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Data shows that crypto holders are increasingly shifting to DeFi protocols and DEXs as China continues its cryptocurrency crackdown and fears of heavy-handed regulation scare US-based traders.
$700 million in BTC options expire on Friday, and derivatives data signals that bears are positioned to profit from a sub-$45,000 Bitcoin price.
RGT, POLY and TLOS secure double-digit gains as investor sentiment rises after the Fed says it will not ban cryptocurrencies and Bitcoin briefly reclaims $44,000.
Derivatives data shows bears have sufficient incentives to keep ETH price below $3,000 heading into Friday’s $340 million options expiry.
While the long-term sentiment remains bullish, traders warn that BTC must hold the $41,000 support to avoid a sweep of the $38,000 level.
A week-long pattern of daily lower highs suggests bulls will be unable to flip $43,000 to support and this could weigh on the fledgling recovery seen across many altcoins.
CELR soars to a new all-time high following the launch of its cross-chain bridge that allows traders to jump back and forth between various layer-1 and layer-2 platforms.