bitcoin It was trading at $62,800 on Monday, a notable turnaround from July 1, when it fell below $58,000 to its lowest level since September 2024 and raised concerns of a drop toward $50,000.
Ether (ETH) experienced a similar recovery, trading at $1,760 after bottoming around $1,550 last week. The two largest cryptocurrencies soared at Sunday’s futures open, but have given up about 1% of those gains since midnight UTC.
The decline represents a divergence from traditional markets, where Nasdaq 100 and S&P 500 futures are up 1% and 0.5%, respectively, after the long weekend.
The altcoin market is divided. Lighter (LIT) continues to impress, now up over 50% over the past week, while and Both are nursing losses of around 4% in the last 24 hours.
Derivatives positioning
- Futures market remains stable, with open interest in bitcoin ether (ETH), solana (SOL), and XRP (XRP) virtually unchanged in the last 24 hours, likely due to the extended weekend in the US.
- open interest in has jumped to 7.14 million tokens, the most since May 12. It is not clear whether the capital inflow is bullish or bearish. Key indicators are sending mixed signals: positive funding rates point to bullish sentiment, but the 24-hour cumulative volume delta (CVD) has turned negative, indicating that sellers have been more aggressive in executing market orders rather than posting passive limit orders.
- Open interest in Lighter DEX’s LIT token is also rising, hitting one-month highs as bullish tokenomics revision supports its price.
- Bitcoin and Ethereum’s 30-day implied volatility indices, BVIV and EVIV, remain under pressure after double-digit weekly declines, reflecting continued options supply. This points to expectations of calmer market conditions, which often accompany price increases.
- Still, on Deribit, BTC and ETH put options continue to trade at a premium to call options, indicating lingering bearish concerns, although the gap has narrowed since early last month.
- Volumes do not show a clear bias, as BTC’s $60,000 put and $70,000 call are among the most traded strikes in the last 24 hours.
symbolic talk
- Lighter’s (LIT) big rally continued on Monday, adding 5% since midnight UTC and taking its 24-hour gain to 13.5%, building on the momentum as traders look for the next hyperliquid (HYPE).
- LIT is the native token of its decentralized derivatives exchange of the same name, which has accumulated $40 billion in trading volume in the last 30 days, according to DefiLlama.
- It was also a good start to the week for PYTH, up 6% since midnight UTC as traders rotate bitcoin profits into more speculative altcoin bets.
- CoinMarketCap’s Altcoin Season Indicator rose to 52/100 on Monday, the highest level in the last three months, suggesting that optimism is returning to the altcoin sector.
- However, that indicator is lagging as a result of the poor performance of a portion of the market, including JITO, BEAT and STABLE, each of which lost between 5% and 13% over the past week, with further losses on Monday.
