Bitcoin briefly reached $81,455 overnight, its highest level since May 15, before giving back some gains as Nasdaq futures weakened while gold continued to climb heading into the weekend.
BTC was last trading near $79,850, down roughly 0.5% over the past 24 hours after hitting the overnight high. The move marked Bitcoin’s first return to $81,455 since May 15, when it faced rejection near $82,800 before eventually falling toward $57,000.
The wider market backdrop remains relatively favorable. Gold gained 0.2% Friday, while silver advanced more than 2%. Nasdaq 100 futures declined 0.3%, extending the divergence that has developed since the U.S. Treasury announced its bond buyback plan on Aug. 19. Bitcoin has gained around 26% since then.
Altcoins, however, have come under pressure. Most tokens were down between 2% and 3% since midnight as traders continued to favor Bitcoin. The Altcoin Season Index is at 34/100, keeping the market firmly in Bitcoin-led territory.
Bitcoin Derivatives Show Mixed Positioning
Crypto futures markets have seen significant position turnover rather than a clear buildup of new directional exposure over the past 24 hours. Total open interest remained slightly above $140 billion, while trading volume rose nearly 10% to $222 billion.
The taker-volume ratio has also tilted slightly bearish, with short-side trades accounting for about 51% of market flow.
Solana futures continue to attract attention. SOL open interest has climbed to 70.88 million tokens, the highest level since early July, according to CoinGlass. However, its 24-hour open-interest-adjusted cumulative volume delta has turned negative, indicating that short sellers are becoming more aggressive in the market.
Among altcoins, CC recorded the largest increase in futures open interest, rising more than 5% over 24 hours to 328 million tokens. That figure is close to its March record of roughly 340 million, suggesting elevated positioning that could amplify future price swings.
CC differs from most other altcoins because its 24-hour CVD remains slightly positive, indicating that long-side activity continues to lead its price movement.
The broader market is showing weaker positioning. Most tokens, with CC, TRX and HYPE as exceptions, have negative CVD readings, pointing to greater selling pressure.
Monero is showing signs of an increasingly crowded bullish trade. Its annualized perpetual funding rate has climbed to 67%, meaning traders holding leveraged long positions are paying a substantial premium to maintain their bets.
Bitcoin Options Remain Bullish
There has been little evidence of traders positioning for a major volatility shock from Federal Reserve Chair Kevin Warsh’s Jackson Hole speech.
Bitcoin’s 30-day implied volatility gauge, BVIV, has dropped to 41% from a recent peak of 50%. The decline suggests options traders expect relatively limited market disruption from Warsh’s remarks.
Deribit options activity is also tilted toward calls. The $85,000 Bitcoin call expiring Sept. 26 recorded the highest 24-hour trading volume, while Ether options also showed stronger activity in call contracts.
TRUMP Token Leads Altcoin Moves
The TRUMP memecoin was one of the day’s strongest performers, jumping 24% over 24 hours to approximately $2.80 despite the lack of a clear fundamental catalyst.
Its futures open interest has surged 57% over the past week to $188.72 million, according to CoinGlass, suggesting that leverage and speculative long positions are contributing heavily to the move.
Solana dropped 2.6% since midnight UTC to around $106, trimming part of its 18% weekly advance. SOL reclaimed $100 during last week’s rally for the first time since February and has remained above that level, although its short-term momentum has started to weaken.
Zcash fell 2.4% during the session but remains roughly 41% higher over seven days. The privacy-focused token was one of the biggest beneficiaries of last week’s short squeeze and is now showing signs of consolidation following its sharp advance.
Monero bucked the broader decline, gaining 2.2% since midnight to around $464 and extending its weekly rise to 12.8%.
With the Altcoin Season Index at just 34/100, Bitcoin continues to dominate market attention. A sustained break above $82,000 could become the next major catalyst for BTC and potentially shift momentum back toward the broader crypto market.
