Bitcoin and Ethereum Open the Week Higher on Hormuz Rumors

The move follows speculation about a deal involving the Strait of Hormuz, while futures and derivatives positioning are helping support the rebound in Bitcoin and Ethereum.

Key Takeaways

• Bitcoin rose 0.54% to $65,209 and Ethereum gained 0.86% to $1,925, giving the crypto market a green start to the week.
• The move came alongside higher Nasdaq 100 futures and speculation about a possible deal around the Strait of Hormuz.
• Derivatives point to cautious bullish sentiment, but altcoins are still waiting for a stronger Bitcoin breakout toward $68,000 to $72,000.

The crypto market opened the week in positive territory. Bitcoin climbed 0.54% since midnight UTC to $65,209 (€56,500), while Ethereum added 0.86% to $1,925 (€1,670). The move helped steady sentiment after a volatile July, with support coming from a broader bounce in risk assets and a firmer tone in futures trading.

Hormuz Lifts Risk Sentiment

The rally tracked a 0.45% gain in Nasdaq 100 futures. It also followed market chatter from the Middle East that Iran could be open to a deal with Oman to reopen the Strait of Hormuz. That waterway is one of the world’s most important energy routes, with roughly 20% of global oil and LNG flows moving through it each day. Because of that, even hints of diplomatic progress can quickly spill over into sentiment for risk assets, including crypto.

For crypto, the key point is that this was not an isolated move. When geopolitical pressure eases, some of the uncertainty that tends to hang over digital assets can fade as well, even if that does not yet signal a durable trend. For now, the rebound looks more like a recovery in confidence after a rough stretch earlier in the month.

Derivatives Stay Cautiously Bullish

Derivatives data still leans mildly bullish. The long-short ratio for taker volume flipped in favor of longs, which now account for 52% of flow. Even so, Bitcoin futures activity remains fairly subdued. Open interest has slipped back below 750,000 BTC, and traders are still watching to see whether BTC can stay above $65,000 (€56,400) as expectations for more Federal Reserve rate hikes continue to cool.

Ethereum looks softer by comparison. Open interest dropped to 13.35 million tokens, the lowest reading since May 3 and well below the late-May high. Solana, meanwhile, is seeing renewed activity, with open interest recovering to 64.60 million tokens from a recent low near 60 million. That lines up with a price move from almost $70 (€61) to above $76 (€66), along with a breakout above the closely watched Ichimoku cloud.

The options market is also leaning toward the upside. In the 24-hour volume rankings, Bitcoin calls at the $68,000 (€59,000) and $70,000 (€60,700) strikes are leading the way, and Ethereum options show a similar pattern. Bitcoin implied volatility has also fallen to a year-to-date low of 35.59%, although traders say downside protection through put options is still relatively expensive.

Altcoins Are Waiting for a Breakout

The altcoin market is still looking for a stronger Bitcoin move before it can catch a broader bid. Traders are watching for a breakout into the $68,000 (€59,000) to $72,000 (€62,400) range, which could help rotate capital into smaller tokens. CoinMarketCap’s altcoin season indicator has also slipped to 37 out of 100 after reaching 51 last week, a sign that attention is shifting back toward Bitcoin.

For European crypto readers, that means the market is being driven mostly by macro sentiment, derivatives positioning, and geopolitical headlines right now, rather than by a single token-specific story. That could keep attention moving quickly between Bitcoin, Ethereum, and the wider altcoin market over the next few days, without yet pointing to a clear trend.