Bitcoin and major cryptocurrencies climbed on dovish signals from the Federal Reserve, with speculative altcoins such as Memecore’s M and Audiera’s BEAT leading the upside.
Smaller tokens outperformed as bitcoin BTC $61,838.15 and other large caps extended Wednesday’s rebound. The CoinDesk 20 Index gained nearly 5% in 24 hours, reaching a one-week high, with all constituents ending the session in positive territory.
Memecore’s M rallied 81%, while Audiera’s BEAT rose 12%, ranking among the strongest performers in the top 100 crypto assets by market value. Venice Token (VVV), in third place, added about 9%.
Bitcoin advanced more than 4% to around $61,200, while ether (ETH) climbed 5%. Solana’s SOL surged 9% after launching an on-chain governance system requiring at least 100,000 staked tokens to submit proposals. XRP also gained nearly 4%.
Marex analysts described the move as the “first real bounce of the whole selloff,” pointing to Fed Chair Kevin Warsh’s comments in Sintra, where he said inflation risks had eased. They noted the remarks helped unwind expectations of a near-term rate hike and pushed BTC back above $60,000 for the first time in a week, with Solana standing out as a top weekly performer.
Markets are now focused on upcoming catalysts, including Thursday’s U.S. nonfarm payrolls report and policy-related developments such as President Donald Trump’s planned voluntary AI model standards.
Derivatives activity also picked up alongside the rally, with BTC, ETH, and other majors gaining after dovish Fed commentary. Trading volume rose 18% to nearly $200 million, while open interest increased 4% to $107 million. Liquidations totaled $444.6 million, heavily skewed toward shorts, marking a reversal from recent long liquidation trends.
Bitcoin open interest rose to 777.87K BTC from 768K the day prior, its highest level since June 4. Rising prices alongside increasing open interest typically indicate strengthening trend momentum, suggesting the recovery could have further upside.
Positive annualized funding rates near 10% and strong cumulative volume delta over the past 24 hours reinforce a short-term bullish bias.
Ethereum, however, has yet to see a meaningful return of leveraged positioning, with futures open interest stuck near 13.8 million tokens. XRP shows a similar lack of buildup, while Solana futures activity has cooled from recent highs, with open interest easing to 72 million SOL from 76.6 million in late June.
On Binance, the three-month futures basis for BTC and ETH remains below the U.S. 10-year Treasury yield of 4.49%, suggesting limited arbitrage incentives and restrained institutional positioning, even as broader market conditions remain constructive.
Across major tokens, 24-hour open interest-adjusted cumulative volume delta remains positive, indicating aggressive buying via market orders rather than passive limit orders—a notable shift from recent selling pressure.
Implied volatility for BTC and ETH has eased after a late-June spike, a pattern often associated with stabilizing bullish trends as volatility tends to move inversely to spot price action.
Still, options markets remain cautious. Put options continue to trade at a premium to calls on Deribit, while OTC flows tracked by Paradigm show mixed sentiment—BTC saw demand for $57K puts, while ETH calls were actively bought across multiple strikes.
In ecosystem developments, Ethereum layer-2 network Taiko reopened its cross-chain bridge after a $1.70 million exploit in July, following a multi-stage recovery and security review.
The announcement briefly sent TAIKO surging over 100% to $0.38 before it retraced to around $0.16, underscoring sharp volatility in lower-cap tokens. With a market capitalization of roughly $32.5 million, TAIKO remains outside the top 500 cryptocurrencies, highlighting its elevated risk profile.
