Crypto World
Altcoin Season ‘Game Is Over’: Matt Hougan
The euphoric altcoin seasons where almost every cryptocurrency rises across the market are probably not coming back, says Bitwise investment chief Matt Hougan.
“I think that game is over. I think we’ll see a non-traditional altcoin season,” Hougan said in an interview on Wednesday. “An altcoin season that rewards assets with real-world traction and real-world application.”
“I don’t think we’ll see the sort of rising tide lifts all buckets where you rotate from Bitcoin to ETH to DeFi to NFT pictures of rocks.”
Hougan said future altcoin seasons could instead see the market “rerate” certain tokens, particularly those tied to what he described as “huge businesses.”
Altcoin season likely to be “more differentiated”
“I just think it’ll be more differentiated than previous altcoin seasons,” Hougan said.
Crypto traders typically expect, based on past cycles, that Bitcoin (BTC) would first reach new all-time highs, then capital will rotate into Ether (ETH) and then into altcoins, kicking off altcoin season.
As for Bitcoin, which recently fell as low as $60,000 in February, Hougan said it was “starting to bottom and trend higher.” Bitcoin is trading at $70,237 at the time of publication, according to CoinMarketCap.
Altcoin season debate continues
The altcoin season debate has divided the crypto industry, with crypto analyst Matthew Hyland saying in November that traders should have confidence in an altcoin season arriving soon, citing the Bitcoin dominance chart as “bearish for many weeks.”
Related: 38% of altcoins near all-time lows, worse than FTX crash: Analyst
In December, BitMEX co-founder Arthur Hayes said, “There is always an altcoin season happening.”
“[If you’re] always saying altcoin season isn’t there, [it’s] because you didn’t own what went up,” Hayes said.
Crypto sentiment platform Santiment said on Wednesday that mentions of altcoins on social media reached their lowest level in two years, while indicators suggest investors are focusing on Bitcoin.
Magazine: Bitcoin may face hard fork over any attempt to freeze Satoshi’s coins
Bitcoin is on the cusp of falling below $70,000 for the first time since Wednesday, after climbing as high as $74,000 earlier this week.
The decline reflects a broader risk-off shift in markets as investors position ahead of key U.S. macroeconomic data and the developing war in Iran.
For now, attention is focused on the U.S. jobs report due at 13:30 UTC. The unemployment rate is expected to remain unchanged at 4.3% while nonfarm payrolls are forecast to drop to 59,000.
Labor market data is closely watched because it can influence expectations around Federal Reserve interest-rate policy, often leading investors to reduce risk exposure ahead of the release.
The war with Iran, nearing the end of its first week, is also contributing to market caution, pushing oil prices higher. WTI crude has climbed to around $83 per barrel, up more than 5% over the past 24 hours.
Meanwhile, the U.S. Dollar Index (DXY) has strengthened above 99 and the yield on the 10-year Treasury has risen to roughly 4.16%. Equity markets are slightly weaker, with the Invesco QQQ ETF, which tracks the Nasdaq 100 index, down about 0.5% in pre-market trading.
Crypto related stocks including Strategy (MSTR), Coinbase (COIN), and MARA Holdings (MARA) are also lower in pre-market trading.
TLDR:
- SEC moved to dismiss fraud claims against Justin Sun and TRON entities after nearly three years of litigation
- Rainberry Inc. will pay a $10M civil penalty while all claims against Justin Sun personally disappear
- The original SEC case accused TRON firms of 600,000 wash trades tied to $TRX market activity
- Celebrity promotions involving $TRX and $BTT tokens formed a central part of the regulator’s case
The U.S. SEC has moved to end its long-running lawsuit against TRON founder Justin Sun. Regulators asked a court to dismiss claims tied to a 2023 fraud case involving TRON entities.
A TRON-affiliated company will pay a $10 million civil penalty as part of the agreement. The resolution closes a dispute that centered on token sales, trading activity, and celebrity promotions.
