Data shows investors jumping back into fiat and a lack of bullish leverage in the crypto market suggests another correction is in the making.
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Data shows investors jumping back into fiat and a lack of bullish leverage in the crypto market suggests another correction is in the making.
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BTC derivatives used by whales and market makers do not support a continuous price recovery above $24,000.
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BTC bulls aim to secure a $235 million profit from Friday’s BTC options expiry, but a downside move below $22,000 could nix this plan.
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It’s too early to know if DeFi is “dead,” but platforms that share revenue with liquidity providers and token holders could be the ones that survive the bear market.
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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.
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Traders are not as fearful as they were in June, but several metrics show the market is still standing on paper-thin support levels.
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Data shows Ethereum options traders are less bearish that before, and margin-based markets recently saw some investors go ultra-long on 491,000 ETH.
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BTC bulls think the bottom is in, but a neutral-to-bearish price formation and the absence of a futures premium contradict their optimism.
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“Derivatives provide opportunities to protect their portfolios during times of heightened market volatility,” says Emerson Li, brand lead at BingX.
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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.
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