Bitcoin Holds Ground as Bond Yields and Crude Send Stocks Lower

Bitcoin is holding around $64,000 after rebounding from Monday’s low near $62,600, although the recovery has weakened as rising Treasury yields and oil prices put pressure on risk assets.

BTC is down roughly 0.6% since midnight UTC, while Nasdaq 100 futures have fallen about 1.1%. Ether has declined close to 1%, with SUI, XLM and TAO also trading lower.

Treasury yields have climbed ahead of the Federal Reserve’s July meeting minutes, due Wednesday. Investors are looking for signals on the central bank’s policy outlook after two consecutive softer inflation reports. Brent crude has also returned to roughly $94 a barrel after the 60-day U.S.-Iran ceasefire expired Monday without a fresh agreement.

Wednesday could bring another market-moving event, as President Donald Trump is expected to meet crypto industry executives at the White House. Shifts in U.S. crypto policy have increasingly affected digital-asset prices and contributed to Bitcoin’s choppy trading within a narrow range.

Bitcoin Traders Increase Bullish Bets

Derivatives indicators are showing stronger bullish positioning after Bitcoin outperformed U.S. equities on Monday.

The long-short taker volume ratio in crypto futures has moved firmly into positive territory, with long trades accounting for more than 51% of taker activity. Takers execute orders at available prices, directly removing liquidity from the order book.

Bitcoin’s annualized perpetual funding rates have also climbed to a 20-month high, according to CryptoQuant. Positive funding suggests perpetual futures are trading at a premium to spot prices, reflecting greater demand for long positions.

Meanwhile, BTC futures open interest remains close to 750,000 BTC, a level it has largely maintained over recent weeks.

SOL futures are seeing increased activity, with open interest reaching 66.88 million tokens, the highest since July 10. Funding rates remain close to zero.

XLM presents a different picture. The token has fallen nearly 3% to around $0.15 since midnight, its weakest level since May 27. XLM futures open interest has increased 3.5% over the past day, reaching its highest level since June 4. Annualized funding at -28% points to strong bearish positioning, while negative OI-adjusted CVD suggests sellers are aggressively using market orders.

CC, DOGE and SUI have also posted notable increases in open interest, while HBAR and CRO have seen some of the largest declines.

Bitcoin Outshines Most Major Tokens

The bullish momentum remains concentrated in Bitcoin rather than spreading across the wider market.

BTC’s 24-hour CVD is positive, indicating stronger aggressive buying. By contrast, ETH, SOL, LTC, LINK and DOGE have negative CVD readings, suggesting that buyers are showing greater conviction in Bitcoin.

Low volatility may be encouraging traders to establish new positions. Thirty-day implied volatility for both BTC and ETH remains near its lowest level of the year.

Trading firm TDX Strategies said the low-volatility backdrop could be used to build tactical December options positions in Bitcoin and selected altcoins, including SOL and HYPE.

Options Market Tilts Toward Upside

Deribit trading activity continues to favor call options above current market prices.

The $70,000 Bitcoin call expiring Sept. 25 was the most traded BTC option over the previous 24 hours. In the Ether market, the $2,080 call expiring Aug. 28 recorded the highest volume.

Altcoins Show Uneven Performance

PUMP advanced 1.31%, retaining some of Monday’s 7.8% gain. Trading volume jumped 55% during that rally to around $90 million, while the token has since stabilized above $0.00277.

XMR gained 0.59% to about $417, taking its seven-day advance beyond 11% and keeping the privacy coin among August’s better performers.

SUI suffered the sharpest decline, dropping 4.62% to around $0.6436 after reversing some of its recent strength compared with other layer-1 networks.

FET slipped 2.10% to approximately $0.1213, extending its weakness as AI-related tokens continue to give back part of their late-July rally.

LINK fell 1.45% to $9.39, pulling back after its rally following Standard Chartered’s prediction that the token could gain 2,000% by 2030. Even after the decline, LINK remains roughly 8% above its level before that forecast.