SEC Ends Justin Sun Lawsuit Over TRX and BTT Token Sales
The original complaint targeted Justin Sun, the TRON Foundation, and the BitTorrent Foundation. Regulators alleged the firms sold unregistered securities tied to the TRX and BTT tokens.
According to the filing, the SEC claimed TRON entities conducted large volumes of wash trading. The complaint referenced more than 600,000 trades designed to inflate market activity.
The regulator also accused Sun’s companies of paying celebrities to promote tokens without disclosure. Those promotions included social media campaigns tied to $TRX and BitTorrent’s $BTT token.
The SEC now seeks to dismiss the claims against Sun personally. Court filings show the dismissal would occur without admissions of wrongdoing from the defendants.
The civil penalty will come from Rainberry Inc., a company linked to TRON operations. The proposed settlement would close the enforcement case after nearly three years.
TRON Founder Responds as SEC Crypto Enforcement Approach Shifts
Justin Sun confirmed the development through a post on X. He stated the regulator had moved to dismiss claims against him and TRON-related entities.
Sun also noted that the resolution closes the legal dispute while allowing him to continue working in the sector. He said his focus remains on expanding crypto innovation globally.
A separate post from the Wise Advice account summarized the settlement terms. It noted the penalty payment and the dismissal of all charges against Sun personally.
The same post argued the outcome reflects a wider shift in the SEC’s crypto enforcement strategy. Recent settlements and paused cases have reduced several ongoing legal battles.
The earlier complaint formed part of a broader regulatory push targeting token sales and trading activity. The settlement now closes one of the more visible cases tied to TRON’s ecosystem.
TRON’s market capitalization currently sits near $25 billion, according to widely cited market data. Some commentators questioned the relatively small penalty in relation to the network’s size.
Sun and TRON DAO described the outcome as a positive step for the project. The resolution allows the organizations to move forward without further litigation tied to the case.
Vancouver’s financial staff have recommended against establishing a dedicated Bitcoin reserve, arguing the move would breach the Vancouver Charter and advising the council to drop the proposal. In a March 2 motions update, Colin Knight, who heads the Finance and Supply Chain Management department, stated that Bitcoin (CRYPTO: BTC) cannot be held as an allowable investment for the city. The recommendation comes after Mayor Ken Sim had floated the idea in 2024 as part of a broader effort to diversify reserves and embrace digital assets. Although the proposal previously cleared the council with bipartisan support, staff now say a pragmatic path forward is to merge the initiative with related workstreams and defer a formal decision until the March 10 council meeting. The context is further colored by ongoing debates about Bitcoin’s role as an inflation hedge and the asset’s recent price gyrations.
Key takeaways
- Vancouver staff concluded Bitcoin cannot be considered an allowable municipal investment under the Vancouver Charter, effectively blocking a dedicated Bitcoin reserve.
- The original proposal, spearheaded by Mayor Ken Sim in late 2024, aimed to diversify the city’s reserves and position Vancouver as a Bitcoin-friendly city; it had received council support in earlier votes.
- The strategy’s momentum faced a heads-up from macro-market dynamics, with Bitcoin’s inflation-hedge narrative challenged as the asset’s price retreated from its peak in 2025.
- Staff recommended folding the Bitcoin reserve idea into other priorities, with a final decision expected at the March 10 council meeting.
- Analysts remain divided on Bitcoin’s near- to mid-term role as a treasury hedge, with some staying bullish while others caution against relying on the narrative amid volatility.
Tickers mentioned: $BTC
Market context: The Vancouver staff decision reflects the tension between public-treasury policy constraints and the evolving crypto market narrative. While some policymakers and economists have highlighted Bitcoin as a potential inflation hedge, municipal treasuries must operate within charter provisions and risk frameworks. The discussion in Vancouver mirrors broader debates about whether public funds should allocate to volatile digital assets, especially as BTC has experienced pronounced drawdowns after a multi-year rally.
