📊 BTC & ETH: spot recovery vs derivatives positioning
1/ 📈 Last Friday’s rally pushed BTC up from $84K to $88K, a level it then held the line at over the course of the weekend. In early Asian trading hours today, BTC modestly extended Friday’s moves but is currently capped at the $90K resistance level. ETH’s spot price followed a similar pattern also — with the second largest crypto once again reclaiming $3,000, after trading below $2,800 on Friday.


3/ 📉 In options markets however, vol smiles are still skewed bearishly towards OTM put contracts at all tenors for BTC and ETH, suggesting the recovering sentiment has not yet been enough to switch options traders into bullish positioning.


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