What a Sensation, What a Scandal:
- Bitcoin, dear reader, princes and paupers alike, pirouetted with all the restraint of a Victorian debutante just above $107,000 — far too sophisticated to descend into vulgar volatility.
- This Friday, the bourse erupts in one of its lurid quarterly masquerades: 38% of BTC options on Deribit will expire, with the “max pain” price at $102,000. Consider it high-stakes theatre, with a plot twist any penny dreadful would envy.
- As for crypto stocks, some are rising — Core Scientific soared 33% on swirling whispers of acquisition by the mysterious AI Hyperscaler CoreWeave. Nothing like a well-rumoured affair to make the shares swoon. 💃
Bitcoin — that most impetuous enfant terrible of finance — remains locked in a narrow, potentially existential corridor during American trading hours on Thursday, all in anticipation of Friday’s grand options expiry. The current price waltzes at $107,500, a mere 0.2% lower (hardly a tragedy worth a handkerchief), while the CoinDesk 20 shed 0.9% — nothing a speculator with stiff upper lip can’t ignore.
Friday, that day of financial judgement, promises to be a veritable circus. According to the ever-persuasive Jean-David Péquignot at Deribit, $40 billion worth of BTC options are up for expiry, 38% of them teetering on the brink, like debutantes at their first disappointing dance. “Max pain” — that most deliciously sadistic phrase — is set at $102,000. And what, pray tell, is the put/call ratio? A dainty 0.73. What does it mean? Certainly everything, and definitely nothing!
Implied volatility, like any well-bred aristocrat at afternoon tea, has declined — to 38% from 50% — suggesting the market is convinced of Bitcoin’s place as a “macro-hedge.” Such confidence is almost indecent. Meanwhile, trader positioning resembles the internal monologue of a dandy in a hat shop: utterly without direction for the short term.
Should Bitcoin’s $105,000 level fail, the technicals demand caution — Péquignot delivers this warning with all the drama of a lawyer reading a will. Low open interest, flagging volatility, a whiff of ennui: traders expect little more movement than the average parliamentarian after lunch.
On the stock side, the plot thickens. Core Scientific’s price, intoxicated by gossip of an imminent CoreWeave acquisition, soared a romantic 33% 🌹. Meanwhile, Circle, Coinbase, Riot Platforms and Hut 8 all experienced modest ascensions (5-7%), perhaps simply trying to keep up appearances. Strategy, as is its habit, fell — a full 1%, which, in this crowd, is considered dramatic.
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2025-06-26 23:37