Bitcoin is hovering around $64,000 after recovering from Monday’s $62,600 low, but the rebound has lost momentum as rising Treasury yields and crude prices weigh on broader markets.
BTC has slipped about 0.6% since midnight UTC, while Nasdaq 100 futures have declined 1.1%. Ether is down roughly 1%, with SUI, XLM and TAO also recording losses.
Treasury yields have moved higher ahead of the Federal Reserve’s July meeting minutes, scheduled for Wednesday. Investors are assessing the minutes after two consecutive inflation reports came in softer than expected. Brent crude has also climbed back toward $94 a barrel after a 60-day U.S.-Iran ceasefire expired Monday without a new agreement.
Markets are also preparing for a Wednesday meeting between President Donald Trump and crypto industry executives at the White House. U.S. policy developments have become an increasingly important driver of crypto prices, contributing to Bitcoin’s volatile but range-bound trading.
Bitcoin Derivatives Show Stronger Bullish Positioning
The derivatives market has turned more favorable toward Bitcoin bulls following BTC’s stronger performance against U.S. stocks on Monday.
Long positions increase: The long-short taker volume ratio in crypto futures moved clearly into bullish territory, with long trades making up more than 51% of total taker flow. These traders execute orders at prevailing market prices, removing liquidity from the order book.
Funding reaches 20-month high: Annualized perpetual funding rates for Bitcoin have surged to their highest level in roughly 20 months, according to CryptoQuant. Positive funding indicates that perpetual futures are trading above spot prices and signals increased demand for long exposure.
BTC open interest remains elevated: Bitcoin futures open interest continues to hover near 750,000 BTC, with the figure remaining relatively stable for several weeks.
Solana futures attract more activity: SOL futures open interest climbed to 66.88 million tokens, the highest level since July 10. Funding rates remain close to neutral.
XLM positioning turns bearish: XLM has fallen nearly 3% to around $0.15 since midnight, its lowest price since May 27. Futures open interest increased 3.5% over the past day, reaching its highest level since June 4. With annualized funding at -28%, traders appear heavily positioned for further declines. Negative OI-adjusted CVD also shows that sellers are using market orders aggressively.
CC, DOGE and SUI also recorded notable increases in open interest, while HBAR and CRO were among the biggest losers in futures positioning.
Bitcoin Attracts More Aggressive Buyers
The bullish sentiment remains concentrated in Bitcoin rather than spreading across the entire crypto market.
BTC’s 24-hour CVD remains positive, pointing to stronger market buying. ETH, SOL, LTC, LINK and DOGE, meanwhile, are showing negative CVD readings, suggesting weaker buying pressure.
Low volatility could be encouraging traders to build new positions. Thirty-day implied volatility for both Bitcoin and Ether remains near the lowest levels of the year.
Trading firm TDX Strategies said the current low-volatility environment could offer opportunities to establish tactical December options positions in Bitcoin and selected altcoins such as SOL and HYPE.
Options Activity Favors the Upside
Derivatives activity on Deribit continues to show strong demand for call options positioned above current prices.
The $70,000 Bitcoin call expiring Sept. 25 was the most actively traded BTC option during the previous 24 hours. In Ether options, the $2,080 call expiring Aug. 28 ranked first by volume.
Token Performance Remains Mixed
PUMP gained 1.31%, maintaining part of Monday’s 7.8% advance. The rally coincided with a 55% increase in daily trading volume to roughly $90 million, while the token has stabilized above $0.00277.
XMR rose 0.59% to approximately $417, bringing its seven-day gain above 11% and keeping Monero among August’s strongest performers.
SUI led the declines, dropping 4.62% to around $0.6436 after giving back some of its recent strength against other layer-1 tokens.
FET fell 2.10% to approximately $0.1213, extending its recent decline as AI-linked cryptocurrencies surrender some of their late-July gains.
LINK dropped 1.45% to $9.39, retreating after the rally triggered by Standard Chartered’s forecast that the token could rise 2,000% by 2030. Despite the latest decline, LINK remains around 8% higher than before that prediction.
