Bitcoin and Ethereum edged slightly higher on Thursday as the broader crypto market paused after the previous day’s breakout, with traders evaluating macroeconomic developments, derivatives activity and the possibility of bitcoin extending its move toward $80,000.
Both cryptocurrencies gained less than 1% as investors consolidated positions following Wednesday’s rally. Bitcoin has managed to hold above the $70,000 level—a price area that previously rejected multiple attempts higher—but the anticipated push toward $80,000 has yet to materialize.
Global equity markets were supported by reports that Iran had privately contacted the United States about a potential deal to end the conflict in exchange for limits on missile production. The news eased some geopolitical concerns and improved sentiment across risk assets.
Meanwhile, the U.S. Dollar Index (DXY) slipped after the reports but remains roughly 3.5% higher since late January as traders reassess potential policy moves from the Federal Reserve. Markets are also monitoring the Strait of Hormuz, where any disruption could increase inflation pressures and potentially force the Fed to keep interest rates elevated.
Historically, bitcoin tends to benefit when the U.S. dollar weakens and often faces headwinds when the currency strengthens.
Derivatives positioning
Activity in derivatives markets has strengthened alongside the recent rally. Bitcoin futures open interest climbed to around 680,000 BTC, marking the highest level in nearly two weeks and supporting the recent spot price gains.
Open interest in ether futures rose to approximately 13.41 million ETH, the highest since Jan. 31. In contrast, activity in XRP futures remains subdued, with open interest holding below 1.7 billion tokens. Futures tied to Solana’s SOL show a similarly muted pattern.
At the same time, open interest in futures linked to tokenized gold assets such as Tether Gold and PAX Gold continues to decline as cryptocurrencies advance, suggesting that some investors may be shifting capital from gold-backed tokens into major digital assets while the precious metal rally slows.
Futures activity tied to privacy-focused Zcash has also begun to increase, ending a two-month downtrend in open interest.
Perpetual futures funding rates for bitcoin and ether remain mildly positive, signaling a modest bullish bias among traders. However, funding rates for XRP and SOL remain slightly negative.
Volatility indicators point to relative stability. The 30-day implied volatility indexes for bitcoin and ether remain within their recent ranges, while the CBOE Volatility Index (VIX) has eased to around 21% after reaching roughly 28% earlier in the week.
Options activity on Deribit shows that bearish put skews for bitcoin and ether have softened somewhat, though demand for higher-strike call options—bets on further upside—has increased. Large options trades have also highlighted interest in call calendar diagonal spreads for both cryptocurrencies.
Token developments
Elsewhere in the market, the layer-1 project MANTRA completed a token migration and rebrand, replacing the OM ticker with MANTRA and implementing a 1-for-4 redenomination. The move helped lift the token’s price by about 25% over the past 24 hours.
Privacy-focused tokens had struggled in February, with Zcash, Dash and Monero all undergoing sharp corrections after a strong start to the year. However, monero has recently shown signs of recovery, rising roughly 5.2% since midnight UTC and gaining about 9.8% over the past week.
Large-cap cryptocurrencies led gains across the market over the past 24 hours. The CoinDesk 5 Index and CoinDesk 10 Index each advanced around 3.1%. In comparison, the CoinDesk DeFi Select Index and CoinDesk Computing Select Index posted smaller gains of roughly 0.4% and 0.7%.
Looking ahead, analysts say that if bitcoin continues its advance toward $80,000 and stabilizes at higher levels, profits from major cryptocurrencies could begin rotating into more speculative altcoins. For now, however, the market appears cautious as it consolidates after the recent breakout.
