Crypto defies equity weakness as altcoin optimism builds into the weekend

Summary

• Bitcoin rose $64,400, retesting the price level that rejected it on Monday, with a clean break above opening the path toward the June 15 high of $67,250, while ether attempted to snap a pattern of sequential lower highs and lower lows.
• Lighter (LIT) has now surged more than 200% since May 16, driven by a deal with Robinhood Chain to bring its decentralized derivatives exchange to 28 million customers. Rival Hyperliquid's HYPE rose with a series of higher lows pointing to a bullish setup.
• Crypto diverged from equities, with S&P 500 and Nasdaq 100 futures falling.

The crypto market took another leg higher on Friday with bitcoin trading at $64,400, up by 2% since midnight UTC.

The largest cryptocurrency is currently at the price it failed to penetrate on Monday. If it can break past this level, it will likely advance toward the June 15 high of $67,250.

Ether (ETH) outperformed bitcoin, rising 2.6% to $1,790 as it looks to snap a trend of sequential lower highs and lower lows.

There were also notable gains across the altcoin sector ahead of the weekend, typically a period of lower liquidity. Zcash (ZEC) and aave both rose by around 5% as optimism is slowly crept back into more speculative bets after months of waning sentiment.

Crypto diverged from U.S. equities, with S&P 500 index futures and Nasdaq 100 futures falling 0.1% and 0.4%, respectively.

Derivatives positioning

• Crypto derivatives markets are showing signs of stabilization, with speculation easing and longer-term positioning increasing.
• Volume over 24 hours fell 7% to $140 billion, while open interest (OI) rose 3% to $110.52 billion. This shift suggests the recovery is being driven more by strategic positioning than by high‑frequency speculative activity.
• Cumulative OI in bitcoin's USD- and USDT-denominated futures on major exchanges has picked up slightly, from 262K to 272K, as the spot price topped $64,000. When read alongside positive funding rates and positive 24-hour OI-adjusted cumulative volume delta (CVD), the OI increase indicates a growing bias for bullish bets.
• Ether has yet to see a meaningful rise in futures OI, a sign that traders are still staying away from leverage.
• In the broader market, most tokens have positive 24-hour CVDs, a sign that buyers are becoming more aggressive, trading market orders rather than passive limit orders. This set expectations for continued price rises ahead.
• Confirmatory signals come from options-based implied volatility indexes tied to BTC and ETH, which continue to drop. It's a sign of traders expecting market calm, a feature of rallies. BTC's index, BVIV, fell to 38.5 early today, the lowest since June 6.
• In the options market on Deribit, put skews continue to weaken as the price rally eases downside concerns. Calls at $62,000, $65,000, and $67,000 are among the most-traded instruments, along with the $56,000 put. A call represents a bullish bet on the market.