Bitcoin (BTC) reclaimed $64,000 as crypto markets added about $39B, but weak spot demand left the rebound exposed.
Global crypto markets stabilized after optimism rose around U.S. Secretary of State Marco Rubio-led ceasefire talks between the U.S. and Iran.
Key Points:
- Crypto market value rose about $39B as geopolitical risk eased.
- Open interest climbed near $108B, showing traders rebuilt derivatives exposure.
- Spot demand stayed weak, leaving the rebound dependent on fresh inflows.
Bitcoin Rally
The talks followed a reported 60-day ceasefire framework between Washington and Tehran, with both sides able to extend the arrangement by mutual agreement.
The improved backdrop lifted risk assets and helped total crypto market capitalization rise 1.37%, or roughly $39B, to about $2.19 trillion.
Bitcoin traded back above $64,000 at press time, while Ethereum (ETH) recovered to about $1,723 after earlier pressure across major tokens.
Trading activity did not fully confirm the move.
Average daily volume stayed below normal levels, around $52B to $55B, which suggested traders were willing to buy the relief rally but not with strong conviction.
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Crypto Demand
Derivatives data showed a clearer improvement.
CoinGlass data put open interest near $108B over 24 hours, showing traders were rebuilding exposure as prices stabilized.
Funding rates stayed near neutral to slightly positive, which meant longs paid only a modest premium.
The long-short split remained balanced, with longs at 50.35% and shorts at 49.65%, while liquidations eased to about $146M after earlier volatility forced weaker positions out.
That setup points to recovering risk appetite, but it also shows leverage rebuilding faster than confidence.
Spot data gave a weaker signal. CryptoQuant showed spot taker CVD slightly negative to neutral across most exchanges, while the Coinbase Premium Index stayed below zero, a sign of soft U.S. demand.
The rally’s durability now depends on whether spot buyers return with fresh capital.
The recent move also fits a familiar pattern in crypto markets, where macro relief can lift prices quickly, but rallies often fade when spot volume and U.S. demand fail to follow derivatives positioning.
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