Despite a hawkish stance from the Federal Reserve, Iranian missile strikes, and an 8% increase in oil prices that led to a 2.2% drop in the Dow and a three-month low for the Nasdaq, Bitcoin remained steady around $64,000.
By Oliver Knight, Omkar Godbole|Edited by Sheldon Reback Jul 30, 2026, 10:56 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Bitcoin price (CoinDesk Data)SummaryShow- The Federal Reserve decided to keep interest rates unchanged, although three members of the committee voted for an increase. Rabobank predicts that speculation around rate hikes will intensify in the upcoming weeks.
- Following the Iranian missile attacks on U.S. troops, which were all intercepted, President Trump promised a strong retaliatory response. This situation contributed to rising oil prices.
- Bitcoin's steady price at $63,915 is a significant indicator during a session that has seen DeFi tokens gain traction.
On Thursday, the cryptocurrency market displayed resilience, with Bitcoin BTC$64,490.60 trading at $63,915, while Ether saw a slight decline of 0.25% since midnight UTC, despite a challenging session for global risk assets the day before.
This apparent calm belies significant price fluctuations surrounding the Federal Reserve's recent interest rate meeting, which resulted in considerable liquidations of leveraged futures positions.
Although the Fed maintained the current rate, three of its members advocated for an increase, as higher rates generally diminish the appeal of risky assets.
Approximately $286 million in positions were liquidated within 24 hours, according to CoinGlass, with long positions accounting for $186 million and short positions for $100 million, indicating a volatile market that has oscillated but returned to its starting point.
In the aftermath of the FOMC meeting, Iran launched several ballistic missiles targeting U.S. troops, prompting President Trump to declare a strong response. Oil prices surged, reversing earlier declines, while U.S. stock markets fell. Nonetheless, S&P 500 and Nasdaq futures have shown slight gains. Earnings reports from Microsoft (MSFT) and Meta (META) later today could shift market sentiment again.
Derivatives Positioning
- Crypto futures long/short ratio shifts slightly bearish: The crypto futures long/short taker volume ratio has turned slightly bearish, with shorts now making up 51%, as per Coinglass data. The market appears stagnant, with both open interest (OI) and trading volume remaining largely unchanged from the previous day.
- Uniswap's UNI among top performers: The UNI token from Uniswap has emerged as one of the leading performers among the top 100 cryptocurrencies. However, open interest in its futures has decreased to 65.80 million tokens, indicating a potential unwinding of positions. The 24-hour cumulative volume delta (CVD) is also not encouraging, as the negative reading suggests that short positions are being favored over passive limit orders.
- Bitcoin open interest remains stable: Bitcoin's open interest has maintained around 750K BTC since early June, indicating limited participation in the coin's price recovery. Ether's open interest has also fallen to below 14 million tokens, down from a six-week high of 14.53 million ETH, reflecting a subdued demand for leverage despite Ether's recent outperformance compared to Bitcoin.
- Bearish sentiment in the altcoin market: Most of the 25 largest cryptocurrencies, with the exceptions of BTC, ADA, TRX, CRO, and ZEC, have negative 24-hour OI adjusted CVDs, indicating that bearish sentiment still prevails in the altcoin market.
- Bitcoin's BVIV falls below 38%: The 30-day implied volatility index for Bitcoin (BVIV) has dropped below 38%, approaching levels that have historically acted as support. This suggests a cautious outlook, as volatility tends to revert to the mean and may rebound from this lower threshold.
- Increased demand for BTC and ETH calls: Options data from Deribit indicates that call options for Bitcoin at strike prices of $70,000 and $75,000 are leading in 24-hour volume. These calls provide asymmetric upside exposure in the underlying asset, similar to a lottery ticket. The same trend is observed for Ether, where all five most traded options are call options.
Token Performance
- Injective INJ$4.7938 stood out on Thursday, gaining 6.95% as DeFi tokens performed well. Uniswap (UNI) rose by 4.46%, while FET rebounded by 3.28% following a challenging week.
- Zcash (ZEC) continued its upward trend, adding 1.54% since midnight UTC to reach $474, outperforming other privacy coins. Monero (XMR) increased by 0.4%.
- Hyperliquid (HYPE) dropped 0.47% to $53.64, continuing a downward trend that has seen it lose roughly 30% from last month's highs.
- Lighter (LIT) declined by 4.22% over the past 24 hours, though it is up 0.50% since midnight, indicating that selling pressure may be easing after a correction of nearly 25% from its July peak.
- Jupiter (JUP) fell 1.48% since midnight after a brief recovery on Wednesday, with daily trading volume dwindling to $23 million from earlier highs of over $50 million this year.
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