Despite the ongoing conflict in Iran and Brent crude oil prices reaching a two-month high, the crypto market remained resilient on Friday. Bitcoin briefly rose to around $65,760, while Ethereum also climbed, indicating that rising oil prices have not yet significantly suppressed digital assets.
Rising oil prices failed to suppress risk appetite
Brent crude futures rose to $97.66 a barrel, the highest level since mid-May. While rapid increases in oil prices typically dampen risk assets, the crypto market as a whole has maintained its upward trend this time.
Traditional markets were relatively flat. S&P 500 and Nasdaq 100 futures rose only slightly, spot gold remained above $4,000, and the dollar index retreated slightly.
Trading volume increased but total open interest remained flat.
Derivatives data shows that trading volume in the crypto market increased by 11% in the past 24 hours, reaching $165 billion, but open interest remained roughly at around $116 billion. This indicates increased market activity, but there was no significant increase in new directional positions; rather, it was more about short-term trading.
Bitcoin's 30-day implied volatility (BVIV) fell by about 3% to 39% after midnight, ending a five-day winning streak. Ethereum's EVIV also came under pressure, indicating that short-term volatility expectations have cooled somewhat.
In the Deribit Bitcoin options market, approximately $5 billion in open interest is concentrated around the strike price of $70,000 to $72,000, primarily consisting of call options. Among the top-traded contracts, call options with strike prices of $77,000 and $80,000 are also relatively active.
Altcoins show mixed performance
Hyperliquid's HYPE rose for the second consecutive trading day, reaching $58.93; AI-related tokens FET and NEAR also recorded gains, while DeFi token MORPHO continued its relatively stable upward trend this month.
However, significant divergence remains within the market. WLFI gave back some of the previous day's gains, while AVAX, HBAR, and SUI all fell 4% to 10% in the past 24 hours. Lighter's LIT continued to decline, with a cumulative pullback of nearly 20% from its July high.
Dogecoin futures open interest continued to rise, approaching 16 billion coins, the highest level since October last year. However, the spot price had just fallen to its lowest level since November 2023. The price decline coupled with the increase in open interest indicates rising short-selling activity.
Ethereum futures open interest also rose to 14.53 million ETH, the highest since June 7. However, funding rates remain positive, while the 24-hour CVD has turned negative, indicating that bullish and bearish signals are not consistent.
