Zcash Drops Over 40%

BTC traded back near the low $60K region after renewed selling pressure, with ETH underperforming sharply as inverted options vol term structures and extreme short-dated put demand signalled continued hedging against further downside.

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In Today's Note

• BTC traded back near the low $60K region after renewed selling pressure, with ETH underperforming sharply as inverted options vol term structures and extreme short-dated put demand signalled continued hedging against further downside.

• Spot ETF flows showed early signs of stabilisation after prolonged outflow streaks, while US equities were mixed, ZEC plunged on Orchard vulnerability concerns, and regulators and institutions advanced tokenisation, stablecoin settlement and crypto market-structure initiatives

Market Snapshot: Overnight Moves

Macro & Markets

• After plunging to $61K early Thursday morning and then partly recovering to trade above $64K, a wave of fresh selling over the past 24 hours has resulted in BTC once more trading close to the low $60K region.