The broader cryptocurrency market was down on Tuesday with bitcoin falling 1% since midnight UTC to $80,800 and ether (ETH) losing 2% to $2,290.
US stock futures also fell after US President Donald Trump said the ceasefire with Iran was “massive life support”, leading to a rise in Brent crude oil to $107 per barrel and a 0.4% rise in the US dollar index (DXY).
Bitcoin, however, remains above Bitmine (BMNR) President Tom Lee’s line in the sand at $76,000, which he said would confirm the end of a bull market if Bitcoin can stay above that level by the end of the month.
The altcoin market is mixed: most tokens underperform the two largest cryptocurrencies, while a small corner of the market, including curve (CRV) and toncoin (TON), resisted the bearish price action with bullish movements between 5% and 10% in the last 24 hours.
Derivatives positioning
- Market-wide notional open interest (OI) in crypto futures rose to $125 billion, even as volumes fell 6% to $174 million. The moves suggest a reduction in short-term speculation and a gradual positioning of traders.
- ZEC’s OI plunged more than 10% to 1.90 million tokens from a 4.5-month high of 2.48 million tokens last week. At the same time, the price of the token fell to $550 from $642. The combination suggests a reduction in bullish bets rather than new capital flows deployed for short or bearish positions.
- SUI, CORE, and HBAR were among the other major OI decliners. Meanwhile, open interest in Canton’s CC token rose over 10%, with positive funding rates and a positive OI-adjusted 24-hour cumulative volume delta indicating increased buyer dominance.
- ETH and XMR are other notable OI gainers, although their CVDs are negative, a sign that sellers are leading the price action with market orders rather than passive limit orders.
- The relentless decline of bitcoin’s 30-day implied volatility index, BVIV, has stalled this month, stabilizing near 40%. But there are no signs of a new rally, pointing to continued market calm, a favorable environment for further bullish price action.
- Wall Street’s volatility gauge, the VIX, which measures the 30-day implied volatility of the S&P 500 index, has risen more than 10% this week to nearly 19 points. Although still below recent highs above 30, the small rally deserves attention.
- On Deribit, the 24-hour volume ranking included BTC calls with strike prices of $80,000, $82,000, and $84,000. Options are bets that the price of bitcoin will increase. It also included put options, or bets on a drop, on strikes of $65,000 and $74,000.
symbolic talk
- All CoinDesk benchmarks are in the red as of midnight UTC, with the DeFi Select Index (DFX) leading the losses with a 2.7% move, followed by the CoinDesk Computing Select Index (CPUS) with a 2.3% drop.
- JUP, MON, and SEI are among the worst-performing altcoins of the day, falling between 5.6% and 6.3% due to a persistent lack of liquidity.
- is one of the best-performing altcoins, adding 4.1% to achieve a three-day winning streak.
- The CRO rally can be attributed to a governance proposal that, if approved, would change the token economics of the project by replacing inflation-driven staking rewards with a system where returns are funded entirely by the protocol’s real revenue.
- CoinMarketCap’s “Altcoin Season” indicator is at 50/100, the highest level since late March, as sentiment across the sector shows signs of improvement.