Why it matters
The case unfolding in Vancouver highlights how municipal governance intersects with crypto asset policy. If a major metropolis cannot classify Bitcoin as an allowable investable asset, it signals the seriousness of charter constraints that curb public exposure to asset classes with inherently high volatility and regulatory uncertainty. For investors and builders in the crypto space, the outcome may affect the tempo of public-sector pilots or pilot-like programs in other jurisdictions, nudging cities to pursue more conservative treasury strategies or to explore non-custodial partnerships and educational initiatives rather than direct holdings.
From a market perspective, the incident underscores that Bitcoin’s appeal as a potential hedge is not static. While proponents have described BTC as “digital gold” due to its capped supply, the asset has weathered tough macro conditions, with price action testing the resilience of the inflation-hedge thesis. In recent cycles, price volatility has intensified discussions about whether institutions and public bodies should treat BTC as a long-duration store of value or a speculative instrument. The Vancouver update underscores a broader caution that policy decisions can lag or diverge from rapid shifts in market sentiment, potentially shaping how future public-sector experiments with digital assets are framed.
For city staff and policymakers, the decision sets a precedent on how to reconcile long-term financial resilience with legal and governance constraints. Proponents argued that diversifying reserves could help counter inflationary pressures and preserve purchasing power, but skeptics pointed to charter limits, risk tolerance, and the need for clear governance frameworks. This tension—between ambition for innovative treasury tools and the discipline of municipal finance rules—will likely inform future discussions in Vancouver and similar jurisdictions as crypto assets remain part of the broader policy conversation.
What to watch next
- March 10 council vote: whether to drop the Bitcoin reserve motion entirely or to flesh out a merged initiative that remains within charter constraints.
- Any formal amendments to Vancouver’s investment policy or treasury framework that could reflect a more nuanced approach to digital assets without direct holdings.
- Subsequent clarifications from city staff on the precise language of “allowable investments” under the Vancouver Charter and how it applies to digital assets.
- Public and expert commentary on Bitcoin’s ongoing role as an inflation hedge in the context of municipal-level risk management.
- Broader municipal-stewardship experiments with crypto assets in other Canadian cities, which could foreshadow a wider policy trajectory if Vancouver’s stance evolves.
SOURCES & verification
- Vancouver City Council motions update report dated March 2, linked in the council documentation
- The late-2024 motion introduced by Mayor Ken Sim titled “Preserving the City’s Purchasing Power Through Diversification of Financial Reserves — Becoming a Bitcoin-Friendly City”
- Cointelegraph coverage on Vancouver’s Bitcoin-friendly city initiative and subsequent council vote
- Cointelegraph reporting on Bitcoin’s inflation-hedge narrative and price movements referenced in the discussion
Bitcoin’s change of course in municipal finance
The Vancouver episode provides a focused lens on how public funds intersect with crypto policy. The staff’s conclusion—that Bitcoin cannot be classified as an allowable investment under the Vancouver Charter—does not erase the underlying questions about digital assets’ place in government balance sheets. It signals a move toward caution, prioritization, and policy alignment over rapid adoption of new asset classes in municipal reserves. While the market continues to debate Bitcoin’s long-term role as an inflation hedge, public finance remains anchored in governance, risk tolerance, and legal frameworks that govern how treasury assets are defined, managed, and reported.
What to watch next
As Vancouver prepares for its March 10 council session, observers will look for whether staff’s recommendations are accepted as-is or if the motion is redesigned to fit within the city charter while preserving the broader objective of financial resilience. The outcome could influence similar deliberations in other jurisdictions, where the balance between innovation and prudence remains a central theme in the governance of public funds and digital assets.
What to watch next
- March 10 council meeting: final decision on the merged approach or outright dismissal of the Bitcoin reserve proposal.
- Clarifications on allowed investments under the Vancouver Charter and potential policy updates to treasury guidelines.
- Public communication from the city explaining how any future exploration of digital assets would be conducted with safeguards and reporting standards.
Bitcoin (BTC) has “annihilated” short sellers with its latest trip to monthly highs as crypto liquidations pass $500 million.
Key points:
-
Bitcoin bears suffer as BTC price action hits $74,000.
