Today’s Crypto Update: • BTC Price Drop: Bitcoin (BTC) exp | Bitcoin & Crypto Trading

Today’s Crypto Update:

• BTC Price Drop: Bitcoin (BTC) experienced a significant decline, dropping over 8%, its largest single-day percentage decrease since November 2022. This marks Bitcoin’s most substantial price correction since the collapse of Sam Bankman Fried’s FTX, with the price falling to under $62,000. Factors contributing to the decline include outflows from spot ETFs, with a record net outflow of $326 million from the spot ETFs on Tuesday, and high leverage in the market.
• New $100 Million Fund: Immutable and venture capital firm King River Capital have launched a $100 million “Inevitable Games Fund” (IGF) focused on Web3 gaming, with support from Polygon Labs. The fund aims to invest in high-growth opportunities in the Web3 gaming sector, capitalizing on the industry’s significant investment attraction since 2018.
• BlackRock’s New Fund: Investment management giant BlackRock has created the BlackRock USD Institutional Digital Liquidity Fund in partnership with asset tokenization firm Securitize. While the specific assets the fund will hold are not disclosed, Securitize’s involvement suggests a focus on the tokenization of real-world assets (RWA).
• Solana vs. Ethereum: In a notable shift, Solana has overtaken Ethereum as the leading smart-contract blockchain by trading volume. Trading volume in Solana-based decentralized exchanges (DEX) has increased by 67% to $21.3 billion, surpassing Ethereum’s DEX volume, which rose by 3% to $19.4 billion. This change, known as the “flippening,” has been driven by speculative interest in Solana-based meme coins.

Latest Prices:

• CoinDesk 20 Index: 2,387 (+0.4%)
• Bitcoin (BTC): $63,179 (+0.8%)
• Ethereum (ETH): $3,252 (+1.3%)
• S&P 500: 5,178.51 (+0.6%)
• Gold: $2,156 (+0.0%)
• Nikkei 225: $2,156 (+0.0%)

Market Insights:
Despite recent market weakness, options traders continue to see higher prices for Bitcoin over the next 90 and 180 days, as indicated by positive three- and six-month call-put skews. This suggests a prevailing optimism for Bitcoin’s future price trajectory.

Daily Chart Analysis:
The chart presents the three- and six-month call-put skews for Bitcoin, highlighting a preference for call options that are set to expire in these periods. This trend indicates that, despite recent market downturns, there is a general anticipation of an increase in Bitcoin’s value over the next 90 to 180 days.

@Bitcoin_Blockchain_Trading