Crypto markets continued to move within a narrow range after Wednesday’s CPI release, with subdued volatility signaling limited conviction among traders.

Bitcoin remained close to $63,600 after the latest U.S. inflation data came in line with expectations. While the report helped settle some concerns, it failed to trigger a significant move in either direction.

BTC was up 0.30% since midnight UTC, while the total cryptocurrency market capitalization declined 0.54% over the past 24 hours to $2.18 trillion.

U.S. consumer prices increased 3.4% year over year in July, matching forecasts, while core CPI eased to 2.5% from 2.6%. Traders are now awaiting the producer price index data, scheduled for release at 12:30 UTC, for a potential market catalyst.

In equities, S&P 500 futures rose 0.13%, while Nasdaq 100 futures remained largely unchanged.

Derivatives Market

Crypto futures activity increased, with 24-hour volume rising 6% to $147 billion. However, aggregate open interest across crypto futures remained steady at roughly $116 billion.

XRP positioning stays elevated: XRP futures open interest remained at approximately 2.67 billion tokens for a third consecutive day, the highest level since October. Its negative 24-hour cumulative volume delta indicates that selling at market prices continues to outweigh buying, raising the possibility of a move below $1. However, perpetual funding rates near 8% annualized show that bullish positions still maintain an advantage.

ADA and BCH show strong bearish positioning: Funding rates for both tokens remained at -10% or lower, reflecting significant demand for short positions. Negative CVD readings also point to aggressive selling activity. ADA is particularly notable, with open interest just below its recent record of 2.79 billion tokens, suggesting traders are adding fresh shorts rather than simply closing long positions.

AVAX reverses earlier gains: Avalanche’s AVAX, previously one of the biggest open-interest gainers this week, became the largest OI decliner over the last 24 hours. LTC, LINK and SOL also recorded declines in open interest.

Implied volatility remains depressed: Options markets continue to signal limited near-term movement, with implied volatility for bitcoin and ether holding near their lowest levels of the year.

Bullish BTC positioning remains: A trader paid $1.07 million in premiums to purchase bitcoin call options with a $65,500 strike. The trade reflects a short-term bullish outlook, with the contracts expiring Aug. 15.

Token Performance

Monero’s XMR rose 3.15% since midnight UTC to roughly $404, lifting its weekly advance above 11% and keeping the privacy coin among the market’s strongest performers.

Hyperliquid’s HYPE gained 1.75% to about $57 and is up roughly 2% for the week as its gradual rally continues.

FET advanced 0.84%, while NEAR climbed 0.94%, with several mid-cap altcoins outperforming bitcoin and ether.

Curve’s CRV dropped 8.38% over 24 hours to around $0.25, giving back some of Wednesday’s gains. Despite the decline, CRV remains more than 22% higher this week after breaking above a descending trendline that had been in place for several months.

DeFi token MORPHO was also among the weaker performers, falling 1.51% since midnight UTC.