Retail traders probably expect Bitcoin price to fall further, but noshitcoins says BTC derivatives data shows pro traders’ mixed feelings about the $17,000 level.
As described by independent market analyst Jaydee_757, the bearish trend continues to exert its pressure, with $17,200 as a resistance level. Still, such an analysis provides no guarantee that the ultimate $13,800 bottom will be hit.
discount is now >40% and widening, implied BTC price is $9K, and a lot of GBTC is sitting in toxic places atmAs noted by Vance Spencer, the implied BTC price according to the funds’ trading is below $9,000, and pressure should continue if some holders use their shares as collateral for loans. Furthermore, the metric continues to favor stablecoin borrowing by a wide margin, indicating traders have been holding bullish positions.Traders should scan options markets to understand whether Bitcoin can reclaim the $18,500 support. The 25% delta skew is a telling sign whenever arbitrage desks and market makers are overcharging for upside or downside protection.
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