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▫️$BTC slipped below $60k and is sitting on its 200-week MA
▫️The Fear and Greed Index is in "extreme fear" territory
▫️Friday's $10.6bn options expiry is the largest of 2026 to date
The market is at a decisive level.
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$BTC reserves are climbing while price falls, back to 2.709m off the May lows.
In a drawdown coins usually go the other way.
Heavy distribution looks done, but fresh exchange supply and $500m of ETF outflows mean caution is warranted.
Bitfinex margin longs rise as $BTC falls.
They are up 108% from the cycle lows, with price down at $61,650. The position is now 22% from its record high.
Every cycle bottom since 2019 has come after a peak in this metric.
A swing trade that does not work out costs you twice on most exchanges. Once on the entry. Once on the exit.
Position management is harder when both legs carry a fee.
On Bitfinex, neither leg does.
Yesterday we flagged $BTC gamma at -143k and a likely vol expansion. It came.
Price fell from $64,000 to below $60,000 as dealer hedging amplified it. Net gamma has eased to -48k into Friday's expiry. $59,000 holds as support until that changes.
https://t.co/M4UAIRP93R
$BTC dealer gamma is at -143k BTC and deepening.
Short gamma means hedging flows amplify every move.
With major expiries in the next 7 to 14 days and 25-delta skew bid for puts, the conditions for a volatility expansion are in place.
$BTC supply in loss briefly topped supply in profit in early June, the first time since 2022.
It has eased from 10.5m coins to 9.3m. Whether it keeps falling or returns to that high is the signal to watch.
Similar crossovers have come near cycle lows.
$BTC dealer gamma is at -143k BTC and deepening.
Short gamma means hedging flows amplify every move.
With major expiries in the next 7 to 14 days and 25-delta skew bid for puts, the conditions for a volatility expansion are in place.
$BTC has held its range all week.
Friday's $10.6bn quarterly expiry clears the options floor at $60,000.
What replaces it depends entirely on spot demand.
https://t.co/xMLza7UdZH
Bitfinex Margin Lending credits interest daily at 01:30 UTC.
Not monthly, not on withdrawal.
That gives you the flexibility to lend more, sooner.
The difference adds up.
Tokenisation is not a future concept.
@anibalcripto argues it is already the present, and that integrating real-world assets faster is what determines who benefits first.
On Bitcoin Capital with @KnutsonJesse.
Long-term $BTC holders sold into the 2024 ETF rally. Now they are doing the opposite.
Their supply just hit a record 83% of circulating supply, and it is climbing fastest as price falls.
The cohort that took profit at the top is accumulating the decline.
Gamma is a local exposure intensified by time decay.
Looking at the Jun 26 BTC expiry, gamma is concentrated around the money and tapers off as spot moves away from the strike.
Delta changes fastest in this high-sensitivity zone.
Long gamma positions pay for this responsiveness, turning choppiness around the strike into positive P&L.
Short gamma wants the quiet path; fewer crosses through the strike.
95% of all $BTC has already been mined.
The inflation from remaining supply is not enough to drive the price cycles it once did.
@paoloardoino chats to @CRYPTO101Pod on what actually moves bitcoin now. 🎙️
The $BTC range is a standoff, not a stall.
Buyers from $72,000 are underwater and cap rallies as they exit at breakeven.
The broader market, average entry near $54,000, is in profit and defends the lows.
Interest rate cuts are gone for 2026.
The Fed's dot plot erased every cut that had been expected. $BTC ran 13.6% off the lows to $67K, then stalled.
The floor is holding for now.
https://t.co/QyiEn9YZJX
$BTC tested the lows twice last week and held both times.
The floor is intact, but the macro environment is not getting any better.
Bitfinex Alpha covers the pressure BTC needs to overcome.
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https://t.co/kGc570yb8I