ategic positioning than by high‑frequency speculative activity. Cumulative OI in bitcoin's USD- and USDT-denominated futures on major exchanges has picked up slightly, from 262K to 272K, as the spot price topped $64,000. When read alongside positive funding rates and positive 24-hour OI-adjusted cumulative volume delta (CVD), the OI increase indicates a growing bias for bullish bets. Ether has yet to see a meaningful rise in futures OI, a sign that traders are still staying away from leverage. In the broader market, most tokens have positive 24-hour CVDs, a sign that buyers are becoming more aggressive, trading market orders rather than passive limit orders. This set expectations for continued price rises ahead. Confirmatory signals come from options-based implied volatility indexes tied to BTC and ETH, which continue to drop. It's a sign of traders expecting market calm, a feature of rallies. BTC's index, BVIV, fell to 38.5 early today, the lowest since June 6. In the options market on Deribit, put skews continue to weaken as the price rally eases downside concerns. Calls at $62,000, $65,000, and $67,000 are among the most-traded instruments, along with the $56,000 put. A call represents a bullish bet on the market. Token talk Lighter (LIT) extended the standout performance of recent weeks, rising by more than 5% to take its advance since May 16 to more than 200%. Lighter is a decentralized derivatives exchange that recently signed a deal with Robinhood Chain to bring its product to brokerage platform's 28 million customers. Rival Hyperliquid has previously benefited from 2026's buzz around perpetuals, setting a record high of $76 last month before a pullback. Its HYPE token rose 2.8% on Friday to $68, with a series of higher lows pointing toward a bullish posture. AI tokens continued to lag behind the rest of the market after a strong first half. Bittensor (TAO) held steady on Friday despite the marketwide shift to the upside.lg...
