Risk Appetite Returns to Crypto: Are Futures Supporting This Move?
DeFi and layer-2 tokens have taken the lead in the cryptocurrency rally, taking over from the privacy and safe-haven assets that stood out the previous day.
On Friday, interest in cryptocurrencies shifted from the privacy and safe-haven assets highlighted in the previous session to DeFi and layer-2 tokens. CoinDesk data showed that this shift created a landscape where investors are once again turning toward higher-risk assets.
Bitcoin’s price rose above $78,000 in European trading, up 2.1% since midnight. However, the price is still approximately 5% below the monthly peak of $82,284 seen on September 4. While nearly all assets in the CoinDesk 100 index rose, the strongest movement was seen in the DeFi Select Index. The index increased by 16% in the last 24 hours and 8.3% since midnight.
DeFi and Layer-2 Tokens Lead the Rally
On the DeFi side, Uniswap (UNI) rose 25% in the last 24 hours, while Ethena (ENA) gained 9.6% and Lido (LDO) gained 6.6%. In the layer-2 group, Starknet (STRK) rose 21%, Arbitrum (ARB) 25%, Stacks (STX) 9.2%, and Optimism (OP) 8.9%. Starknet reached its highest level since June 19.
Solana also rose 4.5% to reach $106.14, while the decentralized exchange token on its network, Raydium (RAY), gained 16%. In contrast, the previous day’s leader, Zcash (ZEC), saw its daily gain limited to 1.6%. Dash (DASH) and World Liberty Financial (WLFI) were the two assets within the CoinDesk 100 that experienced declines.
Open Interest Increases in Futures
Total open interest in futures rose approximately 5% to $141.2 billion. Meanwhile, daily trading volume fell by 3% to $95 billion. The increase in open interest while volume declined suggests that the movement is not driven solely by short-term trading intensity.
Open interest in Bitcoin futures increased from 670,000 BTC to 680.000 BTC. While the increase remained limited, this level is below the peak of 800,000 BTC seen at the start of the year. Open interest in UNI futures also rose from 76.89 million tokens to 86.61 million tokens.
A more stable outlook in the market was also evidenced by Bitcoin’s 30-day implied volatility dropping to 36%. This level corresponds to the base region formed since May. CoinMarketCap’s Altcoin Season Index also rose from Tuesday’s level of 32 to 44, indicating strengthening speculative interest.