Bitcoin Finds Stability at $65K as Geopolitical Oil Fears Lose Momentum

Bitcoin stayed close to $65,000 on Friday as digital assets continued to show strength despite a sharp increase in oil prices, with Brent crude climbing toward $100 per barrel amid ongoing tensions linked to Iran.

The crypto market wrapped up the week on a positive note, with Bitcoin gaining as much as 1.1% from the beginning of the UTC session to trade around $65,760. The move showed that cryptocurrencies were holding up well despite a challenging global economic backdrop.

Brent crude futures jumped to $97.66 per barrel, reaching their highest level since May as the Iran conflict continued. Although previous oil price surges have often triggered risk-off moves across markets, cryptocurrencies remained broadly in the green.

Ethereum also moved higher alongside Bitcoin, rising as much as 1.6%, while tokens such as Hyperliquid and Fetch.ai gained more than 2%.

Traditional financial markets were relatively stable, with S&P 500 and Nasdaq 100 futures posting small gains, gold maintaining levels above $4,000, and the U.S. Dollar Index moving slightly lower.

Derivatives data shows cautious market positioning

Crypto derivatives markets saw heavier activity, but the increase appeared to reflect position adjustments rather than a major expansion of leveraged bets. Trading volume rose 11% over the past 24 hours to $165 billion, while open interest remained near $116 billion.

Dogecoin futures showed signs of increased bearish activity, with DOGE open interest approaching 16 billion tokens, its highest point since October. The rise came as DOGE’s spot price remained under pressure after hitting its lowest level since November 2023. Growing open interest during a price decline often suggests traders are building short positions.

Ethereum derivatives painted a mixed picture. ETH futures open interest climbed to 14.53 million ETH, the highest since June 7. At the same time, positive funding rates indicated continued bullish demand, while negative 24-hour cumulative volume delta (CVD) suggested sellers were controlling market-order activity.

Most major cryptocurrencies recorded negative CVD readings over the last day, with TRX and CRO standing out as exceptions.

Volatility indicators improved slightly for market bulls. Bitcoin’s 30-day implied volatility index dropped 3% to 39%, ending a five-day increase, while Ethereum’s volatility measure also declined.

On Deribit, Bitcoin options traders built a large concentration of open interest around the $70,000-$72,000 strike range, totaling about $5 billion. Most of the exposure came from call options, with additional bullish bets appearing around the $77,000 and $80,000 strike levels.

Altcoin market remains selective

Hyperliquid continued to lead major altcoins for a second straight session, climbing 2.4% to $58.93 as the token extended its recovery after falling from July highs.

AI-related tokens showed early signs of recovery, with Fetch.ai rising 2.23% and NEAR Protocol gaining 1.38% following weeks of weaker performance. DeFi asset Morpho also advanced 1.89%, continuing its recent momentum.

World Liberty Financial declined 2.13%, reversing some of Thursday’s 12% jump as the low-liquidity token continued to experience sharp price movements.

Lighter fell another 1.32%, extending its decline and wiping out nearly 20% from its July high after a rally of more than 200% between May and early July.

Despite Bitcoin’s stability and gains across some major tokens, the broader altcoin market remained uneven. WLFI, AVAX, HBAR, and SUI all posted losses ranging from 4% to 10% over the past 24 hours, highlighting continued weakness across parts of the crypto market.