Bitcoin Options Show Increased Bullish Flow Ahead of CPI Data Release
Bitcoin (BTC) has increased by 1.2% over the weekend, trading at approximately $106,600. The CoinDesk 20 index rose nearly 1.7%. The market recovery followed a period of instability due to tensions between U.S. President Donald Trump and Tesla CEO Elon Musk.
Key developments include:
- BitoPro exchange confirmed a hack but did not affect BTC's price
- Blockchain.com reported a year-low in BTC network activity
- The Hang Seng index surged 1.6% amid positive sentiment for upcoming U.S.-China trade talks
- Concerns over deflation in China arose with consumer prices declining by 0.1% year-over-year in May
- The People's Bank of China responded with interest rate cuts and liquidity injections
- Upcoming U.S. inflation data could impact market volatility
Market movements show:
- BTC is currently up 2% from Friday
- Ethereum (ETH) increased by 0.5%
- CoinDesk 20 is up 2.18%
Technical analysis indicates BTC has reclaimed the 20-day EMA, signaling potential bullish momentum if it holds above key levels. The focus remains on inflation data and its effects on financial markets.
Upcoming Events
- June 9: U.S. SEC Crypto Task Force roundtable
- June 10: U.S. House hearing on crypto regulations
- June 11: Stratis mainnet hard fork activation
- June 16: 21Shares Bitcoin ETF share split
- June 16: Brazil’s B3 launching ETH and SOL futures contracts
Derivatives Positioning
- BTC options open interest at $32.9B, with calls significantly outnumbering puts
- The put/call volume ratio stands at 0.54, indicating demand for upside exposure
- Funding rates remain steady, reflecting moderate bullish sentiment
Investors should monitor inflation data releases and market reactions as they may influence future price movements across cryptocurrencies.