Bitcoin Fall Down As Ether Stand Steady Amid Bearish Crypto Market
Bitcoin comot small after e reach $114,800, e fall go down to about $113,600 as bad bad feeling dey front before Fed Chair Jerome Powell talk for Jackson Hole. One options market sign don turn bad for Bitcoin for the first time since June 2023, as technical signals dey show say momentum dey weak. One old wallet sell 660 BTC and open $295 million Ether long positions, showing say people dey like ETH more now. People dey worry more about Bitcoin not decentralized well as mining pools Foundry USA and Antpool dey control over 50% of e hashrate. Market people dey lose confidence since Strategy (MSTR) talk say dem fit issue new equity to pay debt and dividends, even though dem get $73 billion BTC. Meanwhile, Ye’s YZY memecoin rise sharply to $3 billion market cap in minutes before e drop under $1 billion, showing small interest for celebrity tokens. Derivatives data show say Bitcoin futures open interest dey stuck above 700 K BTC and Ether futures open interest dey closer to 2 million ETH. The 180-day Bitcoin options skew show record demand for downside protection. Traders suppose watch these developments well for short-term wahala and big changes for crypto market.
Bearish
Di news dey signal say market fit go bearish because of some indicators. Bitcoin options market don flip negative for di first time since mid-2023, plus technical indicators dey show say momentum dey weaken, just like previous pullbacks. Big holders wey dey shift put for Ether longs mean say dem dey lose confidence for Bitcoin, meanwhile di hashrate centralisation dey add systemic risk. The quick rise and fall of YZY memecoin show say market volatility dey high and speculation too much. All these put short-term price pressure for BTC and e reduce risk appetite. Even tho Ether resilience and growing futures OI show say token rotation dey happen, overall stability go depend on macro cues from Jackson Hole symposium. Traders suppose ready for more volatility and make dem position carefully.