Pro Bitcoin traders are uncomfortable with bullish positions
BTC derivatives used by whales and market makers do not support a continuous price recovery above $24,000.
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BTC derivatives used by whales and market makers do not support a continuous price recovery above $24,000.
Bitcoin’s failure to break above $22,000 on July 8 opened room for bears to score a $100 million profit in this week’s options expiry.
BTC bulls think the bottom is in, but a neutral-to-bearish price formation and the absence of a futures premium contradict their optimism.
Bitcoin’s derivatives metrics reflect slight improvements since the $17,600 low, but whales and market makers continue to price higher risk of another breakdown.
Traders brace for more bad news after headlines revealed that Voyager Digital had lent $655 million to Three Arrows Capital. Is another crypto market sell-off on the way?
Risk-averse BTC derivatives traders throw in the towel after futures contracts trade below the spot market price.
BTC and altcoins could continue to see selling, but a positive is that traders took shelter in stablecoins instead of completely exiting the crypto market.
Two key Ethereum price metrics have yet to turn bearish, but it won’t take much to trigger an ETH drop below $1,000.
Is it time to be greedy? Experienced market makers and arbitrage desks have turned strongly risk-averse as BTC price dropped to $22,600.
An improving Tether discount in Asian markets and positive futures premiums for BTC and ETH suggest a slight recovery is in the making.