Bitcoin held above $79,000 on Thursday as U.S. spot Bitcoin ETFs extended their net-inflow streak to eight days, while most major altcoins moved lower.
BTC briefly climbed past $80,000, gaining more than 1% since midnight UTC as traders continued to digest last week’s powerful rally. Despite the calmer price action, underlying demand remains strong. Spot Bitcoin ETFs have attracted a combined $2.8 billion over eight straight sessions, marking their longest inflow run since April, according to SoSoValue.
The recent breakout was helped by the U.S. Treasury’s decision to double its purchases of longer-dated government debt. The move helped Bitcoin escape a six-week trading range and was followed by more than $3 billion in short liquidations, while also improving sentiment across assets such as BTC and gold.
Futures Market Shows Limited Leverage
Activity in crypto futures increased over the past 24 hours, with volume rising 6% and open interest climbing 3%. The long-to-short taker ratio reached 51.3%, showing that traders executing against existing orders were absorbing available liquidity.
Bitcoin’s rise above $80,000 has not been matched by a major increase in futures positioning. Open interest remains near 700,000 BTC, suggesting traders have not significantly increased leveraged exposure. That could reduce the risk of large liquidation events and allow the rally to remain more closely tied to spot-market demand.
Ether futures open interest rose to 13.53 million ETH, compared with 13.10 million a day earlier. Even so, positioning remains relatively subdued and is well below May’s peak of 15.68 million ETH.
Solana stands out among the largest tokens. SOL futures open interest climbed 5% to 67.96 million SOL, its highest level since July 9. The increase provides additional support for SOL’s move above $100, while positive cumulative volume delta suggests traders are actively opening long positions at market prices.
Open interest also increased for XRP, GRAM, CRO and SHIB, while ZEC recorded a decline.
Most major tokens are showing positive open-interest-adjusted cumulative volume delta, pointing to aggressive buying across the wider market. Perpetual funding rates remain positive but below 10%, suggesting bullish positioning has not yet reached overheated levels.
Bitcoin’s 30-day implied volatility index, BVIV, rose to 46% from 42% alongside the spot-market advance. The increase suggests stronger demand for options and derivatives designed to hedge against potential price swings.
Deribit data indicates institutional investors have been purchasing longer-dated puts for downside protection, even as short-term traders continue to favor bullish positions.
Bitcoin call options remain dominant in 24-hour trading volume, particularly for strikes between $70,000 and $85,000. Activity is stronger at higher strikes than at options priced below the current spot market.
Ether options display a similar call-heavy pattern, although the $2,150 put expiring Sept. 25 remains the most actively traded contract.
TAO, Morpho and ENA Extend Gains
Bittensor’s TAO led gains among notable altcoins, rising 5.3% since midnight to roughly $247. The token has rebounded significantly from its August low near $185 and is now up around 18% over seven days.
Morpho advanced about 2.7% to $2.60, bringing its weekly gain to approximately 19%. Higher volume suggests risk appetite within the DeFi sector remains strong.
Ethena’s ENA increased around 2.5% to $0.151, building on a 61% gain last week. Despite the sharp recovery, ENA remains far below its earlier highs following a multimonth decline of more than 90%.
Zcash was among the weakest performers, falling 4.1% to about $783. The decline erased part of its recent gains, although ZEC remains up roughly 41% over the past week after last week’s major short squeeze.
Meanwhile, CoinMarketCap’s Altcoin Season Index has dropped to 38/100, down from 51 last week. The decline suggests investors are shifting attention back toward Bitcoin after its recent breakout to monthly highs.
