Bitcoin held above $81,000 on Friday after briefly touching $81,309 overnight, while gains spread across major cryptocurrencies and privacy-focused tokens rallied sharply, pointing to a broad-based market advance.

Bitcoin traded around $81,060 on Friday morning, down 0.22% since midnight UTC. The overnight move carried the cryptocurrency above $81,309, a level that had capped its advance through late August.

The rally extended across major digital assets. Ether gained 4.52% over the previous 24 hours, XRP rose 5.58%, and Solana advanced 3.04%. Over the same period, cryptocurrency liquidations reached $318.6 million, according to Coinalyze. Liquidations occur when leveraged positions are force-closed by exchanges, so the figure offers a gauge of how much leveraged positioning was unwound during the move.

Privacy coins posted some of the strongest gains. Zcash rose 16.55% over 24 hours, Monero climbed 5.89%, and Dash gained 19.24%. No obvious catalyst behind the moves was identified. The strength in the subsector stands out because privacy coins have faced persistent headwinds in recent years: several major exchanges have delisted them amid regulatory pressure, and proposed US rules such as attempts to restrict mixer transactions have kept the category under scrutiny. That backdrop makes sharp rallies in the group notable relative to the broader market.

Bitcoin Derivatives Show Increasing Bullish Positioning

Futures data showed a modest shift toward bullish positioning as Bitcoin held above $80,000.

The long-short taker volume ratio in futures stood at 51.4% long versus 48.5% short. Takers execute trades against prices already available in the order book, so their activity can offer an indication of immediate buying or selling pressure.

Bitcoin futures open interest also increased, standing at approximately 709,000 BTC, up from 687,000 BTC 24 hours earlier. While open interest has hovered around 700,000 BTC for some time, the increase alongside Bitcoin's move above $80,000 points to fresh capital entering the futures market. Open interest measures the total number of outstanding derivative contracts that have not yet been settled; when it rises together with price, it generally signals new money supporting the move rather than existing positions closing out.

Positive funding rates and a positive 24-hour CVD adjusted for open interest further indicated that much of the new positioning was oriented toward the upside. Funding rates are periodic payments between long and short holders of perpetual futures that keep those contracts aligned with spot prices; persistently positive funding typically reflects demand skewed toward longs.

Ether futures recorded a similar, modest increase in open interest. Solana and XRP, however, had not yet seen comparable growth in futures positioning despite their price gains, including Solana's move above $100.

Dash and Zcash Show Strong Derivatives Signals

Dash was among the market's strongest performers, gaining about 25% over the past 24 hours and trading at $53.10 at one point. Its open interest increased by roughly 20% alongside the price advance.

The combination of rising price and open interest was accompanied by positive funding rates and a positive normalized cumulative volume delta over 24 hours. Funding remained around 10%, suggesting the market had not reached an overheated level.

Zcash showed a similar derivatives structure. The privacy-focused cryptocurrency was the second-best performer over the 24-hour period, with its open interest, CVD, and perpetual futures indicators displaying bullish dynamics comparable to Dash.

Zcash later traded around $967, up 16.55% over 24 hours and 22.21% over the week. Its open interest surged 38.72%, while funding turned negative at -0.0118%, meaning short-position holders were paying to maintain their positions as the token price increased.

Dash traded at $50.66 in token-market data, up 19.24% over 24 hours and 6.91% since midnight, bringing its seven-day gain to 30.52% on $204 million in trading volume.

Monero also continued its advance, rising 5.89% to $544 and gaining 3.82% since midnight. Its seven-day increase reached 16.03% with little interruption.

Tron Shorts Become Increasingly Crowded

Tron showed a markedly different derivatives setup.

Annualized perpetual funding rates for TRX fell to -59%, remaining negative for most of the week except for a brief moderation to around -20% the previous day.

The deeper negative funding suggested that short positions were becoming increasingly concentrated. Traders holding those bearish positions were effectively paying to maintain them, making TRX an asset to watch as positioning becomes more crowded on the short side. Heavily crowded short positioning can amplify price swings, because forced unwinds of those positions tend to generate rapid buying, although no such move had materialized in the data reported.

The contrast with Dash and Zcash highlighted how positioning differed across individual cryptocurrency markets despite the broader advance.

Options Market Favors Upside Exposure

Options activity also showed a preference for calls among major cryptocurrencies. Call options convey the right to buy an asset at a set price, so heavy call activity is commonly read as interest in upside exposure.

Bitcoin's 24-hour options volume rankings were dominated by call options, led by the $80,000 call expiring Sept. 25. Trading activity was concentrated around strikes between $85,000 and $95,000.

Ether options displayed a similar pattern, with the $2,800 call expiring Sept. 18 among the most actively traded positions.

Ether straddles also traded through OTC desk Paradigm. A straddle is an options strategy designed to gain exposure to the degree of price movement rather than betting directly on whether an asset will rise or fall.

Taken together, the options activity indicated continued interest in upside exposure, although options positioning alone does not establish how prices will ultimately move.

Volatility Remains Relatively Low

Despite the strength of the cryptocurrency rally, volatility indicators remained comparatively subdued.

Bitcoin's 30-day implied volatility index, BVIV, was near 40% after retreating from a rise to 50% in August. The decline suggested that expectations for near-term volatility had moderated. Implied volatility reflects what options markets are pricing in about future price swings, so falling readings indicate calmer expectations even as spot prices climb.

Traditional markets showed a similar backdrop. The VIX, Wall Street's widely followed volatility gauge, hovered near 14%, its lowest level since January.

Ether's volatility index also pointed toward relatively calm market conditions. The combination of subdued volatility and bullish positioning provided a backdrop for the continued advance in major digital assets.

Pons and Uniswap Extend Weekly Gains

Beyond the largest cryptocurrencies, several tokens recorded substantial weekly moves.

Pons extended a seven-day gain of 379.33% after rising another 31.50% over 24 hours to $0.6607 on $151 million in trading volume. The Robinhood Chain launchpad added more than $100 million in market capitalization during the week.

Uniswap also continued its recovery, climbing 9.84% over 24 hours to $6.34 and gaining 36.94% over seven days. The move followed a sharp decline the previous Thursday.

The broader market advance combined Bitcoin's move above $81,000 with strong performances from privacy coins, selected altcoins, and derivatives markets. At the same time, positioning and volatility indicators varied significantly between individual assets, showing that the rally was not uniform across the cryptocurrency market. Key signposts for readers tracking the move include whether Bitcoin holds above the $81,309 breakout level, whether Solana and XRP futures positioning catches up to their price gains, and how the crowded TRX short position develops.

Source: CoinDesk

Writer: Marcus Renfield, Crypto Market Analyst & Onchain Writer. Marcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends, aiming to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.