“If bitcoin can hold above this level, it keeps the direct focus on that next push to a fresh record high and towards $100,000,” Kruger said. “If on the other hand we see more downside pressure that translates to a breakdown below $59,000, this will delay the short-term bullish outlook and open the door for a more meaningful correction into the $45,0000-50,000 area.” Original
The three-month ETH call-put skew flipped negative early today for the first time since January, indicating a bias for put options expiring in 90 days, according to data source Amberdata and crypto exchange Deribit. Puts offer protection to the buyer against price slides, while calls do the opposite. Source
Some other catalyst needs to happen before bullish sentiment returns, says one trader. Original
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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as…
Token unlocks happen because the supply of many cryptocurrencies are locked up in vesting to prevent insiders – early investors, team members – from dumping tokens en masse. Prices historically decline around such events, as the supply increase outpaces investor demand for the asset, according to research by crypto analytics firm The Tie. Source
The bank reiterated its view that approval of these products is unlikely next month, a position first expressed in January. The SEC must make final decisions on some of the ETF applications by May 23. The SEC approved spot bitcoin (BTC) ETFs in January, stirring speculation in some quarters that versions for ether, the token of the Ethereum blockchain, may follow suit. Source
Some traders were positioned for bitcoin leadership after the ether-bitcoin ratio dipped below key support last week. As such, ETH’s market-beating rise has brought rapid adjustment in market positioning, leading to a sharp uptick in the perpetual funding rates or cost of holding long/short positions, Singapore-based QCP capital explained in a note on Telegram. The upside volatility has also led to a significant short covering in ETH front-end call options. Original
While spot crypto exchange-traded products (ETPs) have been available in Europe for several years – CoinShares’ Physical Bitcoin ETP, for example, was listed in 2021, and Zurich-based 21Shares says it introduced the world’s first physically backed ETP in 2018 – they’ve come more into focus since the U.S. Securities and Exchange Commission approved a bunch of exchange-traded funds (ETFs) for the world’s biggest economy in January. The U.S. funds have attracted a net inflow of about $12 billion in less than three months, according to BitMEX Research. Source