Trading Desk Insights
Bitcoin is trading near $66K–$68K, with price action remaining choppy as the market continues to digest weaker demand and tighter liquidity conditions. Ether is holding around $1.9K–$2K, while majors such as SOL (~$80) and BNB (~$600) have also seen reduced momentum following the broader pullback across digital assets.
Flows continue to drive the tape. Reduced capital inflows and ongoing positioning shifts have limited the market’s ability to sustain upside, leading to quick reversals on rallies and continued tests of nearby support levels. Volatility remains elevated, but most moves are being driven by derivatives positioning and short-term liquidity rather than strong directional conviction.
Macro conditions remain a key overhang. Higher-for-longer rates and cautious risk appetite across global markets have kept pressure on higher-beta assets. This has increased correlation between crypto and equities, with price action reacting quickly to shifts in liquidity and broader risk sentiment.
Despite the recent weakness, the structure of the current drawdown appears orderly. Market infrastructure remains stable and price declines have been driven more by positioning and flows than by systemic stress. Roughly half of bitcoin supply still sits in profit, suggesting this remains a cyclical correction within a broader uptrend.
Near term, markets are likely to remain range-bound and reactive. Bitcoin holding the mid-$60K area keeps structure intact, while sustained moves below that region could open deeper downside tests. A more durable recovery will likely require stronger spot inflows or a shift in macro conditions, but consolidation around current levels remains the base case for now.
Crypto Charts
ETF Flow
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
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