Bitcoin remained just below $65,000 on Friday, with the broader crypto market showing resilience even as Brent crude oil climbed to $97.66 per barrel, its highest point since mid-May. The ongoing tensions in Iran continue to push oil prices upward, yet traditional markets barely moved, keeping investors on edge.

Despite previous oil price spikes rattling risk assets, including cryptocurrencies, this time digital assets held their ground. Bitcoin added about 1.1% since midnight UTC, reaching $65,760. Ether followed suit, gaining as much as 1.6%. Tokens like HYPE and FET also posted solid gains, rising over 2%, while MORPHO maintained one of the strongest DeFi performances this month.

Still, the market's surface strength hides some cracks. Projects such as WLFI, AVAX, HBAR, and SUI declined within the last 24 hours, and Lighter extended its drop from July's high by nearly 20%. crypto is wrapping up the week on a cautiously optimistic note.

Derivatives and Market Dynamics

Trading volume increased by 11% to $165 billion over the past 24 hours, yet open interest stayed steady around $116 billion. This pattern suggests a lot of trading activity but little change in long-term positions. Dogecoin futures open interest rose sharply, nearing 16 billion tokens the highest since October while its spot price dropped to a low not seen since November 2023. Such divergence between rising open interest and falling prices points to growing bearish sentiment and trader interest in shorting DOGE.

Ether futures also saw open interest climb to 14.53 million ETH, marking the highest level since early June. Funding rates remain positive, indicating some bullish sentiment, but recent trading activity reveals bears are taking control by aggressively shorting at market orders.

Meanwhile, traditional markets were subdued. S&P 500 and Nasdaq 100 futures showed slight gains, and gold managed to stay above $4,000, while the U.S. Dollar Index edged downward, creating a mixed macroeconomic backdrop for risk assets.

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