Bitcoin is holding near $64,700, little changed over 24 hours, as Brent crude climbs past $83 a barrel following a Houthi attack on Saudi Arabia. Rising oil and steady Treasury yields are feeding caution across risk assets, while gold extends its haven rally and bitcoin derivatives data point to a defensive stance ahead of the U.S. payrolls report.
Bitcoin is holding near $64,700 on Friday, barely changed over the last 24-hour period, while the broader CoinDesk 20 index is down 0.2%. Brent crude has meanwhile risen to over $83 a barrel after Yemen's Iran-linked Houthis attacked Saudi Arabia, further escalating tensions in the Middle East.
Yields and oil keep pressure on risk assets
Treasury yields have seen a slight correction but remain at 4.67% for the 10-year note. Fidelity's Director of Global Macro Jurrien Timmer said that "history suggests that nothing good happens."
Higher oil could add to inflation pressure if sustained, while elevated yields tighten financial conditions. Together, they could limit expectations for near-term rate cuts and weigh on bitcoin and other risk assets.
Derivatives point to caution before jobs data
In derivatives markets, the long-short taker ratio has returned to neutral after leaning bullish on Thursday, suggesting traders may be adopting a more cautious stance ahead of the U.S. payrolls report.
The BVIV index, tracking bitcoin's annualized 30-day implied volatility, remains near a long-held floor of 36%, showing little sign of stress despite the Clarity Act delay and the impending jobs report. In Deribit-listed options, puts at the $60,000 and $62,000 strikes dominate the 24-hour volume rankings for BTC.
The cumulative volume delta indicator paints a bearish picture for the market, with most major tokens, excluding ADA, HBAR and ETH, showing negative readings.
Gold extends its haven rally
Gold has maintained its recovery, moving up 1.5% to trade at $4,300 per ounce as investors move toward safety amid the uncertainty.
Source: CoinDesk
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