Bitcoin Supported Above $65K as Easing Hormuz Risks Boost Risk Appetite

Bitcoin rose to $65,209 on Monday as reports that Iran could work with Oman to reopen the Strait of Hormuz helped improve sentiment across global risk markets. Nasdaq 100 futures also moved 0.45% higher.

The broader crypto market started the week in the green. Bitcoin gained 0.54% from midnight UTC to $65,209, while Ether advanced 0.86% to $1,925. The gains came as traders regained some confidence after July’s volatile trading.

BTC’s move tracked the broader risk-on tone in equities. Nasdaq 100 futures climbed 0.45% as reports of possible Iran-Oman negotiations eased concerns about a prolonged disruption to the Strait of Hormuz, an important route for global energy and trade.

Altcoins have yet to fully participate in the move. Traders are watching whether Bitcoin can advance into the $68,000-$72,000 area, with a stronger BTC breakout potentially encouraging investors to shift funds toward altcoins.

Derivatives Snapshot

Futures flows favor longs:
The taker long-short ratio in crypto futures has moved above the midpoint, with long trades accounting for 52% of total activity. Takers execute trades against orders already sitting on the order book.

Bitcoin open interest remains muted:
BTC futures open interest has dropped below 750,000 BTC as Bitcoin tries to establish itself above $65,000. Expectations for additional Federal Reserve rate hikes have also cooled.

Even with lower participation, annualized funding rates and the 24-hour open-interest-adjusted CVD remain positive, suggesting the existing futures exposure is tilted bullish.

ETH positioning continues to unwind:
Ether futures open interest has fallen to 13.35 million ETH, its lowest point since May 3. The figure is also significantly below the 15.98 million-token peak recorded in late May.

SOL derivatives recover:
Open interest in Solana futures has rebounded to 64.60 million tokens from a recent low of around 60 million. The recovery has accompanied SOL’s move from nearly $70 to above $76.

SOL has also pushed above the Ichimoku cloud, which could indicate a short-term improvement in its technical trend.

Monero attracts fresh leverage:
Monero jumped 5% over 24 hours and briefly broke above $400. Its futures open interest increased 6%, showing that derivatives activity expanded alongside the rally.

XMR posted the strongest 24-hour CVD among major cryptocurrencies, indicating aggressive market-order buying. Its annualized funding rate reached 28%, the highest among major tokens, highlighting strong demand for bullish exposure.

Bitcoin volatility reaches a 2026 low:
BVIV, Bitcoin’s 30-day implied volatility index, declined to 35.59% over the weekend, the lowest level this year. The reading points to expectations for calmer markets, although BTC puts continue to command a premium over calls as investors retain demand for downside protection.

Call options lead activity:
Bitcoin options trading is showing stronger demand for calls at the $68,000 and $70,000 strikes, while Ether options are displaying a similar upside bias.

Altcoin Performance

Pump.fun led the major altcoin gainers, rising 5.39% from midnight UTC and extending its 24-hour advance enough to lift its market cap beyond $1.1 billion.

Ethena rose 4.84% to $0.0907, continuing a recovery that has produced gains in most sessions over the past two weeks. Even so, ENA remains more than 90% below its record high.

NEAR Protocol added 3.79% as AI-related tokens rebounded. FET gained 2.10% after several weeks of lagging behind the broader market.

Lighter slipped 0.94%, making it one of the few notable tokens in negative territory as its retreat from July’s 200%-plus rally continued.

Worldcoin gained 13% in the past 24 hours but remains in a pronounced longer-term downtrend, sitting about 91% below its all-time high from last year.

CoinMarketCap’s altcoin-season reading fell to 37/100, down from 51 last week. The decline indicates that investors are increasingly concentrating on Bitcoin’s potential breakout rather than moving broadly into altcoins.