Bitcoin, Ethereum, Dogecoin Move Lower Ahead Of Crypto Options Expiry: 'Bears Are Getting Cocky,' Analyst Says

Cryptocurrency markets are trading lower, with $2.9 billion in crypto options expiring tomorrow.

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$63,362	-2.8%
Ethereum ETH/USD	$3,130.8	-3.7%
Solana SOL/USD	$161.2	-7.8%
Dogecoin DOGE/USD	$0.1149	-6.6%
Shiba Inu SHIB/USD	$0.00001524	-5.1%

Notable Statistics:

• IntoTheBlock data shows a 1.8% increase in large transaction volumes and a 10.9% rise in daily active addresses.  However, exchange netflows narrowed by 232.6%.
• Coinglass data noted that 115,377 traders were liquidated in the past 24 hours. Total liquidations came in at $342.6 million. Bitcoin liquidations spiked to the highest levels since July 25.
• Deribit exchange noted that around $2.93 billion in crypto options are set to expire on August 2.
• Polymarket data shows Trump's odds down 18% since he was shot.

Notable Developments:

• Vice President Kamala Harris Chances Up To 43%: Is Her Crypto Pivot Driving The Surge?
• Bitcoin A CIA Creation? Tucker Carlson Believes So: ‘They Got There First. It’s Honey Trap’
• Cynthia Lummis Unveils Strategic Bitcoin Reserve Legislation: ‘This Is Our Louisiana Purchase Moment’
• Why Gold’s Luster Could Ignite A ‘Digital Gold’ Bitcoin Rally: 10x Research
• Mike Novogratz Predicts Kamala Harris May Soon Embrace Crypto In Light Of Donald Trump’s Pro-Crypto Stance

Top Losers:

Cryptocurrency	Price	Gains +/–
Dogwifhat WIF/USD	$1.88	-14.7%
Ordi ORDI/USD	$31.4	-12.6%
THORChain RUNE/USD	$3.8	-12.1%

Trader Notes: Crypto trader IncomeSharks noted that Bitcoin and the supertrend are holding on.

Crypto Scient noted that Bitcoin's monthly close is very bullish and thus any early month drop should be purchased quickly to see a green August. He looks to bid BTC between $60,500 – $59,500 with a stop-loss below $58,700.

Another crypto trader suggests that if the price is holding above $60,000, dips are for buying. He added that the short-term pullback in BTC resembles the last instance when the ribbons turned green.

#Bitcoin is currently trading within a descending broadening wedge, with the price holding above the MA ribbon support.

The hash ribbons have also printed a buy signal.

The short-term pullback in BTC resembles the last instance when the ribbons turned green.

The price… pic.twitter.com/Q55MszMVx7

— Mags (@thescalpingpro) August 1, 2024

CryptoCon stated that Bitcoin is down marginally, but people should focus on the "end game…it’s nothing to worry about." He says, "Hold hope, March 2024 triggered the final weekly bearish KST cross before the cycle top run."

Crypto chart analyst Ali Martinez, in his latest post, analyzed the $2.50 billion in leveraged long positions that got liquidated as BTC dipped below $63,000.

A bunch of #Bitcoin bulls got rekt in this downswing. According to data from @coinglass_com, over $2.50 billion in leveraged long positions got liquidated as $BTC dipped below $63,000!

Now, bears are getting cocky. But nearly $2.40 billion in leveraged short positions will be… pic.twitter.com/QHULbk8vWy

— Ali (@ali_charts) August 1, 2024

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Bitcoin’s Joined The Big Leagues, But: ‘We’re Not Bullish Enough,’ Says Bitwise CIO Matt Hougan

Image: Shutterstock