past 24 hours, making it the top performer within the CoinDesk 80 (CD80) index that has appreciated by 1.7%. Restaking token ETHFI also saw significant upward movement, climbing over 10% after CEO Mike Silagadze hinted at plans to introduce a stablecoin. Lending platform Morpho’s native token completed the altcoin rally, experiencing a substantial 15% gain in the past day and a remarkable 45.9% increase over the past month.
Conversely, toncoin (TON) and pippin (PIPPIN) have faced declines in value over the past 24 hours following earlier gains this week, indicating a rotation of assets among traders and investors as they position themselves in response to market dynamics.
