Nvidia Bond Draws $85B in Orders, Bitcoin Options OI Tops $35B, Bridges Up 28%

Crypto News

Ethereum's options market saw open interest surge toward $6.1 billion, with derivatives data showing a total of $6.05 billion, up roughly 10.6% from the prior day's $5.47 billion. Positioning favored calls at 59.67% against 40.33% puts, yet the single most actively traded contract over 24 hours was the $1,500 put. Total options volume reached about $1.57 billion across major venues, and within that turnover puts narrowly led calls at 51.49%. The heaviest open interest clustered in upside bets — the $2,000 and $2,500 calls expiring June 26 — even as ETH changed hands near $1,800 in spot markets.

Bitcoin's options market told a similar story of building positions paired with defensive short-term flows. Open interest recovered to $35.19 billion, a 2.67% gain from $34.27 billion a day earlier, with calls representing 58.82% of outstanding contracts. Yet every top contract by 24-hour volume was a put, led by the $58,000 strike expiring June 26 and two separate $60,000 puts. Total turnover reached roughly $5.13 billion, with puts commanding 57.72% of activity. The concentration of downside hedging — despite Bitcoin trading near $67,000 in spot — signals traders are buying protection against a pullback even as longer-dated call interest persists.

In corporate dealmaking, identity-security firm SailPoint Technologies agreed to acquire Israeli startup Entro Security to bolster protection for enterprise AI agents. Financial terms were not disclosed, though the transaction is estimated at around $200 million. Tel Aviv-based Entro, which had raised roughly $24 million before the deal, specializes in managing non-human identities — the API tokens, keys, certificates and credentials that AI agents use to connect with external services. SailPoint plans to fold Entro's monitoring capabilities into its Agentic Fabric platform, adding native support for over 1,000 non-human identity types and detection across 1,200 credential categories. The company expects to close the acquisition within the third quarter.

Capital rotation across crypto sectors turned broadly risk-on over the past seven days, with most categories posting gains on a fully diluted valuation-weighted basis. The bridge sector led with a 28% advance, followed by AI tokens at 20%, privacy coins at 17%, and data availability at 16%. DeFi protocols built on the AMM model rose 12%, while smart-contract platforms and staking services each added 11%. Ethereum gained 9.8% and Bitcoin 7.7%. Privacy-focused networks such as Aztec Network rode the broader theme higher. The lone notable decliner was the social sector, down 9.3%, as funds rotated out of recently hyped altcoin categories.

On the AI-infrastructure front, analysts are increasingly watching Nvidia GPU rental costs as a real-time gauge of demand that moves ahead of earnings reports or capital-expenditure disclosures. Rental prices for general-purpose chips such as the A100, H100 and B200 reflect supply-and-demand shifts more directly than quarterly filings. Demand spans foundation-model developers, AI startups and enterprises deploying everything from autonomous agents to AI trading bot systems. A100 and H100 rental rates bottomed in the second half of last year before turning higher, a move that coincided with a rebound in AI-semiconductor equities. Notably, H100 rental costs overtook the older A100 in the first half of last year — ahead of the subsequent rally in related shares.

The clearest sign of AI's pull on capital markets came from Nvidia's return to the bond market, where its debt offering drew roughly $85 billion in orders. Strong demand let the chipmaker expand the investment-grade issuance to about $25 billion from an initial $20 billion target — more than three times oversubscribed. It marks Nvidia's first bond sale since a $5 billion deal in 2021, with maturities ranging from two to 30 years and long-dated notes pricing around 0.9 percentage points over Treasuries. The SEC filing states proceeds will fund general corporate purposes and debt refinancing, while the AA-rated firm locks in low-cost, long-term capital ahead of further AI infrastructure spending.

The through-line connecting these developments is capital chasing AI exposure — from Nvidia's oversubscribed bond to SailPoint's security pivot — even as crypto markets send mixed signals. COINOTAG's aggregate data frames the caution: the Fear & Greed Index sits at 23, deep in Extreme Fear, while Bitcoin dominance holds at 69.7% and total market capitalization stands near $1.92 trillion. That backdrop, alongside derivatives data showing concentrated put-buying in both Bitcoin and Ethereum, suggests traders remain hedged against downside despite the sector-wide rebound. With sentiment still in bear market territory, the seven-day rally across bridges, AI and privacy tokens looks more like rotation than a durable trend reversal.