BTC gained 0.6% to $59,800 at the week's start, while SOL increased by 2%, although derivatives indicators and chart patterns suggest ongoing downside risks.
By Oliver Knight, Omkar Godbole|Edited by Sheldon Reback Jun 29, 2026, 11:03 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Bitcoin price (CoinDesk data)SummaryShow- Volatility indicators provided a rare positive hint as the BVIV fell to 47%, halting its two-week rise and indicating that traders are anticipating a more stable market, although derivatives data for most top-25 tokens suggest bearish sentiment prevails.
- Bitcoin and futures open interest have retracted to levels seen earlier this month, indicating trader caution, while positions in SOL and AVAX raise concerns about the sustainability of recent gains.
- The altcoin market is stagnant as investors await bitcoin's next directional shift, with the CoinMarketCap Altcoin Season index remaining at 49/100.
The cryptocurrency market is approaching the end of the month under challenging conditions, with bitcoin BTC$59,820.20 still under the $60,000 mark and ether (ETH) trading below $1,600.
Since reaching a peak last October, bitcoin has seen its value decline by over 50%, with analysts predicting that more declines may occur in the upcoming months.
As of Monday, bitcoin is slightly up, increasing by 0.6% since midnight UTC to $59,800, despite the overall market dynamics and chart formations leaning towards bearishness.
Solana (SOL) has rebounded after dropping to its lowest point since late 2023 earlier this month, gaining over 13% since Thursday and 2% since the start of the day.
U.S. stock markets rose overnight, with Nasdaq 100 futures increasing by 1% and S&P 500 futures up by 0.75%. Both indices have been in a downtrend since reaching record highs on June 15.
Derivatives Positioning
- Exchanges liquidated over $200 million in futures positions in the last 24 hours, primarily affecting long positions.
- Signs of a potential shift were observed in the past four hours, where nearly $20 million in liquidations included $13 million from short positions, indicating that bitcoin's rise towards $60,000 caught some bearish traders off guard.
- The futures market for bitcoin lacks excitement, with open interest (OI) reverting to levels seen earlier this month, negating the minor increase to 775K BTC observed on Friday. Traders appear hesitant to take on additional risk.
- The same situation applies to ether, where OI remains steady at around 14.2 million ETH.
- Open interest in SOL is relatively high at 72.70 million SOL, just below the record of over 76 million SOL set on June 24, suggesting potential for increased volatility in Solana's token.
- AVAX experienced a rise of over 5% last week, breaking away from bitcoin's weakness, but this has not attracted traders to leverage positions. OI is declining, currently at 38.07 million tokens, the lowest level since April 1, raising doubts about the sustainability of its price increases.
- The 24-hour OI-adjusted cumulative volume delta (CVD) remains bearish. Most top 25 tokens, with the exception of TRX, XMR, and ZEC, exhibit negative values, indicating that bears are driving price movements through market orders rather than limit orders.
- Despite this, volatility indicators provide some positive news. The BVIV, which measures bitcoin's 30-day implied volatility, fell 5% to 47% today, halting its two-week increase. This suggests a renewed expectation of market stability, which typically accompanies gradual price increases in the spot market.
- Options for BTC and ETH on Deribit continue to favor puts, or downside protection. For bitcoin, the $60,000 put has a notional open interest of nearly $1 billion, closely rivaling the $1.11 billion in the $80,000 call. Both have been significant option levels for at least two months. If prices drop below $60,000, the next major options cluster is at $50,000, with notional OI of $712 million.
- Over the weekend, traders engaged in selling strangles on July 10 expiry HYPE options on the decentralized platform Derive, as reported by data from Laevitas. This strategy bets on price consolidation.
Token Analysis
- The altcoin market remains largely unchanged, moving in tandem with leading cryptocurrencies as traders appear indifferent to more speculative assets until bitcoin confirms its next direction.
- Privacy coins dash (DASH) and zcash (ZEC) experienced gains of over 2% on Monday, following significant losses of between 18% and 30% over the past two weeks, suggesting this is more of a relief rally than a substantial recovery.
- PUMP$0.001429 has dropped 1.5% since midnight, joining AI token FET in negative territory.
- CoinMarketCap's "Altcoin Season" indicator remains at 49/100, a level it has maintained for most of June as investors await bitcoin's next move.
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The Evolution of the Crypto CEX Landscape: A Case Study on Binance
The Evolution of the Crypto CEX Landscape: A Case Study on Binance
Binance remains the leading exchange in the crypto space, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
By CoinDesk Research1 hour agoCommissioned byBinanceBinance continues to be the top exchange in the crypto market, extending its services beyond spot and derivatives to include RWAs, payments, savings, yield, and wider financial offerings.
Why it matters:
Binance remains the leading exchange in the crypto sector, broadening its range of services from spot and derivatives to RWAs, payments, savings, yield, and other financial services.
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