Bitcoin is holding near $64,000 after recovering from Monday’s low of $62,600, but its latest advance has stalled as higher Treasury yields and oil prices weigh on risk assets.
BTC has slipped around 0.6% since midnight UTC, while Nasdaq 100 futures are down about 1.1%. Ether has declined roughly 1%, while SUI, XLM and TAO are also trading lower.
Treasury yields have climbed as investors prepare for the Federal Reserve’s July meeting minutes, due Wednesday, following two consecutive softer inflation readings. Brent crude has also returned to around $94 a barrel after the 60-day U.S.-Iran ceasefire expired Monday without a new agreement.
Wednesday will bring another potential market catalyst, with President Donald Trump expected to meet crypto executives at the White House. Shifts in U.S. crypto policy have increasingly influenced digital-asset prices, contributing to Bitcoin’s uneven performance within its recent trading range.
Futures Traders Turn More Bullish
Bitcoin’s derivatives market is showing stronger demand for long positions after BTC outperformed U.S. equities on Monday.
- Longs take the lead: The long-short taker volume ratio moved decisively into bullish territory, with long trades representing more than 51% of futures flow. Takers execute trades at available market prices, consuming liquidity from the order book.
- Funding rates climb: Annualized perpetual funding rates for Bitcoin have reached their highest level in about 20 months, according to CryptoQuant. Positive funding means perpetual contracts are trading at a premium to spot prices, signaling stronger demand for bullish exposure.
- BTC open interest remains steady: Bitcoin futures open interest continues to sit near 750,000 BTC, with little change over the past several weeks.
- SOL activity picks up: Open interest in Solana futures has increased to 66.88 million SOL, its highest level since July 10, while funding remains close to zero.
- XLM turns bearish: XLM has fallen almost 3% to around $0.15 since midnight, reaching its lowest level since May 27. Futures open interest has climbed 3.5% over 24 hours to its highest point since June 4, while annualized funding has dropped to -28%. The combination points to heavy short positioning. A negative OI-adjusted CVD also indicates that sellers are using market orders more aggressively.
CC, DOGE and SUI also recorded notable increases in open interest, although their prices were mostly flat to negative. HBAR and CRO were among the tokens with the largest declines in open interest.
Bitcoin Holds the Strongest Buying Momentum
The bullish tone is not spreading evenly across the crypto market.
Bitcoin continues to post a positive 24-hour cumulative volume delta, indicating stronger aggressive buying. Meanwhile, ETH, SOL, LTC, LINK and DOGE have negative CVD readings, suggesting that buying interest remains concentrated in BTC.
Low volatility could also encourage traders to increase their exposure. Thirty-day implied volatility for Bitcoin and Ether remains close to the lowest levels recorded this year.
Trading firm TDX Strategies suggested that the subdued volatility environment could provide an opportunity to build tactical positions using December options on BTC and selected altcoins, including SOL and HYPE.
Derivatives Traders Continue Betting on Higher Prices
Deribit options activity also points toward bullish positioning.
The $70,000 Bitcoin call expiring Sept. 25 was the most actively traded BTC option over the previous 24 hours. For Ether, the $2,080 call expiring Aug. 28 recorded the highest trading activity.
Individual Tokens Show Mixed Performance
PUMP gained 1.31%, holding above $0.00277 after jumping 7.8% Monday. The rally came alongside a 55% increase in daily volume to approximately $90 million.
XMR rose 0.59% to around $417, pushing its weekly gain above 11%. Monero remains among August’s strongest-performing tokens.
SUI was the biggest loser, dropping 4.62% to approximately $0.6436 and reversing some of its recent outperformance among layer-1 networks.
FET declined 2.10% to $0.1213 as AI-related tokens continued to give back part of their late-July gains.
LINK fell 1.45% to about $9.39 after pulling back from its recent rally following Standard Chartered’s projection that the token could gain 2,000% by 2030. Despite the decline, LINK remains roughly 8% higher than before the forecast.
