Trading Desk Insights
Bitcoin pushed through $97,000 in early Asia trading, its highest print since November, before settling back around the $96,000 mark by midday UTC. The move capped off a sharp three-day rally fueled by soft inflation data, increased institutional inflows, and a wave of short liquidations. Volatility picked up meaningfully as spot broke through $95,000 and forced over $100 million in shorts offside, helping reset funding rates and reestablish positive momentum.
Ethereum followed the move with a clean break above $3,300, supported by rising activity on major rollups and consistent demand from staking participants. ETH continues to trade in a more measured fashion compared to BTC but has now held above key support levels for more than a week. The pair’s relative strength ratio remains stable, suggesting that investors are still treating ETH as a structural core position rather than a high-beta trade.
Altcoins broadly caught a bid during the risk-on rotation, with SOL, ADA, and XRP posting 6% to 12% intraday gains before paring slightly. Performance skewed in favor of large caps and tokens with either exchange or real-world infrastructure links, while smaller DeFi and metaverse names lagged. Liquidity remained fragmented, with stronger depth on major pairs but slippage evident on long tail tokens as volumes spiked.
Market structure looked cleaner across venues with bid depth improving and spreads tightening post-squeeze. Implied volatility ticked higher but remains below year-to-date highs, and open interest on BTC and ETH futures continued to climb alongside spot. The market appears to be rotating out of low-conviction chop into something more directional, though follow-through above $99,000 will be critical to sustain positioning.
With the bulk of short exposure cleared and ETF inflows returning, sentiment has clearly shifted off recent lows. Traders are watching for potential reclaim levels around $99,000 and $101,000 for BTC and $3,480 for ETH. A clean break of those zones could open up new ranges. For now, momentum is with the bulls.
Crypto Charts
ETF Flow
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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.
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