Today marks the 8th straight green daily candle for BTC and ETH. We’re seeing glimpses of aggressive buying on the tape as spot bidders finally show up to the party. Only eight of the top hundred coins by market capitalization are in the red today (per CoinGecko), which lines up with today’s sudden push out of “fear” on the Fear & Greed index.
The Speculators are BackJust two days after we noted a large increase in BTC option volume and open interest, the market doubled down and pushed even higher. On Jul. 26, over $1.2 billion of options contracts traded hands, with the vast majority coming from Deribit. We’ve seen an increase in traders taking directional bets in the market (which we’ll get to in a second), and with an increase in activity a few days before July’s options expire, we’re going to see BTC either trend harder to the upside or chop everyone up inside a 10% range.