Celestia rose by 16%, Injective rose by 7.7%, and LayerZero rose by 7.3%; meanwhile, Bitcoin remained virtually unchanged around $82,100, and the Federal Reserve Chairman Warsh also did not provide any signals regarding interest rate plans.

Since midnight of UTC, Bitcoin has remained relatively stable, hovering around $82,100. Previously, it fell to around $81,600 around 03:30 Beijing time on UTC before rebounding.

Celestia rose by 16%, Injective rose by 7.7%, and LayerZero rose by 7.3%, causing more than two-thirds of the members in the CoinDesk 100 index to increase in value, while the CoinDesk 5 index remained flat.

Federal Reserve Chairman Kevin Warsh did not provide any guidance on what actions the central bank might take later this month, and the probability of a rate hike in October has dropped from nearly 30% to about 15%.

Bitcoin BTC is trading at $81,787.74, with little change since midnight of UTC; it has previously rebounded from a low of around $81,600. This price is significantly higher than the level of just under $80,000 that was briefly reached on Thursday, which was the first time in a month that it fell below that mark.

Altcoins as a whole saw a slight increase; Ethereum ETH traded at $2,448.23, up 0.5%, approaching $2,450; CoinDesk ( CD80 ) rose 0.46%, while CoinDesk (which leans more towards Bitcoin) and CD5 remained flat. Celestia ( TIA ) increased by 16%, Injective ( INJ ) traded at $9.1359, up 7.7%, LayerZero ( ZRO ) was at $2.1663, up 7.3%; the altcoin season index for CoinMarketCap rose from 50 the previous day to 60.

Asian stock markets stabilized after a sharp decline on Thursday, with South Korea's Kospi closing up 2.05%, and Japan's Nikkei index rising 1.39%; the S&P 500 index futures saw little change, following a three-day consecutive decline.

At the IMF and World Bank Annual Meetings held in Bangkok, Chairman of the Federal Reserve Board Kevin Warsh did not reveal any intentions of the central bank regarding meetings scheduled for later this month in his speech. According to the CME FedWatch tool, the probability of a rate hike in October has dropped from about 30% to around 15%. The yield on U.S. Treasury bonds has remained relatively stable overall.

Derivatives positions

Trading volume cools down, leverage reset: In the past 24 hours, the trading volume of crypto futures decreased by 20% to $200 billion, while the number of open contracts increased by 2% to $142.21 billion. The amount of liquidations dropped to $311 million, lower than the nearly $1 billion level of the previous day. Trading is calmer, yet positions are still increasing, indicating that the wave of forced liquidations may have ended.

Weak selling pressure: In the past 24 hours, the volume of active buying and selling was relatively balanced, whereas yesterday short sellers accounted for 52%. The aggressive selling pressure has diminished.

The rise in BTC, ETH, and SOL lacks new long positions: Bitcoin's open interest contracts only increased by 0.3%, while the price rose by 1%, which indicates a slight decrease in the number of open contracts. Ethereum and Solana also show a similar pattern, with the increase in open contracts being lower than the increase in spot prices. The trend seems to indicate traders covering their short positions rather than establishing new long positions.

XRP Traders took profits during the upward trend: XRP The number of open contracts decreased by 1%, while the spot price rose by 1.4%, indicating that the contracts were closed as the price increased. The 24-hour OI adjusted cumulative trading volume difference was also negative, as this indicator tracks net active buying and selling at market prices, rather than passive limit orders. This rebound received almost no support from derivatives traders.

The funding rates are displayed to be relatively high, but not overheated: The annualized perpetual contract funding rates for major tokens range between 5% and 10%, indicating that the market is biased towards a bullish trend. However, this is not abnormal, and there is still room for further increases.

Implied Volatility Continues to Decline: Bitcoin's 30-day Implied Volatility Index BVIV has dropped significantly from the previous day's high of 42% to 38%, and Ethereum's implied volatility is also declining. Options traders are pricing in a calmer market, which is consistent with the situation regarding funding rates.

Option traders are focusing on Ethereum's upside potential while hedging: Decentralized exchange Derive noted that there was a large-scale Bitcoin put spread trade earlier this week, betting that the price would fall to $78,000. Put options with an exercise price of $80,000 were the most active contracts traded on the centralized options platform Deribit, so some traders are still buying down protection. On Ethereum's side, put options with an exercise price of $2,600 were the most active contracts traded in the past 24 hours.

Token Dynamics

Celestia ( TIA ) is a modular data availability network token that has risen by 16% to around $0.68, making it the token with the largest increase among CD100. It also reaches a high point since 2026. Over the past four weeks, the token has accumulated a gain of about 59%. This rebound is related to Celestia Fibre achieving a throughput benchmark test of 3.07 terabits per second, as well as the launch of a proposed economic upgrade plan named “Sustainable Blob Economy”.

Injective ( INJ ) This finance-focused Layer token has risen by 7.7%, to around $9.19. Although there is no clear and overwhelming narrative behind it, there are still three applications related to this token for US spot ETF that are awaiting approval. CoinMarketCap shows that the trading volume of INJ in the past 24 hours was 289.7 million US dollars, an increase of 128% from the previous day.

LayerZero ( ZRO ) this cross-chain messaging token has risen by 7.3%, to around $2.24, continuing its upward trend related to its ATLAS trading infrastructure; this infrastructure will use most of the fees to buy and burn this token. Ether.fi ( ETHFI ) this liquidity-backed token has risen by 4.2%.

Starknet ( STRK ) is the weakest performer among CD100, falling by 9.6% to $0.08, while the previous day it had risen by 11%; Stacks ( STX ), a Bitcoin staking Layer token, fell by 4.2%.

Large tokens showed a strong divergence in performance. Solana ( SOL ) rose by 1.2% to around $107, XRP rose by 0.5%, Monero ( XMR ) rose by 2.9% to around $565, while BNB saw almost no change.