DeFi Tokens Surge as Bitcoin Breaks 78000 and Macro Fears Ease
The DeFi Select Index jumped 8.3% as Bitcoin crossed $78,000. Macro pressures eased, driving a broad rally in layer-2 assets.
The DeFi Select Index surged 8.3% in the last 24 hours. Bitcoin rose 2.1% to clear the $78,000 level. This marks the strongest performance in the sector since the recent rate hike.
Layer-2 tokens led the broader market advance. Starknet jumped 18% while Arbitrum gained 17%. These gains outpaced the rest of the digital asset class.
Macro indicators drive the rally
The 10-year Treasury yield fell back below 5%. Brent crude oil dropped under $103 per barrel. These moves reduced inflation concerns following the Federal Reserve's rate decision.
Stock futures rose in tandem with crypto assets. S&P 500 futures gained 0.3% and Nasdaq 100 futures added 0.6%. Gold and silver also posted gains of 1.1% and 2.8% respectively.
Derivatives show structural positioning
Cumulative open interest in crypto futures expanded to $141.2 billion. This represents a 5% increase in positioning. Daily trading volume dipped slightly to $95 billion.
Bitcoin futures open interest rose to 680,000 BTC. This level remains below the peak of 800,000 BTC seen earlier this year. The data suggests a steady build-up of long positions.
Regulatory optimism boosts altcoin demand
Uniswap futures open interest hit 86.61 million tokens. This figure approaches all-time highs. The token’s spot price exploded by 30% in the same period.
Market optimism stems from expected regulatory clarity. Traders anticipate coordinated rules from the SEC and CFTC. Bitcoin implied volatility dropped to 36%, a level last seen in May.
