Bitcoin is consolidating between $64,000 and $66,800 after recovering more than 13% from July lows, while macroeconomic markets provide little momentum for the next major move. WLFI was the day’s biggest gainer, jumping 12% during the session.
The broader crypto market remained in a holding pattern on Thursday, with bitcoin trading near $65,674, down roughly 0.62% since midnight UTC. The leading cryptocurrency has stayed within the same $64,000-$66,800 range for about a week as traders assess the next direction.
The current price action suggests investors are taking a pause after bitcoin’s strong July recovery. BTC has climbed over 13% from its July 1 bottom of $57,750, but after failing to break above the $66,000 resistance area on Tuesday, the market has shifted into a period of sideways movement rather than continuing its upward push.
Traditional markets have offered limited signals for crypto traders. Nasdaq 100 and S&P 500 futures are slightly lower by around 0.3%, the dollar index remains steady, and gold and silver prices are retreating after their latest safe-haven gains. With no major macro catalyst driving sentiment, digital assets have remained rangebound.
Derivatives market trends
Futures market remains balanced:
Crypto derivatives activity has shown little directional conviction, with 24-hour trading volume falling about 1% to $147 billion and open interest staying close to $111 billion. The long-short ratio remains nearly balanced, indicating that traders are split rather than aggressively positioned for either a rally or decline.
Bitcoin positions cool while Ethereum attracts interest:
Bitcoin futures open interest has declined to around 743,000 BTC after reaching above 760,000 BTC earlier in the week. The pullback suggests traders are reducing exposure as momentum slows. However, the decline may favor bulls because it appears to be caused mainly by long liquidations rather than a buildup of new short positions.
Ethereum has moved in the opposite direction, with open interest increasing despite overnight price weakness. Positive open interest-adjusted cumulative volume delta (CVD) data indicates that buyers remain active through market orders.
Altcoin signals remain divided:
Trading activity across alternative cryptocurrencies is mixed. ZEC, HBAR, LTC, AVAX, and SUI are showing positive CVD levels, suggesting stronger buying demand. Meanwhile, BTC, XLM, DOGE, and SHIB are seeing negative CVD readings, highlighting continued selling pressure in those markets.
Volatility rises as traders remain cautious:
Bitcoin’s 30-day implied volatility index (BVIV) has climbed for five straight days, suggesting increasing caution among market participants. Since spot bitcoin ETFs launched, BTC has generally shown a negative relationship with BVIV, meaning rising volatility has often been followed by weaker price action. Ethereum’s volatility index remains relatively stable.
Options activity points to reduced market fear:
Options markets on Deribit and Paradigm showed strong interest in bitcoin’s $70,000 call option expiring Aug. 7. At the same time, some traders added longer-term put options to hedge against potential downside. Ethereum options also reflected growing demand for bullish exposure.
Overall, market anxiety appears to be easing, with BTC and ETH put-call skews moving closer to neutral levels. Ethereum’s one-week skew briefly turned negative, signaling a short-term shift where calls became more expensive than puts.
Token performance highlights
WLFI was the top performer on Thursday, gaining 12.18% to reach $0.063. The Trump family-linked token recovered to a market capitalization of roughly $2 billion, though it remains significantly below its previous all-time high.
MORPHO continued its recent strength, climbing nearly 4% to $1.989 and remaining one of the better-performing AI-related tokens over the past two weeks.
Ethena (ENA) rose 2% to $0.092, extending its gradual recovery and outperforming many DeFi competitors despite trading more than 90% below its September 2025 peak.
Lighter (LIT) declined 2.96%, extending its losing streak to three sessions as investors continued taking profits after its 200%-plus rally from May through early July.
CoinMarketCap’s altcoin season indicator remains unchanged at 51/100, with the market awaiting a decisive bitcoin move to determine the next broader trend.
