1/ Where is the #Bitcoin bottom?
$BTC has fallen to $62K, nearly 50% below its ATH and down 24% in a month.
Price has now worked through the upper rungs of our pricing framework, moving into the cluster of valuation levels where past cycles have found their floor.
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$5B on $IBIT and $14B on Deribit expire later this month, most of it calls struck at $80K and up.
Spot at $79K.
The options market is positioned for a move above $80K that spot has not made yet. ~3 weeks to find out.
Bitcoin has stalled below long-term overhead supply.
The trading range is well-defined by two cost basis clusters.
Liquidation clusters also provide significant confluence.
Read our latest Week On Chain Article
$BTC ETF inflows came back with the rally, but volumes didn't (yet).
About $2B a day changing hands versus $4-5 billion in earlier inflow waves. Similar story as spot: the money shows up, the activity hasn't.
Bitcoin has stalled below long-term overhead supply.
The trading range is well-defined by two cost basis clusters.
Liquidation clusters also provide significant confluence.
Read our latest Week On Chain Article
