Bitcoin climbed to $65,209 on Monday as reports of a potential Iran-Oman agreement to reopen the Strait of Hormuz improved sentiment across global risk markets. Nasdaq 100 futures also gained 0.45%.
The broader crypto market started the week higher. BTC was up 0.54% from midnight UTC at $65,209, while Ether added 0.86% to trade around $1,925. The gains came as markets recovered from the volatility seen throughout July.
Bitcoin’s move closely followed U.S. equity futures, with Nasdaq 100 futures rising 0.45%. Optimism around the Middle East helped support the broader risk-on tone after reports indicated that Iran could be willing to work with Oman toward reopening the key shipping route.
Altcoins remain at a potential turning point. Traders are watching whether Bitcoin can push toward the $68,000-$72,000 zone, which could encourage investors to shift capital into alternative cryptocurrencies.
Derivatives Market
Futures positioning turns bullish:
The long-to-short ratio for taker activity in crypto futures has moved above neutral, with long trades making up 52% of total flow. Takers are market participants who execute against existing orders rather than adding liquidity to the order book.
Bitcoin futures remain relatively quiet:
BTC futures open interest has yet to recover significantly, remaining below 750,000 BTC as Bitcoin attempts to stay above $65,000. Expectations of further Federal Reserve rate hikes have also cooled.
Despite the subdued activity, annualized funding rates and 24-hour open-interest-adjusted CVD remain positive, suggesting the positions currently in the market are tilted toward longs.
ETH futures see continued deleveraging:
Open interest in Ether futures has declined to 13.35 million ETH, the lowest level since May 3 and significantly below the late-May peak of 15.98 million.
Solana futures attract fresh activity:
SOL futures open interest has recovered to 64.60 million tokens from a recent low of roughly 60 million. The increase comes as SOL rebounds from near $70 to above $76.
Solana has also moved above the widely followed Ichimoku cloud, potentially signaling a short-term bullish reversal.
Monero sees strong derivatives demand:
Monero gained 5% in 24 hours and briefly surpassed $400, reaching its highest level since June 12. Futures open interest rose 6% alongside the price advance, indicating that new positions are entering the market.
XMR recorded the strongest 24-hour CVD among major cryptocurrencies, pointing to aggressive buying through market orders. Its annualized funding rate also reached 28%, the highest among major tokens, highlighting strong demand for long exposure.
Bitcoin volatility hits a 2026 low:
BVIV, Bitcoin’s 30-day implied volatility gauge, dropped to 35.59% over the weekend, its lowest level this year. The decline indicates expectations for relatively subdued price movement, although traders continue to pay a premium for puts that protect against BTC losses.
Bitcoin calls lead options activity:
Options trading shows increased interest in BTC calls at $68,000 and $70,000 strikes, suggesting traders are positioning for a potential move higher. Ether options are showing a similar pattern.
Altcoin Movers
Pump.fun was among the strongest performers, rising 5.39% from midnight UTC and extending its 24-hour gain enough to lift its market capitalization above $1.1 billion.
Ethena’s ENA rose 4.84% to $0.0907, extending a recovery that has produced gains across most sessions during the past two weeks. Even after the rebound, the token remains more than 90% below its record high.
NEAR Protocol advanced 3.79% as AI-related cryptocurrencies broadly recovered. FET also gained 2.10% after underperforming the wider market in recent weeks.
Lighter declined 0.94%, making it one of the few major altcoins to post a loss. The token continues to retreat after surging more than 200% in July.
Worldcoin’s WLD gained 13% over the past 24 hours but remains in a longer-term downtrend. It is still about 91% below its all-time high from a year ago.
CoinMarketCap’s altcoin-season indicator fell to 37/100, down from last week’s peak of 51. The decline suggests traders are currently favoring Bitcoin’s potential breakout over a broad rotation into altcoins.