-
Analysis sees more liquidations to come, including longs, with possible market dips below $70,000 to test support.
-
Bitcoin inflows begin to copy a broad ETF rebound in place through 2026.
BTC price analysis: “Bulls just took back control”
New analysis from CryptoReviewing, the pseudonymous cofounder of trading community Wealth Capital, says that the “entire market scenario” for Bitcoin has changed.
The past few days have seen BTC price swings take out both long and short positions worth hundreds of millions of dollars, but the trip to $74,000 ultimately cost bears more.
“Bears just got annihilated,” CryptoReviewing summarized.
Accompanying exchange order-book data from monitoring resource CoinGlass shows price slicing through walls of liquidations.
Wednesday’s liquidation total for Bitcoin and altcoins neared $600 million, with more shorts erased than on any day since Feb. 25.
“And now the entire market scenario has changed… At $73,000 – $75,000 we have a large liquidity zone which could be swept, potentially leading to even higher levels,” CryptoReviewing continued.
“However, $65,000 – $71,000 below has roughly 4x more liquidity built up, making it the ‘more likely’ zone from a liquidity perspective to be visited next. Bulls just took back control.”
Such a support test is also on the radar for Keith Alan, cofounder of trading platform Material Indicators.
As part of a new market analysis published on Wednesday, Alan argued that a consolidation phase should form part of a reliable trend change.
“A support test, sooner than later, would be healthy, but I’m not sure that the market is going to make it that easy on us. However this develops, IMO, the longer it takes to grind up, the more durable the rally will likely be,” he wrote.
Alan nonetheless warned that long-term bearish signals remained in place, expecting Bitcoin’s “next leg down” to result from the current setup.
Bitcoin ETFs in focus amid “historic acceleration”
As Cointelegraph reported, price upside has accompanied renewed interest in Bitcoin from institutional sources.
Related: ‘This is not World War III:’ Five things to know in Bitcoin this week
The US spot Bitcoin exchange-traded funds (ETFs) saw net inflows of nearly $500 million on Wednesday.
Data from UK-based investment company Farside Investors confirms that inflows have been net positive on all but one trading day since Feb. 24. Even then, outflows were modest at just $27.5 million.
So far in March, the ETFs have taken in over $1.1 billion in capital.
Commenting, trading resource The Kobeissi Letter noted that ETF interest has broadly spiked this year, making the US Bitcoin and Ethereum offerings relative laggards after months of outflows.
“Investors are pouring money into US funds at a record pace: US-listed ETFs have pulled in +$380 billion so far in 2026, on track for the best year on record. This marks a +80% increase compared to the first two months of 2025,” it revealed on X.
Kobeissi described the US ETF industry as “experiencing a historic acceleration in investor demand.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Crypto exchange OKX has launched a new social trading platform called Orbit, designed to connect traders through shared strategies, market insights, and community-driven discussions.
Summary
- OKX launched Orbit, a social trading network where users can share trade ideas, market insights, and strategies.
- The platform aims to combine social media-style interaction with crypto trading tools to help traders collaborate and learn from each other.
- The launch follows broader momentum for the exchange, including a recent surge in the OKB token after an ICE-linked investment tied to the OKX ecosystem.
OKX launches in-app trader network
According to the exchange, Orbit functions as a social network built specifically for crypto traders, enabling users to share trade ideas, post analysis, and interact with other market participants in real time.
The platform aims to combine elements of social media with trading-focused tools to help users discover strategies and track market sentiment more efficiently.
Through Orbit, traders can publish posts, discuss market developments, and follow experienced traders to gain insights into different trading approaches. OKX said the platform is designed to help both retail and experienced traders collaborate, learn from each other, and stay informed about emerging trends in the digital asset market.
The launch reflects a broader shift across the crypto industry toward community-driven trading ecosystems, where investors increasingly rely on social signals, influencer commentary, and peer insights to guide trading decisions.
Orbit is part of OKX’s broader effort to expand its product ecosystem beyond traditional exchange services. In recent months, the company has been rolling out new features aimed at strengthening user engagement and building a more integrated crypto platform.
