The bearish feeling is strengthened in front of the US works, expiration options

Bitcoin BTC$111,626.12 It is lower than 24 hours ago, less than 0.7%, but still firmly within the range that limits it since the last week of August. The decrease becomes a little more pronounced from midnight of UTC, with a drop of approximately 0.9%.

For the broader market, the Coindesk 20 index has fallen 1.3% since midnight, with all but a component that are directed south. XRP XRP$2,8174 It is the only card in the green, and that is less than 0.1%.

The negative feeling echoes in the options and markets of perpetual futures. Perpetual financing rates have fallen and sales options, or protection against price decreases, dominating calls. More than $ 4.5 billion in options will expire in Delibit on Friday, together with the US jobs report. For August.

“The open interest is inclined towards Puts, with a notable group around the strikes from $ 105,000 to $ 110,000, which suggests that the downward protection remains a key issue,” said Exchange derivatives in a publication over X.

Derivative positioning

• The positioning of BTC derivatives has cooled, the activity is still there, however, with impulse and directional conviction that is off instead of stagnant.
• The open interest in future perpetuals in the main places has decreased from the recent peak about $ 33 billion to approximately $ 30 billion.
• At the same time, the three -month annualized base continues to compress approximately 5% –6% between Binance, OKX and Delibit, leaving the transport trade only marginally profitable.
• The options data are sending mixed signals. While the implicit volatility curve of ascending slope suggests that the market expects long -term volatility to be higher than in the short term, other metrics point to a more immediate bearish perspective.
• Specifically, 25 Delta’s bias is still flat or slightly negative, and merchants pay a premium for calls to obtain downward protection. This short -term bearish feeling is contradicted by the volume of 24 -hour calls, with calls (63%) Dominant options for BTC.
• The APrs financing rate in the main places of perpetual exchange changes around 4% -6% annualized, according to veil data. Hyperlichid is the only exchange with a rate greater than 6% for BTC, which reflects a stronger long -term interest pocket in relation to other exchanges. In general, the financing dynamics suggests a stable market with isolated foam signs, instead of a wide directional condemnation.
• Caramel data show $ 225 million in 24-hour settlements, with a 50-50 division between long and shorts. Eth ($ 65 million)BTC ($ 46 million) and others ($ 19 million) They were the leaders in terms of notional liquidations.
• The Binance liquidation heat map indicates $ 110,250 as a central liquidation level to monitor, in case of a price drop.

Token talk

By Oliver Knight

• Donald Trump linked the word token Liberty Financial (WLFI) collapsed to a record under $ 0.174 on Thursday when the popularity of the Token begins to fade only days after its commercial debut.
• The daily reduction of 21% can be attributed to a series of factors, especially the fact that some tokens holders still have profits after buying during the sale of tokens. These headlines will be tempted to block their profits as the hype faded around the project.
• A merchant won $ 250 million after buying $ 15 million during the sale, another lost $ 2.2 million after spending a long time in WLFI futures.
• While WLFI is linked to the president of the United States, in terms of development and innovation, there is nothing obvious to differentiate it from thousands of other tokens with Defi issues. As a result, merchants can be inclined to jump the ship until they see the development of the project.
• “WLFI team, stop sleeping and start taking action. The community is already angry, at least does not lose the last remaining investors,” wrote an owner in X.
• The table looks disturbingly similar to Trump Memecoin that was launched in January. After an initial rise period, Trump lost 89% of its value and the daily volume decreased from $ 39 billion the opening day to only $ 210 million in the last 24 hours.
• In an attempt to suffocate the sales pressure, the project revealed in X that WLFI held the team would not be sold in the open market, stating that each token in the treasure would be subject to governance and not to the discretion of the team.
• The tweet could not stop the decline, and prices continued to fall shortly after.

Saksham Diwan contributed to this report.