Crypto remains resilient in face of renewed Middle East tensions
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- Bitcoin rose 1.2% to $63,000 and ether added 0.75% even as U.S. Central Command struck 90 Iranian military targets roughly 24 hours after President Trump declared the ceasefire "over," leaving BTC up 9% since June's monthly close.
- Nasdaq 100 futures gained 2.6% over the same period, tracking crypto's recovery as markets priced in the geopolitical escalation as contained rather than systemic.
- LIT and ETHFI led altcoin gains, rising 5.6% and 8.5% on Thursday to extend monthly rallies of approximately 35%, while Ethena (ENA) added 5.6% but remains down 91% from its September 2025 peak.
- Crypto futures volume dropped nearly 20% to $191 billion in 24 hours and bitcoin open interest fell from 272K to 266K BTC — a divergence the article notes reflects investor reluctance to take leveraged bets in a volatile macro environment.
- Canton Network's CC token saw futures open interest climb for a third straight day to 271 million tokens, the highest since May 31, but the token itself continued to slide — pointing to an influx of bearish short positions.
- On Deribit, BTC and ETH puts remain pricier than calls across all time frames, reflecting downside concerns, while S&P 500 options show a record bias for bullish call bets — a sharp sentiment split between crypto and equity derivatives.
- CoinMarketCap's Altcoin Season indicator ticked one point higher to 47/100 but remains range-bound as investors hold back from broader altcoin exposure until crypto majors make a more decisive recovery.
Why it matters: The decline in bitcoin futures open interest (266K BTC from 272K) alongside a spot-driven rally signals investors are unwilling to lever up despite price gains. The Deribit put-call skew confirms crypto traders remain distinctly more cautious than equity options traders placing record bullish bets on the S&P 500.
