Author: 行政

Bitcoin’s next big options gravity well sits on Mar. 27 (260327), and the reason is simple: this is where the market has parked a thick stack of conditional bets that will need to be unwound, rolled forward, or paid out as the clock runs down.The Mar. 27 expiry carries about $8.65B in notional OI and flags $90,000 as max pain, a rough reference point for where, in aggregate, option holders would feel the most pain at settlement.The broader options complex is enormous, with total BTC options open interest around $31.99B across exchanges, led by Deribit at roughly $25.56B, with the…

On Jan.30, 2026, US spot Bitcoin ETFs saw $509.7 million in net outflows, which looks like pretty straightforward negative sentiment until you look at the individual tickers and realize a few of them stayed green.That contradiction aged fast over the next few days. Feb. 2 snapped back with $561.8 million in net inflows, then Feb. 3 flipped to -$272.0 million, and Feb. 4 sank to -$544.9 million. The totals went up and down, but the more useful clue was the same one hiding in plain sight on Jan. 30: the category can look like one trade from a distance, while…

Bitcoin trades every minute of every day, but CME Bitcoin futures stop for the weekend. That mismatch is how a CME gap is born, and why it keeps turning up in the middle of the most stressful weeks.A CME gap is the blank space on a CME futures chart between Friday’s final traded level and the first traded level when the market reopens Sunday evening (US time). CME futures trade on a weekly schedule with a weekend break, while spot Bitcoin keeps moving. When the first CME print lands far from Friday’s close, the chart draws a jump and leaves…

Bitcoin keeps knocking on $71,500, sooner or later the door opensBitcoin made a familiar but stressful move this week; it bounced hard enough to make the skeptics quiet and the dip buyers loud again.After the crash down to around $60,000, the price clawed its way back to the a spot that has become the center of gravity, the $71,500 zone.It has already been there three times.Each time, the market hesitated, traders leaned in, and the rally ran out of oxygen. Now Bitcoin is back around $70,900, it looks like it wants to test $71,500 again, and this is the moment…

Bitcoin’s slide through $65,000 and toward $60,000 felt like a stress test the market had been postponing. The move was sharp enough to force a reset in positioning, and broad enough to pull the conversation away from single-catalyst explanations.Even mainstream media described the week as Bitcoin’s worst weekly performance since late 2022, with price briefly testing the $60,000 area before rebounding back above $65,000.The most important question we can ask here isn’t whether this was capitulation, but which of the signals that usually accompany seller exhaustion showed up in this selloff, and which confirmations are still missing if you’re looking for…

The following is a guest post and analysis from Vincent Maliepaard, Marketing Director at Sentora.A year ago, tokenized equities barely registered as an asset class. Today, the market is approaching $1 billion—a nearly 30x increase—and December 2025 may have delivered the regulatory clarity needed for institutional adoption to accelerate.What changed? Three things: a small group of platforms moved fast to capture market share, regulators started building actual frameworks instead of issuing warnings, and traditional finance players began treating blockchain settlement as infrastructure rather than an experiment.The Race to ScaleWhen Ondo Global Markets launched in September 2025, it became the largest…

The crypto market that surged on Donald Trump’s campaign promise of a friendlier US posture is now back near where it started, after an 18-month round trip that added close to $2 trillion in value and then erased roughly the same amount.Data compiled by CryptoSlate put the total crypto market value at about $2.4 trillion in October 2024, weeks before the US election.By November 2024, the market had pushed toward $3.2 trillion as traders priced in a “policy premium,” the expectation that a pro-crypto White House would mean lighter enforcement pressure, clearer rules, and broader access for both retail and…

Bitcoin’s hard cap is easy to understand: there will only ever be 21 million coins.What’s hard to understand is that the marginal market is allowed to trade far more than 21 million coins worth of exposure, because most of that exposure is synthetic and cash-settled, and it can be created or reduced in seconds.That distinction has become Bitcoin’s core paradox in the past year or so.Scarcity is a property of the asset, while price is a property of the market microstructure that dominates the next aggressive order. When derivatives volume and leveraged positioning become the dominant arena, Bitcoin can trade…

Trader Plan C recently surfaced a chart indicating a production-cost model placing Bitcoin’s marginal mining expense at approximately $67,000, with historical price action showing repeated bounces off that red line.He added that “commodities rarely trade below their cost of production.” The hook is clean, the logic is intuitive, but the reality beneath Bitcoin’s latest volatility is messier and more instructive than any single line can capture.Bitcoin printed an intraday low near $60,000 on Feb. 6 before clawing back to fight around the $70,000 level as of press time, slicing through the widely watched $63,000 threshold that had anchored recent bottom-calling…

Bitcoin ripped from $60,000 to above $70,000 in less than 24 hours, erasing most of a brutal 14% drawdown that had tested every bottom-calling thesis in the market.The speed of the reversal, 12% in a single session and 17% off the intraday low, was violent enough to feel like a capitulation resolved. Yet, the mechanics beneath the bounce tell a different story: this was cross-asset stabilization meeting forced-position rebalancing, not a flood of conviction-driven spot demand.And the derivatives market, still crowded into downside protection, is pricing the possibility that $70,000 becomes a pause rather than a floor.Forced unwinds met macro…