Bitcoin remained close to the $65,000 mark as crypto markets moved higher on Friday, shrugging off a sharp rise in oil prices as Brent crude climbed to its highest level since May amid ongoing tensions involving Iran.
The crypto market ended the week on a positive note, with Bitcoin gaining as much as 1.1% from midnight UTC to reach $65,760. The broader digital asset market held firm despite a macroeconomic environment that typically creates pressure on risk assets.
Brent crude futures surged to $97.66 per barrel, marking their highest level since mid-May as the Iran conflict continued without signs of easing. While previous oil rallies have often weighed on cryptocurrencies and other risk-sensitive assets, digital markets remained broadly positive during Friday’s session.
Ethereum followed Bitcoin higher, rising as much as 1.6%, while tokens including Hyperliquid and Fetch.ai advanced more than 2%.
Traditional markets showed limited movement, with S&P 500 and Nasdaq 100 futures slightly higher, gold holding above $4,000, and the U.S. Dollar Index edging lower.
Derivatives market activity
Crypto derivatives showed signs of increased trading activity rather than major changes in investor positioning. Trading volume climbed 11% over 24 hours to $165 billion, while open interest remained relatively stable near $116 billion, suggesting active market turnover without a major buildup of new positions.
Dogecoin futures showed a more bearish trend, with open interest approaching 16 billion DOGE tokens, the highest level since October. The increase came as DOGE’s spot price remained weak after falling to its lowest level since November 2023 on Thursday. Rising futures interest alongside declining prices often indicates traders are building short positions against continued weakness.
Ethereum futures also saw increased activity, with open interest reaching 14.53 million ETH, the highest level since June 7. However, market signals remained mixed. Positive funding rates suggested bullish sentiment, while negative 24-hour cumulative volume delta (CVD) showed sellers were dominating market orders.
Most major tokens, excluding TRX and CRO, recorded negative 24-hour CVD readings, indicating broader selling pressure across the market.
Volatility indicators offered some relief for bulls. Bitcoin’s 30-day implied volatility index (BVIV) declined 3% to 39%, ending a five-day upward trend. Ethereum’s implied volatility measure also moved lower.
In the Bitcoin options market on Deribit, traders built a large $5 billion open interest concentration around $70,000 to $72,000 strike prices. The positioning was primarily driven by call options, with additional bullish activity visible around $77,000 and $80,000 strike levels.
Altcoin market updates
Hyperliquid led the altcoin sector for a second consecutive session, climbing 2.4% to $58.93 as the token continued recovering through a pattern of higher lows following its July decline from record highs.
AI-related tokens also showed signs of recovery, with Fetch.ai gaining 2.23% and NEAR Protocol rising 1.38% after weeks of underperformance. DeFi token Morpho advanced 1.89%, extending one of the stronger performances in the sector this month.
World Liberty Financial gave back 2.13% after Thursday’s 12% surge, continuing a pattern of sharp price swings due to limited liquidity.
Lighter declined another 1.32%, extending its pullback and erasing nearly 20% from its July peak after a rally of more than 200% between May and early July.
Despite the broader market recovery, the wider 24-hour performance remained mixed. Tokens including WLFI, AVAX, HBAR, and SUI fell between 4% and 10%, highlighting that the daily rebound has not fully erased weakness across parts of the altcoin market.
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