Bitcoin holds steady near $64,000 as monero, hyperliquid outperform
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- Bitcoin held near $63,600 after July CPI came in at 3.4% year-over-year, matching forecasts, while core inflation eased to 2.5% from 2.6%.
- Crypto market cap shed 0.54% over 24 hours to $2.18 trillion as CoinMarketCap's Fear and Greed index sat at a "fear" level of 38.
- Monero (XMR) outperformed with a 3.15% gain to roughly $404, extending a weekly run of more than 11% as the privacy coin outpaced the broader market.
- Hyperliquid's HYPE token rose 1.75% to $57, continuing a steady grind higher with a 2% weekly gain alongside other mid-cap outperformers FET and NEAR.
- ADA and BCH showed heavy bearish tilt in derivatives, with funding rates at -10% or lower and negative 24-hour cumulative volume delta; ADA's open interest sat just shy of its recent record high of 2.79 billion tokens, suggesting traders are adding fresh shorts at peak participation.
- A trader bought a large batch of BTC call options at the $65,500 strike for $1.07 million in premium, expiring Aug. 15 — an ultra-short-term bullish bet despite options-based implied volatility for bitcoin and ether sitting near year-to-date lows.
- CRV gave back some of Wednesday's surge, falling 8.38% to 25 cents, but remained up more than 22% on the week after breaking above a months-long descending trendline.
Why it matters: The market's lack of reaction to an in-line CPI print, combined with implied volatility near year-to-date lows, signals traders see no near-term catalyst — yet the producer price inflation figure due at 12:30 UTC could break the stalemate. The $1.07 million BTC call purchase at $65,500 shows at least one institutional-sized player is positioning for an upside break before the Aug. 15 expiry.
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