CoinDesk
Hyperliquid's HYPE token extended a five-day winning streak on Thursday, jumping 6.5% to push its seven-day gain to 53%, while bitcoin stabilized at $77,900 and ether held near $2,130. Crypto futures volume climbed 15% to $165.7 billion, open interest rose nearly 1% to $128 billion, and liquidations spiked 72% to $266 million — the first material activity pickup after two consecutive quiet sessions.
The macro backdrop cooperated: U.S. equities snapped a three-day losing streak as Nvidia's record $81.62 billion quarterly revenue beat lifted the S&P 500 by 1.5%, and oil softened after President Trump said a U.S.–Iran peace deal was in its "final stages." Risk assets got the tailwind they needed for a cautious rebound.
Why it matters
HYPE's open interest hit its highest level since February 19, and combined with positive cumulative volume delta and slightly positive funding, the read is that aggressive market-order buyers — not passive limit sellers — are in control. That is the textbook setup for a directional squeeze if spot price confirms.
A similar bullish footprint showed up in zcash (ZEC), which dominated daily open interest rankings all week. By contrast, DASH futures saw a 38% jump in open interest to 1.98 million tokens, but a sharp rejection near $54 paired with negative CVD — short-side aggression with market orders, a fading-the-rally signature.
Market impact
Bitcoin futures open interest has been trapped in the 720K–750K BTC range for a seventh straight day, and ether's 30-day implied volatility just printed a 2026 low at 53% — both pointing to broad calm despite macro noise. That calm is the setup options traders are positioning against: the strangle has become the most-purchased strategy on Deribit for both BTC and ETH over the past 24 hours, a classic bet that vol re-expands from compressed levels. A notable XRP short straddle block on Deribit — collecting roughly $224,500 in premiums on a view that XRP stays pinned near $1.40 through late June — underscores how confident some books are that the range holds, at least for now.
Frequently asked questions
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Why did HYPE lead the crypto rebound on Thursday?
Hyperliquid's HYPE jumped 6.5% to extend a five-day streak and push its seven-day gain to 53%. Open interest hit its highest level since February 19, with positive CVD and slightly positive funding signaling aggressive market-order buyers in control.
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What did crypto derivatives activity look like during the rebound?
Futures volume climbed 15% to $165.7 billion, open interest rose nearly 1% to $128 billion, and liquidations spiked 72% to $266 million — the first material activity pickup after two quiet sessions.
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How are options traders positioning in bitcoin and ether?
The strangle became the most-purchased strategy on Deribit for both BTC and ETH over the past 24 hours, a classic bet that volatility re-expands from compressed levels. Ether's 30-day implied volatility printed a 2026 low at 53%, while bitcoin's BVIV held near 40%.
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What was the notable options block trade mentioned in the seed?
A large trader sold an XRP short straddle on Deribit, collecting roughly $224,500 in premiums on a view that XRP stays close to $1.40 through late June — a high-conviction range-bound wager.
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What macro factors supported the crypto rebound?
U.S. equities snapped a three-day losing streak after Nvidia reported record $81.62 billion in quarterly revenue, lifting the S&P 500 by 1.5%. Oil softened after President Trump said a U.S.–Iran peace deal was in its "final stages," giving risk assets a tailwind.
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