Bitcoin remained stable near $64,000 on Thursday, as cryptocurrency markets continued to trade within a narrow range following the latest U.S. inflation data. The market showed limited volatility, with investors waiting for fresh economic signals before making larger moves.
The world’s largest cryptocurrency recorded a modest 0.3% gain, while the overall crypto market capitalization slipped to around $2.18 trillion over the past 24 hours. July’s U.S. Consumer Price Index (CPI) met expectations, helping ease inflation concerns but failing to provide enough momentum for a significant market breakout.
Derivatives Market Signals Mixed Sentiment
Crypto futures trading activity remained strong, with daily volume rising to nearly $147 billion. However, total open interest across the market stayed relatively unchanged, indicating traders are actively repositioning rather than increasing overall exposure.
Among major altcoins, XRP continued to attract attention as futures open interest reached its highest level since October. Despite strong participation, trading data suggests growing bearish pressure, raising concerns about potential downside risk.
Meanwhile, Cardano (ADA) and Bitcoin Cash (BCH) showed a noticeable bearish bias, with traders increasingly favoring short positions. Avalanche (AVAX), which had previously been among the strongest performers, experienced a decline in futures activity over the last 24 hours.
Monero and Hyperliquid Lead the Market
While Bitcoin and Ethereum traded sideways, several altcoins outperformed:
- Monero (XMR) gained more than 3%, extending its weekly rally beyond 11%.
- Hyperliquid (HYPE) climbed nearly 2%, continuing its steady upward trend.
- Fetch.ai (FET) and NEAR Protocol (NEAR) also posted modest gains, outperforming the broader market.
On the downside, Curve DAO Token (CRV) pulled back after Wednesday’s strong rally, though it remains significantly higher than last week. Morpho (MORPHO) was among the weaker performers, recording minor losses.
Outlook
Market volatility remains subdued as both Bitcoin and Ethereum options markets continue to signal low expectations for major price swings in the near term. However, a large bullish options position targeting $65,500 Bitcoin suggests some traders are still anticipating short-term upside potential.
For now, Bitcoin’s ability to hold above $63,000–$64,000 remains a positive sign, while investors closely monitor upcoming economic data for clues about the market’s next significant move.