The expansion comes as OKX has also been gaining momentum in its native token ecosystem. The exchange’s OKB token surged yesterday after reports that Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, made a strategic investment tied to OKX’s ecosystem, highlighting growing institutional interest in the platform.
The move helped boost market sentiment around OKB and underscored OKX’s efforts to strengthen its position among the largest global crypto exchanges.
A US Judge has temporarily frozen 70.6 Bitcoin tied to cryptocurrency lending and trading company BlockFills and ordered a full segregated account of customer funds after Dominion Capital accused the company of misappropriating customer assets and commingling funds, according to a court filing.
The complaint, filed Feb. 27, alleges that BlockFills unlawfully retained millions of dollars in customer crypto assets and used commingled funds to cover losses. Judge Mary Kay Vyskocil issued a temporary restraining order (TRO) for 70.6 Bitcoin (BTC), worth about $5 million, currently held by BlockFills, which Dominion says belongs to it, according to a Tuesday court filing.
BlockFills must respond to the court order by March 17, 2026. The order comes three weeks after BlockFills halted withdrawals in February.
The TRO was issued against the defendant without notice because Dominion Capital clearly showed the “immediate and irreparable injury, loss, or damage” that will result to the plaintiff before the defendant may be heard in opposition, the filing reads.
BlockFills halts user withdrawals amid Bitcoin crash
BlockFills announced a halt to customer deposits and withdrawals amid the broader crypto market correction on Feb. 11.
The company said it decided to stop withdrawals to protect clients and restore liquidity on the platform following Bitcoin’s decline to $60,000.
Related: Analysts reject Jane Street ‘10 a.m. dump’ claims, say Bitcoin isn’t easily manipulated
“Management has been working hand in hand with investors and clients to bring this issue to a swift resolution and to restore liquidity to the platform,” wrote BlockFills in the statement, adding that clients have been able to open and close their existing spot and derivatives positions.
The decision impacted about 2,000 institutional clients, including asset managers and hedge funds that contributed to the $60 billion trading volume logged on BlockFills in 2025, according to its annual report.
Related: Indiana lawmakers pass crypto rights bill banning discriminatory taxes
Chicago-based BlockFills is an institutional-focused platform serving professional traders, hedge funds and asset managers, with a minimum $10 million threshold for certain services, including its Options Products.
Dominion Capital is a New York-based investment company founded in 2011, primarily focusing on private equity, structured finance and real estate investments.
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Dubai’s digital asset regulator has instructed entities behind crypto exchange KuCoin to halt unlicensed virtual asset activities in the emirate, warning investors that the platform is not authorized to serve Dubai residents.
In a Thursday investor and marketplace alert, the Virtual Assets Regulatory Authority (VARA) said that Phoenixfin Pte Ltd, MEK Global Limited, Peken Global Limited and Kucoin Exchange EU GmbH, all commercially advertising as KuCoin, may be providing virtual asset activities to Dubai residents, “without the necessary regulatory approvals and misrepresenting its licensing status.”
VARA said the group had been instructed to cease and desist all unlicensed digital asset activities and stressed that KuCoin did “not hold any licence to provide Virtual Asset services in/from Dubai.”
The watchdog added that any virtual asset activities advertised or conducted by the entities were in breach of VARA regulations and wider United Arab Emirates legislation, including Dubai Law No. 4 of 2022 and Cabinet Resolution No. 111/2022, which require all virtual asset service providers to be licensed to operate legally.
VARA also clarified that “any promotion, advertising, or solicitation related to KuCoin has not been approved,” and that the exchange was not permitted to offer, promote or market virtual asset products or services in Dubai or to its residents.
Related: KuCoin taps former LSEG exec Sabina Liu to lead MiCA expansion in Europe
Consumers engaging with unlicensed platforms face “significant financial risks and potential legal consequences” for violating regulatory requirements or even criminal laws, the regulator warned.
