Stellar’s XLM, Injective’s INJ, and Uniswap’s UNI were among the strongest performers in the top 100 cryptocurrencies by market capitalization.

Bitcoin (BTC) gained after the Bank of Japan raised interest rates to a 31-year high, climbing from around $65,600 in Asian trading to above $66,500 during European hours.

The largest cryptocurrency rose 1.5% over the past 24 hours, extending its recovery from a June 5 low below $60,000, while several altcoins posted even stronger gains.

XLM, INJ, and UNI surged between 13% and 16%, ranking among the top gainers in the large-cap crypto universe. UNI’s strength followed Standard Chartered’s initiation of coverage on the token, along with a long-term price target of $100 by 2030.

On the downside, memecoin SIREN extended its decline, falling another 21% in 24 hours and deepening a monthly loss of 77%. Blockchain analysts on X linked the selloff to a large holder reportedly unloading tokens equal to roughly 92% of circulating supply.

Derivatives positioning
Crypto markets showed renewed appetite for risk, with 24-hour trading volume jumping 51% to $207 billion. Open interest rose 2.4% to $113.41 billion, while liquidations surged 64% to $561 million, with short positions accounting for most forced exits.

Leverage is gradually returning. Bitcoin futures open interest increased to 747,000 BTC, marking a third consecutive daily rise and the highest level since June 4. Stable funding rates near zero and positive open interest-adjusted CVD suggest a more balanced recovery rather than speculative overheating.

Ethereum futures open interest also ticked higher to 14.20 million ETH from a recent low of 13.64 million, signaling steady improvement in positioning.

Among major altcoins, Litecoin (LTC) stood out with a 6.6% rise in open interest to 6.86 million tokens over 24 hours. Still, overall positioning remains subdued compared with January’s peak of 9.29 million.

In contrast, TON, BCH, and HBAR saw declines in open interest, signaling capital outflows. TON was the weakest, with sentiment worsening despite its rebranding to GRAM, while negative flow metrics point to continued aggressive selling.

Volatility and options
Volatility conditions are easing. BVIV and EVIV, the 30-day implied volatility measures for BTC and ETH, have nearly retraced the earlier monthly spike, reflecting reduced fear and improving stability.

On Deribit, Bitcoin put options in the $58,000–$64,000 range saw elevated activity, including structured put condor trades, suggesting positioning for range-bound rather than directional price action.

Token talk
Avalanche (AVAX) drew the most attention during Monday’s rally, but sentiment turned increasingly negative. The ratio of positive to negative commentary fell to around 0.85, meaning bearish posts now exceed bullish ones, according to Santiment.

Much of the pessimism centers on concerns that Avalanche is losing momentum to faster-growing ecosystems such as Solana and Sui, particularly in developer activity and user growth.

AVAX trades near $6.88, close to the lower end of its recent range and well below the ~$10 level seen a month earlier.

However, analysts point to a potential contrarian signal, as extreme negative sentiment has historically preceded rebounds when positioning becomes overly one-sided. Similar dynamics were recently observed in XRP.

Despite weaker price action, Avalanche fundamentals remain intact, supported by institutional partnerships, government-linked initiatives, and its subnet architecture for app-specific blockchains. The current softness appears driven more by momentum loss than structural weakness.