Crypto Market Shrugs Off Oil Price Surge
The crypto market is showing resilience in the face of rising oil prices and geopolitical tensions. Bitcoin has added as much as 1.1% to $65,760 since midnight UTC, while Ether rose by up to 1.6%. The broader market remains relatively calm, with traditional markets muted and gold holding above $4,000.
Oil futures have reached their highest level in over a month, trading at $97.66 per barrel. Despite this, the crypto market is not spooked, with many digital assets posting gains. Derivatives positioning shows a market dominated by churn rather than positional interest, with volume increasing by 11% to $165 billion in 24 hours.
However, some tokens are showing signs of weakness. Dogecoin's futures open interest is nearing 16 billion tokens, while Ether's OI has risen to its highest level since June 7. The combination of rising OI and falling prices indicates bearish sentiment for these assets.