Bitcoin is trading in a tight range between $64,000 and $66,800 after a 13% rebound from July’s lows, as broader financial markets provide limited guidance. Meanwhile, WLFI emerged as the standout performer of the session, climbing 12%.
The crypto market remained largely steady on Thursday, with bitcoin down around 0.62% since the start of the UTC session and trading near $65,674. The largest cryptocurrency has continued consolidating within the $64,000-$66,800 range that has defined price action over the past week.
The current movement reflects a market pause following a strong recovery. Bitcoin has gained more than 13% since reaching its July 1 low of $57,750. However, after failing to decisively clear the $66,000 resistance zone on Tuesday, short-term momentum appears to be shifting toward sideways trading rather than a sharp move higher or lower.
Macro markets have provided little support in either direction. Nasdaq 100 and S&P 500 futures are slightly down by about 0.3%, the U.S. dollar index is mostly unchanged, and precious metals including gold and silver are retreating after their recent safe-haven rally. As a result, crypto markets are lacking a major external catalyst.
Derivatives market update
Crypto futures show limited conviction:
The derivatives market remains relatively calm, with 24-hour trading volume slipping about 1% to $147 billion and total open interest holding near $111 billion. The long-short ratio is almost evenly split, suggesting traders are not showing strong confidence toward a specific market direction.
Bitcoin positions decline while Ethereum sees growth:
Bitcoin futures open interest has fallen to roughly 743,000 BTC from levels above 760,000 BTC earlier this week. The decline indicates that some traders are closing positions as the rally slows. For bulls, the reduction in open interest may be viewed as constructive because it appears linked more to long liquidations rather than an increase in aggressive short positions.
Ethereum futures open interest, however, has moved higher despite the overnight decline in price. Buying activity continues to dominate market orders, reflected in Ethereum’s positive open interest-adjusted cumulative volume delta (CVD).
Altcoins show mixed trading signals:
Market activity across altcoins remains divided. Tokens such as ZEC, HBAR, LTC, AVAX, and SUI are showing positive CVD readings, pointing to stronger buyer demand. On the other hand, BTC, XLM, DOGE, and SHIB are recording negative CVD figures, indicating continued selling pressure.
Bitcoin volatility climbs:
Bitcoin’s 30-day implied volatility index (BVIV) has increased for five consecutive sessions, signaling a potential rise in market caution. Historically, since the introduction of spot bitcoin ETFs, BTC prices have shown a negative correlation with BVIV, meaning higher volatility levels have often appeared before periods of price weakness. Ethereum’s volatility index remains comparatively stable.
Options markets reflect improving confidence:
Options activity on Deribit and Paradigm showed notable demand for bitcoin’s $70,000 call option expiring Aug. 7. Some traders also purchased longer-term put options as protection against downside risks. Ethereum options markets similarly showed growing interest in bullish positions.
Overall, market fear appears to be fading, with BTC and ETH put-call skews moving closer to neutral levels. Ethereum’s one-week skew briefly turned negative, suggesting a temporary shift where call options became more expensive than puts.
Token market movers
WLFI led the market on Thursday, rising 12.18% to $0.063. The token associated with the Trump family recovered to a market value of about $2 billion, although it remains well below its previous record high.
MORPHO extended its recent gains, advancing nearly 4% to $1.989 and continuing to rank among the stronger AI-related token performers of the past two weeks.
Ethena (ENA) added 2% to reach $0.092, continuing its gradual recovery and outperforming many DeFi-related assets despite remaining more than 90% below its September 2025 peak.
Lighter (LIT) dropped 2.96%, marking a third straight decline as traders locked in profits after the token’s 200%-plus surge between May and early July.
CoinMarketCap’s altcoin season index remains at 51/100, leaving traders waiting for bitcoin to make a clear directional move before assessing the next phase of the market cycle.
