Bitcoin Holds Above $65K as Iran-Oman Talks Ease Strait of Hormuz Fears

Bitcoin climbed to $65,209 as Nasdaq 100 futures rose 0.45% amid reports that Iran could reach an agreement with Oman to reopen the Strait of Hormuz, helping improve sentiment across risk assets.

The crypto market started the week higher. Bitcoin gained 0.54% from midnight UTC to trade at $65,209, while ether advanced 0.86% to $1,925. The gains came as market sentiment steadied following a volatile July.

Bitcoin’s move broadly tracked Nasdaq 100 futures, which were up 0.45% from midnight. The broader risk-on mood was supported by reports from the Middle East suggesting Iran may be prepared to work with Oman on reopening the Strait of Hormuz.

Altcoins remain in a cautious position. Traders are watching to see whether Bitcoin can extend its advance toward the $68,000-$72,000 area, which could potentially trigger a rotation of capital into alternative cryptocurrencies.

Derivatives Positioning

Futures long-short ratio turns positive:
The long-short ratio based on taker volume in crypto futures has moved into bullish territory, with long positions representing 52% of total flow. Takers are traders who execute orders against existing liquidity in the order book rather than providing new liquidity.

Bitcoin open interest remains subdued:
Bitcoin futures activity has yet to show a major increase as BTC attempts to remain above $65,000 and expectations for additional Federal Reserve rate hikes ease. Open interest has slipped below 750,000 BTC. However, annualized funding rates and the 24-hour open-interest-adjusted CVD remain positive, suggesting the futures positions that do exist are tilted toward the bullish side.

Ether futures continue to unwind:
ETH futures are seeing continued de-risking, with open interest falling to 13.35 million ETH, its lowest level since May 3. That is well below the late-May high of 15.98 million tokens.

SOL futures activity rebounds:
Solana futures are showing renewed interest, with open interest recovering to 64.60 million tokens from a recent low near 60 million. The increase coincides with SOL’s rebound from around $70 to above $76.

SOL has also moved above the closely watched Ichimoku cloud, a technical development that could indicate a short-term shift toward bullish momentum.

Monero leads open-interest gains:
Monero rose 5% over 24 hours and briefly moved above $400 for the first time since June 12. Futures open interest increased 6% alongside the price, suggesting the rally is attracting fresh positions.

XMR also recorded the strongest 24-hour CVD among major cryptocurrencies, indicating buyers are using market orders more aggressively. Its annualized funding rate has climbed to 28%, the highest among major tokens, highlighting strong demand for bullish exposure.

Bitcoin volatility reaches 2026 low:
Bitcoin’s 30-day implied volatility index, BVIV, fell to a 2026 low of 35.59% over the weekend. The decline suggests traders expect relatively calm conditions, although demand for BTC put options remains strong enough to keep downside protection more expensive than comparable calls.

Call options attract greater volume:
Bitcoin options activity is showing stronger demand for calls at the $68,000 and $70,000 strikes. Ether options are displaying a similar preference for upside exposure.

Token Market

Pump.fun led major altcoins, rising 5.39% from midnight UTC and extending a 24-hour advance that pushed its market capitalization above $1.1 billion.

Ethena’s ENA gained 4.84% to $0.0907, continuing its gradual recovery after posting gains during most trading sessions over the past two weeks. Despite the rebound, ENA remains more than 90% below its record high.

NEAR Protocol added 3.79% as AI-related tokens recovered broadly. Fetch.ai’s FET also gained 2.10% after lagging the wider market for several weeks.

Lighter fell 0.94%, making it one of the few notable altcoins trading lower. The token continues to retreat after its July rally of more than 200%.

Worldcoin’s WLD jumped 13% over the past 24 hours, but the token remains in a prolonged downtrend and is still 91% below its all-time high recorded a year ago.

Meanwhile, CoinMarketCap’s altcoin-season indicator has dropped to 37 out of 100, down sharply from last week’s high of 51. The decline suggests traders are increasingly concentrating on Bitcoin’s potential move higher rather than rotating aggressively into altcoins.

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