Bitcoin rebounded to $77,900 and ether traded near $2,130 as crypto markets steadied on Thursday, supported by stronger U.S. equities and easing oil prices. Hyperliquid’s HYPE token surged 6.5% on the day, extending its seven-day gain to 53%. Derivatives data shows aggressive bullish positioning in HYPE, with open interest hitting its highest level since Feb. 19 and positive cumulative volume delta (CVD) indicating market-order buyers are in control. However, the broader altcoin market remains mixed, with privacy coins like Zcash giving back some gains. Bitcoin futures open interest remains stagnant in the 720K–750K BTC range for a seventh day, while ether's 30-day implied volatility dropped to a 2026 low of 53%. Options traders are increasingly favoring strangles on BTC and ETH on Deribit, positioning for a breakout from the current low-volatility regime. A large block trade involved selling an XRP short straddle, betting on range-bound price around $1.40 through late June. Speculative activity is also rising in smaller tokens like doublezero (2Z), which saw volume surge over 410%.

Key facts

• Bitcoin rebounded to $77,900; ether at $2,130.
• HYPE surged 6.5% on the day, extending weekly gains to 53%.
• Crypto futures volume rose 15% to $165.7B; liquidations jumped 72%.
• Ether's 30-day implied volatility dropped to a 2026 low of 53%.
• Options traders favor strangles on BTC and ETH for breakout bets.

KeyAudit data perspective