Bitcoin saw a notable increase during European trading hours, outperforming a downturn in U.S. equity futures, gold, and silver. This resilience highlights Bitcoin's growing capacity to absorb shocks from oil price surges and geopolitical uncertainties.
While Nasdaq 100 and S&P 500 futures dropped over 1.5%, and oil prices climbed to $115 per barrel, Bitcoin rose 2.8%. Traditional safe-haven assets like gold and silver fell 1.6% and 1.1% respectively, as investors gravitated towards the U.S. dollar. Altcoins and DeFi tokens, including DASH, XMR, ZEC, ETHFI, and MORPHO, also posted gains, outperforming Bitcoin and Ethereum.
Traders have liquidated nearly $400 million in crypto futures bets, with bearish oil positions bearing the brunt of the price increase. Open interest in Bitcoin futures remains steady, indicating a lack of significant participation in the recent rally. However, XRP and Solana saw increased open interest, signaling potential capital inflows. Bitcoin and Ether's 30-day implied volatility indexes remain stable, suggesting market calm despite external market chaos.