The cryptocurrency market saw a second wave of gains on Friday. Bitcoin has climbed 2% since midnight, reaching $64,400 and returning to the same level it failed to break on Monday. If this resistance gives way, attention will shift to the June 15 high of $67,250.
Ethereum outperformed Bitcoin this time. It rose 2.6% to $1,790 and is attempting to break the lower highs and lower lows pattern that has been in place for weeks.
There was also notable activity across altcoins ahead of the weekend, despite weekends typically being associated with lower liquidity and fewer sharp price moves. Zcash and Aave both gained around 5%. Market appetite, which had been subdued for months, appears to be gradually returning to more speculative bets.
Meanwhile, crypto diverged from U.S. equities. S&P 500 futures slipped 0.1%, while Nasdaq 100 futures fell 0.4%.
What the derivatives market is signaling
Speculative trading activity is easing in derivatives markets, while longer-term positioning continues to build. Twenty-four-hour trading volume fell 7% to $140 billion, while open interest increased 3% to $110.52 billion. That suggests the current recovery is being driven by investors holding positions rather than short-term traders moving in and out of the market.
Across major exchanges, total open interest in Bitcoin USD- and USDT-margined futures rose from 262,000 BTC to 272,000 BTC as the spot price moved above $64,000. Combined with positive funding rates and a positive cumulative volume delta, the data suggests bullish positioning is strengthening.
Ethereum has yet to see the same trend. Futures open interest remains largely unchanged, indicating traders are still hesitant to increase leverage.
Across the broader market, most tokens are showing a positive cumulative volume delta, meaning buyers are executing market orders instead of waiting with passive limit orders. That is generally viewed as a supportive signal for continued price appreciation.
Implied volatility indexes tied to both Bitcoin and Ethereum continue to decline, a pattern often associated with steady bullish markets. Bitcoin’s volatility index, BVIV, fell to 38.5 on Friday, its lowest level since June 6.
On Deribit, demand for put options is weakening as rising prices reduce downside concerns. The most actively traded contracts include $62,000, $65,000, and $67,000 call options, along with a $56,000 put option. Call options are typically favored by traders expecting further upside.
Tokens in focus
Lighter remains one of the standout tokens of recent weeks. The token gained more than 5% on Friday and has rallied over 200% since May 16. Lighter is a decentralized derivatives exchange that recently signed a partnership with Robinhood Chain, aiming to bring its product to the brokerage's 28 million customers.
Rival Hyperliquid has been one of the biggest beneficiaries of the perpetual futures trading boom in 2026. After reaching a record high of $76 last month and pulling back, the HYPE token climbed 2.8% on Friday to $68. The series of higher lows suggests buyers remain firmly in control.
AI-related tokens, on the other hand, have lagged behind after their strong performance during the first half of the year. Bittensor traded flat on Friday even as the broader crypto market moved higher.
