Bitcoin Edges Higher Amid Divergent Markets
Bitcoin (BTC) traded modestly higher on Thursday, matching the broader cryptocurrency market's gains. The world's largest cryptocurrency rose about 0.22% over the past 24 hours to trade near $64,684, while the CoinMarketCap 20 Index rose 0.33%. This move came despite US equities hovering near record highs and investors monitoring macroeconomic developments ahead of the Federal Reserve's September meeting.
According to Thahbis Rahman, Research Analyst at Block Scholes, Bitcoin has not enjoyed the same success as US equities. The S&P 500 has returned over +25% since the start of 2025, while BTC is down close to -35%. However, the analyst notes that the divergence does not necessarily signal a breakdown in Bitcoin's relationship with traditional risk assets.
Derivatives data showed improving sentiment beneath the surface. The long-short taker volume ratio turned bullish for the first time in at least a week, with long positions accounting for nearly 61% of market orders. Bitcoin futures open interest also increased to around 759,000 BTC. However, analysts noted that similar increases since early June have proved short-lived.