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Article by Elisha
Crypto dipped lower yesterday as more than 100m worth of BTC and ETH positions were liquidated across exchanges. However, both are still trading comfortably above their key support levels (95k and 3200).
Even with the retracement over the weekend, backend vols remain relatively elevated. The market seems to be expecting BTC to trade sideways until December as attention shifts towards ETH in the near term. ETH risk reversals remain heavily skewed in favor of frontend Calls, while BTC Calls seem to be more bid only from 27DEC24 onwards, driven by the potential impact of Trump’s pro-crypto policies which are only likely to take effect later next year.
As we mentioned last week, there could be a gradual rotation from BTC to ETH and other alts if BTC keeps rejecting 100k. In fact we are already starting to see this play out as BTC dominance dropped from 62% to 59% over the past week.
Despite consistently strong spot ETF inflows and impressive IBIT options skewed in favor of Calls, BTC seems to be fighting an uphill battle given the huge 100k sell wall. So will it reach its 100k milestone any time soon or will attention gradually shift to alts?
Just today, Michael Saylor hinted at purchasing even more BTC. MicroStrategy’s purchases definitely fueled BTC’s post-election breakout so the market is surely waiting to see if another purchase will take BTC to six-digits. If it does, we wouldn’t be surprised to see BTC squeeze higher and altcoins to take the backseat for a little longer.
a) For the front-end traders, they were frantically covering their short positions as the continued rally squeezed into their shorts b) Mid-tenor traders were relatively
Reject modernity, embrace tradition. These 4 four words would have served you well in navigating (and profiting!) from crypto markets in the past week. Seasoned
BTC briefly touched 98k over the Thanksgiving weekend, driven by Saylor’s BTC investment strategy presentation to Microsoft. Microsoft’s shareholders are scheduled to vote on a
BTC reclaimed the critical 95,000 level last night after PCE price index came in as expected. ETH was the main outperformer yesterday as it rallied
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