Bitcoin climbed sharply during overnight trading, at one point gaining 3.7% before surrendering part of the advance. Even so, the broader tone across digital assets improved, with altcoins outperforming and the altcoin season indicator reaching its highest level since January.
BTC’s move was marked by volatility through Asian hours, but the asset remains up around 2.4% since midnight UTC, trading near $65,600. Prices continue to oscillate within the range that has defined the past three weeks, suggesting the market has yet to decisively break out.
Altcoins showed stronger relative momentum. Layer-1 tokens solana (SOL) and cardano (ADA) each advanced roughly 4.5%, while smaller-cap names such as VIRTUAL, MORPHO and ETHFI rallied more than 10%, highlighting renewed risk appetite.
The positive tone extended beyond crypto. U.S. equity index futures pushed higher in tandem, and a roughly 4% jump in silver prices since midnight points to a broader speculative bid across risk assets rather than a catalyst-driven rally.
Technically, the average crypto relative strength index (RSI) has moved out of oversold territory and back into neutral levels. That shift suggests the sharp selling pressure seen earlier may be easing, though consolidation could follow in the near term.
Derivatives positioning
Total crypto futures open interest increased by over 1.5% to $93.5 billion. However, much of the notional rise appears to reflect price appreciation rather than significant new capital entering the market.
Open interest in bitcoin and ether (ETH) futures remained largely unchanged over the past 24 hours. In contrast, futures tied to tether gold (XAUT) recorded a 12% drop in open positions, signaling capital rotation away from gold-linked exposure.
TRX, AVAX, SOL, LINK and HBAR registered the strongest 24-hour cumulative volume delta (CVD) readings, indicating that buying pressure outweighed selling across those tokens.
Bitcoin’s 30-day annualized implied volatility index (BVIV) eased to 56%, reversing an earlier spike to 65% this week and suggesting calmer market conditions. Ether’s volatility followed a similar trajectory, reinforcing the view that the market is stabilizing.
On Deribit, the $60,000 bitcoin put option has become the most actively held contract, underscoring persistent downside hedging. Across both BTC and ETH options markets, puts continue to trade at higher premiums than calls, reflecting lingering caution among traders.
Token movers
The altcoin season indicator rose to its strongest reading since early January, buoyed by widespread gains.
AI-focused token VIRTUAL led the advance, climbing 15.5% since midnight and more than 20% over 24 hours, making it the top performer in the CoinDesk 80 (CD80) index, which added 1.7%.
Restaking protocol ETHFI gained over 10% after CEO Mike Silagadze hinted at a potential stablecoin launch.
Morpho’s native token also extended its rally, rising 15% on the day and pushing its 30-day gain to 45.9%.
Meanwhile, toncoin (TON) and pippin (PIPPIN) slipped into negative territory after earlier weekly advances, signaling ongoing asset rotation within the market.
