Layer-2 and DeFi tokens lead broad crypto advance as post-Fed hike nerves fade

Crypto markets extended a post-Fed rally on Friday as decentralized finance and layer-2 tokens outperformed, while most major benchmarks pushed higher. Bitcoin traded above $78,000 during the European morning, gaining 2.1% since midnight UTC and 1.9% over the prior 24 hours, remaining roughly 5% below its Sept. 4 monthly high of $82,284. Across the CoinDesk 100, 98 constituents finished the session in positive territory.

Layer-2 projects posted notable strength, led by Starknet (STRK) and Arbitrum (ARB), which rose about 18% and 17% respectively, while Uniswap (UNI) was a major driver of DeFi performance with roughly a 13% intraday gain. The DeFi Select Index accelerated sharply, advancing 8.3% since midnight and 16% over 24 hours, as traders rotated from privacy and haven assets that had led earlier gains.

Markets were buoyed by a softer macro backdrop: the U.S. 10-year Treasury yield dipped back below 5% and Brent crude oil traded under $103 after topping roughly $109 earlier in the week, easing some of the inflation-related pressure that followed the recent Fed rate hike. Equity futures also showed modest strength while precious metals rose, helping lift risk assets including crypto.

On derivatives desks, futures open interest climbed to $141.2 billion, a nearly 5% increase, even as daily trading volume edged down about 3% to $95 billion — a combination the reporting describes as indicative of more structural capital entering markets. Bitcoin futures open interest rose slightly to 680,000 BTC from 670,000 BTC since midnight UTC. Among altcoins, UNI futures open interest jumped to about 86.61 million tokens, approaching its record, complementing a roughly 30% rally in the token’s spot price. Options metrics also shifted: bitcoin’s 30-day implied volatility fell to about 36%, and short-term put–call skews on Deribit showed one-week bullishness for BTC and ETH.