Bitcoin moved above $80,000 for the first time since May, taking its seven-day gain to about 25%.

BTC rose more than 4% over the past 24 hours, breaking through $80,000 and extending its weekly advance to roughly 25%. The CoinDesk 20 (CD20) index also posted a 2.7% gain.

The rally took off last week after the U.S. Treasury announced plans to at least double its purchases of longer-dated bonds. The move gained further traction as stronger spot demand and deeper liquidity suggested significant capital was entering the crypto market, according to Glassnode.

Bitfinex analysts remained wary of the rapid rise. Around $3 billion in crypto short positions were wiped out over two days, while Bitcoin’s network transaction count remained near an eight-year low.

Elsewhere, gold rose to a three-month high of roughly $4,650 per ounce. Brent crude fell more than 2% in the last 24 hours as investors appeared to discount the impact of the U.S. expanding its economic campaign against Iran.

Derivatives Positioning

Bitcoin’s rally has cooled since the Asian session, although derivatives data continues to favor buyers. Long positions represented more than 51% of total taker flow, which measures traders executing against orders already sitting in the market.

Leverage remains relatively restrained among BTC traders. Futures open interest is holding near the low-700,000 BTC level after a steep decline during last week’s rally, when short sellers were heavily liquidated. This lower level of leverage could provide support for the market by reducing the risk of sudden, amplified price swings.

Ether and XRP futures are showing comparable trends. Solana’s open interest rose 4% in 24 hours to 66.14 million SOL, although it remains within its recent range. A convincing move above $100 could trigger additional capital inflows, with SOL having traded between $70 and $100 since February.

CVD Indicates Renewed Selling

The 24-hour open-interest-adjusted cumulative volume delta (CVD) has turned negative for most major cryptocurrencies, including BTC, ETH and ADA. This points to stronger selling activity, with traders increasingly using market orders to establish short positions instead of waiting with limit orders.

Options Volatility Falls

Options sellers appear to be returning to the market, putting a lid on Bitcoin’s 30-day implied volatility. BVIV has fallen to 45% from 49% on Friday, while Ether’s volatility index has also moved lower.

Upside Bets Remain Strong

Some options traders have committed millions of dollars to bets that Bitcoin will quickly move above $82,000. Options activity for both BTC and ETH also shows a preference for calls and other upside positions. However, negative seven-day skews suggest investors are still paying for downside protection, according to Laevitas.

Token Moves

Virtuals Protocol (VIRTUAL) climbed 12.5% after expanding its AI-agent tokenization platform to Solana. The integration allows AI agents to raise capital, establish fees and execute transactions using their own wallets.

Stacks (STX) surged 16%, leading the group despite no obvious catalyst behind the move.

Polygon (POL) gained 12% after co-founder Sandeep Nailwal indicated that the project is moving forward with a proposal targeting changes to its staking system and tokenomics.

Injective (INJ) rose 10%, building on gains that followed an affiliate’s SEC registration as a transfer agent. Solana advanced 5.1%, supported by ongoing ETF inflows and a network upgrade.

Aave (AAVE) fell 8.5% and Ethena (ENA) dropped 6.4%, moving against the wider market without any clear project-specific developments. Morpho (MORPHO) lost 7.9%, while ether.fi (ETHFI) declined 1.3% after rallying about 30% over the previous week.