Crypto Holds Strong Despite Stock Market Slump as Altcoin Momentum Grows

Bitcoin climbed to $64,400, revisiting a level it couldn’t break earlier in the week. A decisive move above this resistance could clear the way for a rally toward the June 15 high of $67,250. The broader crypto market pushed higher on Friday, with BTC gaining about 2% since midnight UTC.

Ether outpaced bitcoin, rising 2.6% to $1,790 as it attempts to reverse a pattern of consecutive lower highs and lows. Altcoins also posted solid gains ahead of the weekend—typically a lower-liquidity period—with Zcash (ZEC) and Aave (AAVE) each advancing roughly 5%. The uptick suggests renewed confidence returning to riskier assets after a prolonged period of weak sentiment.

Crypto markets moved independently of U.S. equities, where S&P 500 and Nasdaq 100 futures slipped 0.1% and 0.4%, respectively.

Derivatives positioning
Crypto derivatives data points to improving stability. Trading volume over the past 24 hours dropped 7% to $140 billion, while open interest rose 3% to $110.52 billion—indicating that the recovery is being fueled more by strategic positioning than short-term speculation.

Bitcoin futures open interest on major exchanges increased from 262K to 272K contracts as prices moved above $64,000. Combined with positive funding rates and a favorable cumulative volume delta (CVD), this suggests a growing tilt toward bullish positioning.

In contrast, ether futures open interest has yet to show a notable increase, signaling that traders remain cautious about using leverage. Across the wider market, most tokens recorded positive 24-hour CVDs, reflecting stronger buyer aggression through market orders, which supports expectations of further upside.

Options markets reinforce this outlook. Implied volatility for both BTC and ETH continues to decline, typically a sign of steady upward trends. Bitcoin’s BVIV index dropped to 38.5, its lowest level since June 6. On Deribit, weakening put skews indicate reduced downside hedging, while call options at $62,000, $65,000, and $67,000 remain among the most actively traded—highlighting bullish sentiment.

Token highlights
Lighter (LIT) extended its recent rally, gaining over 5% and pushing its total rise since May 16 beyond 200%. The decentralized derivatives platform recently partnered with Robinhood Chain to expand access to its services.

Hyperliquid’s HYPE token also moved higher, gaining 2.8% to $68 and maintaining a pattern of higher lows, suggesting continued bullish momentum. Meanwhile, AI-related tokens lagged behind the broader market; Bittensor (TAO) remained largely unchanged despite the overall upward move.