Altcoin Season

Bitcoin retreated after touching a two-week high of $64,500, interrupting its strongest run of gains since March. Weak ETF flows, a negative Coinbase premium and sliding futures open interest are raising questions about whether the July rebound has durable spot demand behind it.

Bitcoin briefly fell to its lowest level since September 2024 before recovering, but derivatives positioning still points to caution. Altcoins such as Jupiter and Stellar posted gains even as broader sentiment stayed defensive.

Bitcoin volatility showed a rare cooling signal as BVIV fell to 47%, but derivatives positioning and market structure still lean bearish. Altcoins are also struggling for direction as traders wait for Bitcoin to break out of its narrow range.