Bitcoin ($BTC) experienced a turbulent trading session overnight, surging as high as 3.7% before retreating some of those gains.
The leading cryptocurrency remains positive since midnight UTC, currently up about 2.4%, trading near $65,600—a level that has been relatively stable over the last three weeks.
The altcoin sector is also showing renewed momentum. Layer-1 tokens such as Solana ($SOL) and Cardano (ADA) each rallied approximately 4.5%, while other tokens like $VIRTUAL, Morpho, and $ETHFI surged by more than 10%.
U.S. stock index futures climbed in tandem with the crypto market’s upward movement. Meanwhile, silver’s price jumped roughly 4% since midnight, hinting that this broader risk asset rally might be driven more by speculation than concrete news events.
The average Relative Strength Index (RSI) for cryptocurrencies has shifted from oversold levels back into neutral territory, suggesting that Wednesday could bring a phase of price consolidation.
Derivatives Market Insights
Total open interest in crypto futures increased by over 1.5%, reaching $93.5 billion; however, much of this growth stems from rising spot prices rather than fresh capital inflows.
Open interest for Bitcoin and Ethereum ($ETH) futures remained largely unchanged over the past day, whereas positions linked to tethered gold (XAUT) dropped by around 12%, indicating investors are moving away from gold-backed assets.
Tether (TRX), Avalanche (AVAX), Solana ($SOL), Chainlink (LINK), and Hedera Hashgraph (HBAR) stood out with the highest cumulative volume changes within a 24-hour period—positive readings here imply buying pressure exceeds selling activity.
The annualized implied volatility index for Bitcoin options over thirty days—known as BVIV—fell to about 56%, reversing an earlier spike to near 65%. This decline signals calmer market conditions supportive of Bitcoin’s ongoing recovery; Ethereum’s volatility shows a similar trend.
On Deribit’s platform for Bitcoin options trading, the $60,000 put option has become notably popular among traders concerned about downside risks. Put options on both Bitcoin and Ethereum continue to trade at higher premiums compared to call options reflecting bearish sentiment prevailing in derivatives markets.
Altcoin Highlights
The indicator measuring “altcoin season” reached its strongest point since early January on Wednesday amid widespread rallies across various tokens.
An AI-focused token named $VIRTUAL led gains with an impressive rise of approximately 15.5% since midnight and exceeding a full 20% increase within twenty-four hours—making it the top performer in CoinDesk’s CD80 index which itself advanced by around +1.7% overall during this period.
$ETHFI, associated with restaking protocols, also posted double-digit percentage gains after CEO Mike Silagadze hinted at plans involving launching a stablecoin soon.
Morpho’s native token contributed strongly too: after climbing nearly +15% just yesterday alone it now boasts an almost +46% gain across one month total returns.
Conversely,Toncoin (TON) along with Pippin Token (PIPPIN) slipped into negative territory following their earlier week rallies — highlighting active rotation strategies employed among traders shifting capital between assets.