Layer-2 and DeFi tokens led a broad crypto advance on Friday, with starknet and arbitrum each gaining more than 17% as bitcoin traded above $78,000. A calmer bond and oil market eased the inflation fears that followed this week's Fed rate hike, and derivatives data point to structural buying rather than aggressive momentum chasing.
Decentralized finance and layer-2 tokens took over from the privacy and haven assets that led Thursday's gains, a rotation that reflects a return to risk-on trading. Ninety-eight of the CoinDesk 100's constituents advanced on the day, with the DeFi Select Index surging 8.3% since midnight UTC and 16% over 24 hours.
Bitcoin holds above $78,000
Bitcoin rose above $78,000 during the European morning, adding 2.1% since midnight UTC and 1.9% over the past 24 hours. It remains 5% below its Sept. 4 monthly high of $82,284 after two weeks of range-bound trading.
A more conducive macro backdrop drove the move. The 10-year Treasury yield slipped back under 5%, and Brent crude eased below $103 after trading as high as $109 earlier in the week. Equity futures firmed too, with S&P 500 and Nasdaq 100 contracts rising 0.3% and 0.6%, respectively, while gold and silver added 1.1% and 2.8%.
DeFi and layer-2 tokens lead the advance
Uniswap climbed 13% since midnight and 25% over 24 hours, with ethena up 9.6% and lido adding 6.6%. Layer-2 tokens matched that strength: starknet gained 18% on the day and 21% over 24 hours, its highest level since June 19. Arbitrum rose 17% and 25% to 20.9 cents, a price not seen since January, while stacks added 9.2% and optimism gained 8.9%.
Solana's ecosystem outpaces the token
Solana added 4.5% to $106.14, but the sharper move sat in its ecosystem. Solana-based DEX token raydium rose 16% to $1.71, while liquid-staking token jito lagged with a 1.6% gain, a split that points to DEX volume rather than a blanket bid for the chain.
Thursday's leader stalled by comparison. Zcash traded at $1,490.10, up 1.6% on the day against 7.6% over 24 hours, meaning almost all of its advance came a day earlier. Dash and world liberty financial were the only two CoinDesk 100 constituents in the red.
Positioning points to structural inflows
Cumulative open interest across crypto futures expanded nearly 5% to $141.2 billion even as daily trading volume dipped 3% to $95 billion, a combination that suggests capital is entering the market structurally rather than through momentum chasing. Bitcoin futures open interest ticked up to 680,000 BTC from 670,000 BTC since midnight UTC, though it remains well below the 800,000 BTC peak hit earlier this year.
Open interest in uniswap's futures surged to 86.61 million tokens from 76.89 million a day earlier, flirting with a record alongside a 30% jump in the token's spot price, a rally CoinDesk tied to optimism over coordinated SEC and CFTC crypto regulation. CoinMarketCap's Altcoin Season index climbed to 44 out of 100, up from Tuesday's low of 32, a sign that speculation is the overarching theme on Friday.
Source: CoinDesk
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