VARA urged Dubai-based users to avoid using KuCoin for virtual asset services, to verify that companies are on its public register of licensed providers before transacting and to report any suspected unlicensed activity directly to the authority.
Dubai alert follows Austria freeze on KuCoin EU operations
The Dubai alert comes shortly after Austria’s Financial Market Authority froze new business at KuCoin EU, the Vienna-based entity that holds a Markets in Crypto-Assets Regulation license, citing failures to maintain key Anti-Money Laundering, Counter-Terrorist Financing and sanctions compliance roles.
KuCoin’s European management said that it had voluntarily paused new onboarding and some trading activities while it worked to refill those positions and bring the business back into full compliance.
Cointelegraph reached out to KuCoin for comment but had not received a response by publication.
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Dubai’s digital assets regulator said cryptocurrency exchange KuCoin has been operating without the necessary regulatory approvals and licensing, and must cease and desist from serving clients in the region.
“Kucoin does not hold any licence to provide virtual asset services in/from Dubai. Any activities related to Virtual Assets advertised or conducted by this company are therefore in breach of the VARA Regulations,” the Virtual Assets Regulatory Authority (VARA) said in a statement.
“Any promotion, advertising, or solicitation related to Kucoin has not been approved by VARA, and the company is therefore not allowed to offer, promote, or market any Virtual Asset products or services in Dubai or to its residents,” the regulator added, advising consumers and investors in Dubai to avoid engaging with Kucoin.
The alert comes just weeks after Austria’s financial regulator prohibited the European arm of KuCoin from conducting new business and onboarding customers due to a lack of appropriate compliance staff.
A few months earlier, Austria’s finance regulator, FMA, granted KuCoin a Markets in Crypto Assets (MiCA) permit to operate across the European Union.
KuCoin, a Seychelles-based cryptocurrency exchange founded in China in 2017, is now one of the largest offshore crypto platforms, ranked in the top 10 by trading volume.
The US regulator has dismissed all claims against Sun, the Tron Foundation, and BitTorrent Foundation.
Justin Sun, the founder of the Tron Foundation, took it to X to announce that the claims against him made by the US Securities and Exchange Commission have been officially dismissed after reaching a $10 million settlement.
The lawsuit began during the height of the previous SEC administration’s war on crypto, when he and a few other parties were sued for several trading schemes.
Lawsuit Dismissed
Sun outlined on X that he was “very pleased” with the decision made by the US regulator to dismiss all claims against him, the Tron Foundation, and the BitTorrent Foundation. He believes this move “brings closure,” but promised that he will continue building.
Sun added that the United States, which needs to become a global crypto hub as claimed numerous times by President Trump and his administration, will be a main focus in his future plans.
I am very pleased to confirm that the SEC has moved to dismiss all claims against me, Tron Foundation, and BitTorrent Foundation.
Today’s resolution brings closure, but I never stopped building. I will continue to focus on accelerating innovation in the United States and around…
— H.E. Justin Sun 👨🚀 🌞 (@justinsuntron) March 5, 2026
The decision to resolve the civil fraud case comes with a $10 million settlement, but Sun and his companies did not admit or deny any wrongdoing, said US District Judge Edgardo Ramos in Manhattan.
The Lawsuit Itself
It began in 2023 when Sun was accused of organizing the unregistered sale of crypto securities tied to the TRX and BTT tokens and of manipulating trading volumes. According to the SEC, Sun attempted to artificially inflate the trading volume of TRX through wash trading schemes between April 2018 and February 2019, making employees of the Tron Foundation participate in more than 600,000 illegal trades using accounts controlled by them and the BitTorrent Foundation.
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The agency also claimed that Sun sold a large portion of the TRX tokens on the secondary market and generated proceeds of “$31 million from illegal, unregistered offers and sales of the token (TRX).”
Two years after the lawsuit began, the US watchdog asked the federal court overseeing the case to issue a stay, which paused the proceeding. However, once the US administration changed, Sun became a major financial supporter of Trump-linked crypto ventures, purchasing billions of WLFI tokens, which made him the largest backer of World Liberty Financial.
