5 days ago3 min readBitcoin price (CoinDesk data)SummaryBitcoin cleared $81,309 overnight, the level that had capped the rally since late August, before easing 0.22% since midnight to around $81,060.The advance was broad, with ether up 4.52%, XRP 5.58% and solana 3.04% over 24 hours, alongside $318.6 million in liquidations across the market.Privacy coins outpaced everything else, as zcash rose 16.55%, dash 19.24% and monero 5.89% over 24 hours without a clear catalyst.Bitcoin BTC$78,186.13 is trading around $81,060 on Friday morning, easing 0.22% since midnight UTC after clearing $81,309 overnight, the level that had capped the rally through late August.The move higher is broad rather than selective. Ether ETH$2,469.92 added 4.52% over the past 24 hours, XRP 5.58% and solana (SOL) 3.04%, with $318.6 million in liquidations across the market according to Coinalyze.Privacy coins have run hardest. Zcash (ZEC) gained 16.55% over 24 hours, monero (XMR) 5.89% and dash DASH$62.54 19.24%, without an obvious catalyst behind any of them.Gold is up 0.17% to $4,480 and silver 0.25% to $67.11, while the dollar index is flat at 99.063 and Nasdaq 100 futures have added 0.42%.Derivatives positioningFutures taker ratio turns bullish: The long-short taker volume ratio for futures now stands at 51.4% to 48.5%, essentially bullish, which makes sense given bitcoin's price has topped $80,000 convincingly. Takers are those who trade at prices already available in the order book, sucking out liquidity.Dash leads with rising price and open interest: DASH is the best performer of the past 24 hours, up about 25% and trading at $53.10, with open interest up roughly 20% as well. Rising open interest alongside a rising price confirms the uptrend and a build-up of long positions. DASH also carries positive funding rates and a positive normalized cumulative volume delta (CVD) over the past 24 hours, both painting a bullish picture. Funding rates remain around just 10%, meaning there's no overheating.Zcash mirrors dash's bullish setup: Zcash (ZEC), the privacy sector leader, is the second best performer of the past 24 hours. Its open interest, CVD, and perpetual futures all display similar bullish dynamics to DASH, again with no signs of overheating.Tron funding rates deepen into negative territory: TRX's annualized perpetual funding rates have fallen to -59%, negative for most of the week apart from yesterday's brief moderation to around -20%. Today's print has deepened further, a sign shorts are crowding into the market and getting overcrowded on the bearish side, with traders inclined to hold their bets regardless of cost. That makes TRX worth watching.Bitcoin futures see mild inflows: Open interest in BTC futures stands at around 709K BTC versus 687K BTC 24 hours ago. The level itself isn't new, since open interest has hovered around 700K for some time, but the slight increase alongside price breaking above $80,000 suggests fresh capital inflows, most of it chasing upside given positive funding rates and a positive OI-adjusted 24-hour CVD.Ether follows, solana and XRP lag: Ether futures show a similar slight increase in open interest. Solana's open interest, however, hasn't picked up over the past 24 to 48 hours, surprising given the token's price has broken above $100. XRP shows the same pattern, with no excitement yet in futures open interest.Volatility gauges point to calm: BTC's 30-day implied volatility index (BVIV) remains near 40%, having reversed from a pop to 50% in August, pointing to market calm. That's consistent with Wall Street, where the VIX is hovering near 14%, its lowest since January. Low fear in the market supports continued bullish action, and ether's volatility index suggests the same.Options market leans toward calls: Ether straddles crossed the tape on OTC desk Paradigm. A straddle is an options strategy betting on the degree of price volatility rather than direction. Bitcoin's 24-hour volume rankings are dominated by call options, led by the $80,000 call expiring Sept. 25, with activity concentrated in strikes between $85,000 and $95,000. Ether shows the same pattern, with the most traded bet being the $2,800 call expiring Sept. 18.Token talkPons extended a run that now stands at 379.33% over seven days, climbing 31.50% over 24 hours to $0.6607 on $151 million of volume. The Robinhood Chain launchpad has added more than $100 million in market cap this week alone.Zcash pushed to around $967, up 16.55% over 24 hours and 22.21% on the week. Open interest jumped 38.72% while funding turned negative at -0.0118%, meaning shorts are paying to hold positions as the price climbs.Dash rose 19.24% over 24 hours to $50.66 and 6.91% since midnight, taking its weekly gain to 30.52% on $204 million of volume.Monero climbed 5.89% to $544 and 3.82% since midnight, extending a steady advance that has now delivered 16.03% over seven days with almost no interruption.Uniswap continued its recovery, up 9.84% over 24 hours to $6.34 and 36.94% on the week, reversing Thursday's sharp unwind.Related Assets12345678910