Trading Desk Insights
BTC kept sliding through the night, tagging $111,000 around midnight. “Buy the dip” chatter on socials has hit its highest in nearly a month, but that optimism may fade fast once reality kicks in. Every cohort, from <1 BTC wallets all the way up to the >10k+ whale class, is offloading. The biggest whales are leading the charge, unloading at some of the most aggressive levels seen this year.
On the micro side, liquidations were swept at $111,000 and eyes are now on the $113k–$114k zone where offers are stacking. If bulls can crack that wall, momentum could easily carry us toward $117,000. A glimmer of hope remains, but the path is anything but clean.
Options flow isn’t doing the bulls any favors. BlackRock’s IBIT has been flashing a bearish put bias for two straight months, with the 1-yr put-call skew turning positive back in July and staying there. The message is clear: traders are paying up for downside protection rather than upside exposure.
Away from BTC, Tether is reportedly looking to raise $15–20B for a 3% stake, putting its implied valuation near $500B, on par with OpenAI. That’s a monster number for the stablecoin giant.
Meanwhile, the DEX wars are heating up. Aster just leapfrogged Hyperliquid on daily revenues, with ASTR’s market cap exploding from $931M to $3.74B in just a week. HYPE has bled lower, dropping from $14.88B to $11.73B, though it did launch its USDH stablecoin with $2M in early volume.
Equities, on the other hand, finally hit pause. The broad market snapped a three-day win streak Tuesday after notching fresh intraday highs. Profit-taking and Powell’s remarks on stretched valuations were enough to knock the shine off the AI trade, sending indices lower into the close.
Crypto Charts
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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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