Global risk appetite strengthened on Friday, with crypto, equities, and gold futures rising, while oil faced its biggest weekly decline since June. Traders weighed easing U.S.-Japan trade tensions against cooling bitcoin demand and increased hedging in crypto options markets.

Asian markets saw gains, with the MSCI Asia Pacific Index up 0.5% and Japan’s Nikkei-225 rising 2.3% after trade negotiator Hiroshi Suzuki announced a deal to end stacking on tariffs and reduce car levies.

Oil prices dropped over 4% for the week due to rising U.S. inventories and weaker Chinese import data. The total crypto market cap rose to $3.76 trillion, led by altcoins like Ether, XRP, Solana, and dogecoin, while Bitcoin lagged.

Market analyst Alex Kuptsikevich noted a rebound in stock markets but warned of Bitcoin’s narrow trading range between $112,000 support and $120,000 resistance. Glassnode data showed shifting sentiment for BTC from “euphoria” to “cooling off” with decreased inflows and network activity.

Options data suggests increased hedging for BTC below $100,000 into late August as traders brace for a continual summer lull in the crypto market.

Read more at Yahoo Finance: Ether, Dogecoin Rally as XRP Soars 12% in Altcoin-Led Crypto Surge