Crypto Market Set for Biggest Monthly Gain Since Last Year Amid Cautious Sentiment

The crypto market is showing signs of selective optimism despite facing headwinds from geopolitical tensions and hawkish Federal Reserve comments. The CoinDesk 20 Index, which represents the broader crypto market, is on track for its biggest monthly gain since July last year, up 8.7% since June.

Bitcoin's price fell slightly on the last day of July, diverging from strong equity gains in Asia and US futures. However, Uniswap's UNI token showed strong gains, supported by positive news such as BlackRock's tokenized Treasury fund debut on its platform.

Bearish futures positioning indicates cautious trader sentiment, but $60,000 put options surged in July, with open interest reaching $1.17 billion. This contrasts with earlier bullish bets on $70,000 and $72,000 call options that lost popularity after a positive July.