Bitcoin rose after the Bank of Japan raised interest rates to a 31-year high, pushing the price from around $65,600 in Asian trading to over $66,500 during European hours.
The largest cryptocurrency added 1.5% in the past 24 hours, continuing its recovery from a June 5 low below $60,000. Several altcoins saw even bigger gains.
Stellar’s UNI’s gain comes after Standard Chartered initiated coverage of Uniswap and set a long-term price target for the token of $100 by 2030.
Memecoin SIREN extended its decline, falling another 21% in 24 hours. The token has now lost 77% since the start of the month. Blockchain data trackers on
Positioning of derivative products
- Crypto markets are showing renewed appetite for risk. Total 24-hour trading volume jumped 51% to $207 billion, open positions rose 2.4% to $113.41 billion and liquidations jumped 64% to $561 million, with short sales accounting for the bulk of forced exits.
- Leverage also returns. BTC futures open interest (OI) increased to 747,000 BTC, a third consecutive daily increase and the highest since June 4. The steady rise suggests investors are willing to take risks again, a message reinforced by near-zero annualized perpetual funding rates and positive cumulative volume delta (CVD) adjusted for 24-hour OI. Both demonstrate a balanced and recovering market rather than a speculative excess.
- Ether OI futures rose to 14.20 million ETH from a recent low of 13.64 million, a modest but encouraging development.
- Among the main cryptocurrencies, is what stands out. Its OI increased by 6.6% to 6.86 million tokens in 24 hours. Although impressive in relative terms, the absolute level reflects a more cautious situation. This is still only a one-week high and remains well below January’s peak of 9.29 million tokens. The overall positioning therefore remains light.
- On the losing side, TON, BCH, and HBAR all saw their OI decline over the past 24 hours, signaling capital outflows. TON is the most remarkable; its rebranding to GRAM has done nothing for trader sentiment and the 24-hour CVD is the most negative among the majors, a sign that the market is driven by sellers hitting market bids rather than passive limit orders.
- The volatility picture offers some comfort to the bulls. BVIV and EVIV – the 30-day implied volatility indices for BTC and ETH, respectively – have almost completely reversed the peak seen during the first week of the month. The fear behind this rise has subsided, and the implied decline in volatility argues in favor of a continued recovery.
- On Deribit, BTC stakes between $58,000 and $64,000 are among the most active in the last 24 hours. The block flows featured put condors, a non-directional strategy designed to profit from a specific range of volatility rather than a directional bet.
Symbolic discussion
- Avalanche was the most talked about token on Monday as the crypto largely recovered, although in the case of AVAX the conversation turned heavily negative. The ratio of positive to negative comments has fallen to about 0.85, according to Santiment, meaning that bearish posts now outnumber bullish posts, down from one of its most optimistic readings in January.
- Negative chatter is about mind sharing. It’s a question of whether Avalanche can keep pace with its faster-growing competitors as developer activity and user growth shifts to Solana and Sui, Santiment said.
- Price supports the mood. AVAX is trading around $6.88, near the bottom of its recent range and well below the near $10 level it held a month ago.
- There is, however, a counter-current reversal angle. Santiment notes that overwhelmingly negative sentiment has often marked opportunities rather than highs. Markets can reverse when the crowd becomes extremely bearish. He did the same thing on XRP a few days earlier.
- The fundamentals have not disappeared. Avalanche still holds institutional partnerships, government-related projects, and its subnet design, which allows teams to launch custom, application-specific blockchains. The bearish scenario is about momentum, not the collapse of a business.