Although TRX and BTT crashed immediately after the lawsuit began three years ago, the impact on the performance over the past 12 hours after Sun’s announcement has been minimal. TRX is 0.5% up on the day, while BTT is actually 1% down.
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In crypto news today, the markets are bracing for a spike in Bitcoin volatility as approximately $2.6Bn in options contracts are set to expire across major exchanges. Bitcoin USD is currently holding firmly above the $70,000 threshold, but derivatives data indicate a potential gravitational pull downward toward the ‘max pain’ price of $69,000.
With 31,700 Bitcoin contracts and 184,000 Ethereum contracts rolling off the board, traders are watching closely to see if the 08:00 UTC settlement triggers a relief rally or a short-term correction.
The expiry comes as spot markets attempt to consolidate after adding +$150Bn to the total market cap earlier this week, as it reached $2.5 trillion once more.
Prices have been cooling off since Friday morning, and the divergence between the current spot price and the max pain levels suggests the next few hours could be choppy.
BTC Options Expiry Insight
Deribit data shows Max Pain near $69K.
Options positioning suggests potential volatility around expiry.Keep an eye on price action#zBit #BTC #Crypto pic.twitter.com/FzDuM6JzUh
— zBit (@zBit_Official) March 6, 2026
Bitcoin Options: $69,000 Max Pain Level — What It Means for BTC Price
The lion’s share of today’s expiry lies in Bitcoin, with a notional value of roughly $2.2Bn. Data from CoinGlass highlights a max pain point of $69,000, slightly below the current trading range. If prices gravitate toward this level before settlement, Bitcoin could see a sharp flush to punish over-leveraged longs.
The put/call ratio for this batch of contracts sits at 1.7, indicating a heavy dominance of bearish bets. A ratio significantly above 1.0 typically signals that traders are hedging against downside risk, with more expiring shorts (puts) than longs (calls) in the mix.
Open interest (OI) on Deribit remains highest at the $60,000 strike price, suggesting that while the immediate max pain is near $69,000, the broader market structure still has significant defensive positioning lower down.
If Bitcoin holds above $70,000 through the settlement window, the failure of these bearish puts to profit could force a rapid unwinding, potentially fueling a move toward $75,000.
Discover: The best crypto to diversify your portfolio with
Ethereum Options: $1,950 Max Pain: Volatility Risk for ETH USD
Ethereum faces its own settlement pressure today, with approximately 184,000 contracts expiring carrying a notional value of around $380M. Unlike Bitcoin’s bearish skew, Ethereum’s put/call ratio stands at 0.85, signaling a more balanced but slightly bullish sentiment among traders.
However, the max pain price for ETH is significantly lower at $1,950. With Ethereum trading well above this level, the risk of a “pinning” event, in which price is pulled down to maximize option writer profits, is less severe but not impossible.
Recent discussions around Ethereum’s roadmap have added fundamental noise to the price action, but today’s moves will likely be driven by these derivatives flows.
If ETH can maintain its distance from the $1,950 max pain point, it confirms strong spot demand, potentially setting the stage for a run at $2,200.
Analyst Views: Is a Relief Rally Coming, or is a Deeper Correction Next?
Market watchers are divided on whether this option’s expiry will mark a local top or a refueling station for the next leg up. Data from GreeksLive shows that selling call options has dominated trading over the last 48 hours.
“Despite ongoing price gains, momentum has slowed,” the firm noted, pointing out that Bitcoin is poised to challenge $75,000 only if it can shake off the expiry-induced drag.
A contrarian view suggests that the high put/call ratio on Bitcoin acts as a signal for a squeeze. When the crowd is heavy on puts, the market often moves the opposite way to punish the majority.
Market sentiment has suddenly flipped in recent days, and if spot buyers absorb the selling pressure at $69,000, the path of least resistance remains up.
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The post Crypto News Today: $2.6 Billion Options Expiry With Volatility Expected appeared first on Cryptonews.
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Bitcoin (BTC) price drops toward $70,000 as Iran war sends oil price higher
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