bitcoin rose after the Bank of Japan raised interest rates to a 31-year high, raising the price from around $65,600 in Asian trading to over $66,500 during European time.
The largest cryptocurrency has added 1.5% in the last 24 hours, continuing its recovery from a June 5 low below $60,000. Several altcoins posted even bigger gains.
Stellar’s XLM, Injective’s INJ, and Uniswap’s UNI rose between 13% and 16%, ranking among the best performers among the top 100 cryptocurrencies by market capitalization. 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 a staggering 77% so far this month. Blockchain data trackers on
Derivatives positioning
- Crypto markets are showing renewed appetite for risk. Total 24-hour trading volume increased 51% to $207 billion, open interest increased 2.4% to $113.41 billion and liquidations increased 64% to $561 million, with short positions accounting for the majority of forced outflows.
- Leverage is also coming back. BTC futures open interest (OI) has risen to 747,000 BTC, a third consecutive daily increase and the highest since June 4. The steady rise suggests investors are willing to take on risk again, a message reinforced by annualized perpetual funding rates remaining near zero and a positive 24-hour OI-adjusted cumulative volume delta (CVD). Both point to a balanced and recovering market, rather than speculative excess.
- Ether OI futures rose to 14.20 million ETH from a recent low of 13.64 million, a modest but directionally encouraging move.
- Among the main cryptocurrencies, It is the highlight. Its OI has increased by 6.6% to 6.86 million tokens in 24 hours. While impressive in relative terms, the absolute level tells a more cautious story. It’s still only a one-week high and remains well below the January peak of 9.29 million tokens. Therefore, the overall positioning remains light.
- On the losing side, TON, BCH, and HBAR saw OI drop in the last 24 hours, indicating capital outflows. TON is the most notable; Its name change 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 being driven by sellers placing market bids rather than passive limit orders.
- The volatility outlook offers some comfort to bulls. Both BVIV and EVIV (the 30-day implied volatility indices for BTC and ETH, respectively) have almost completely reversed the spike seen in the first week of the month. The fear that fueled that rally has eased, and the implied retreat in volatility supports the case for a continued recovery.
- On Deribit, BTC call options 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 talk
- Avalanche was the most discussed token on Monday as cryptocurrencies rallied widely, although in the case of AVAX, the conversation turned sharply negative. The ratio of positive to negative comments has fallen to around 0.85, according to Santiment, meaning bearish posts now outnumber bullish ones, down from one of its most optimistic readings in January.
- Negative talk is about shared mindset. The focus is on whether Avalanche can keep pace with its faster-growing rivals, with developer activity and user growth expected to shift toward Solana and Sui, Santiment said.
- The price supports the mood. AVAX is trading around $6.88, near the lower end of its recent range and well below the near-$10 level it was at a month ago.
- However, there is an opposite angle of rotation. Santiment notes that extreme negative sentiment has often marked opportunities rather than peaks. Markets can reverse when the crowd becomes overwhelmingly bearish. He made the same case on XRP days before.
- The fundamentals have not disappeared. Avalanche still maintains institutional partnerships, government-linked projects, and its subnetwork design, which allows teams to launch custom, application-specific blockchains. The bear case is about momentum, not business collapse.
