Crypto derivatives activity rises with bitcoin stabilizing near $77,900 and Hyperliquid’s HYPE leading gains amid volatility bets.
Bitcoin climbed to $77,900 and ether held near $2,130 as cryptocurrency markets steadied alongside stronger U.S. equities and lower oil prices. Hyperliquid’s HYPE token rose 6.5% for a fifth consecutive day, extending its seven-day gain to 53%, driven by aggressive bullish positioning in derivatives markets.
Crypto futures volume increased 15% to $165.7 billion, while open interest edged up nearly 1% to $128 billion. Liquidations surged 72% to $266 million as traders bet on a volatility breakout. The S&P 500 gained 1.5% on Wednesday, supported by Nvidia’s record $81.62 billion quarterly revenue, while easing oil prices added to risk-on sentiment.
Options traders are positioning for further volatility in bitcoin and ether, though altcoin performance remains mixed. Privacy coins retreated after Wednesday’s gains, reflecting cautious optimism in the broader crypto market.