TechFlow reported on July 24 that QCP Capital analysts said market sentiment in the Bitcoin options market has shifted over the past 24 hours, with traders adopting a cautious stance toward further downside. The analysis noted a three-point reduction in implied volatility spread between Bitcoin call and put options, reflecting increased alertness to downside risks. While spot prices remain stable, the options market is sending different signals, suggesting potential for additional selling pressure in the near term.
In addition, the U.S. government recently transferred nearly $4 million worth of Bitcoin to Coinbase, and Mt. Gox creditors have begun receiving Bitcoin and Bitcoin Cash deposits on the Kraken platform. Analysts suggest that due to these sell-side pressures, prices of Bitcoin and Ethereum may remain subdued in the short term until market momentum recovers ahead of the upcoming election.
Data from CryptoQuant shows a significant increase in Bitcoin withdrawals from Kraken as Mt. Gox creditors start receiving assets. Analysts view this as a potentially positive sign, indicating that creditors may prefer to hold rather than immediately sell their received Bitcoin.
