Cryptos steadied after the Fed’s latest cut, but analysts await clearer guidance on future cuts for a sustained rally.
Bitcoin dropped to $110,000 as $700 million in crypto longs were wiped out, options markets turned defensive and volatility jumped ahead of U.S. macro data.
QCP says BTC cleared $122,000 and ETH jumped 21% heading into Tuesday’s CPI, with elevated options demand and traders buying puts to hedge a hot print.
Derive data show crypto traders have shifted toward bearish positioning for Bitcoin and Ethereum options expiring in August, with demand focused on put options.
Bitcoin hit new all-time highs above $118,000 as investors tap the cryptocurrency as a hedge against U.S. fiscal expansion, a Nansen analysts said.