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SOL $73.95 +1.28%
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LINK $7.94 +0.29%
HYPE $66.28 -4.26%
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SUI $0.7070 +0.05%
XLM $0.2122 -0.18%
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MARA Holdings purchased 1,000 BTC from FalconX, Robinhood's layoffs of over 10% led to a nearly 9% increase against the trend with a record trading volume in June

According to BBX data, the Federal Reserve's hawkish shift yesterday triggered a general decline in cryptocurrency concept stocks, but corporate buybacks and stock differentiation occurred simultaneously. The core dynamics are as follows:MARA Holdings, Inc. (NASDAQ: $MARA) has purchased 1,000 BTC from the cryptocurrency liquidity platform FalconX (privately held), with a transaction value of approximately $66.7 million (equivalent to an average price of about $66,700 per coin); this purchase occurred during the same time window as the release of the Federal Reserve's hawkish dot plot and Bitcoin's downward pressure on that day. This marks the company's first clearly recorded counter-cyclical buyback action since the large-scale sale of 20,880 BTC in Q1 (resulting in a Q1 net loss of $1.3 billion). As of the last disclosure (March 31), the company's BTC holdings were 35,303 coins; following this additional purchase, the total holdings are expected to rise to approximately 36,303 coins (pending confirmation from the company's official SEC filing). This transaction has not yet been disclosed in a formal press release or 8-K filing from the company, with data sourced from on-chain monitoring, awaiting official confirmation.Robinhood Markets, Inc. (NASDAQ: $HOOD) surged against the trend yesterday, reaching $110.73 during the day and closing at $105.20 (some real-time quotes showed an intraday increase of up to 12%), with a trading volume of 69.77 million shares, about 2.3 times the three-month average. The company announced that it would cut 10% of its full-time employees (resulting in approximately $28 million in restructuring costs, including about $20 million in severance and benefits costs and about $8 million in stock-based compensation costs). CEO Vlad Tenev emphasized that this move "stems from a position of strength rather than financial pressure"; concurrently, it was disclosed that the average daily trading volume in June reached historic highs across stocks, options, and prediction markets, with platform assets reaching $377 billion in May (up 48% year-on-year), and 27.7 million funded customers, with net inflows of $5.6 billion in May. Multiple institutions, including Deutsche Bank, Goldman Sachs, Needham, Cantor Fitzgerald, and Argus, raised their target prices to a range of $95 to $110 on the same day; Reuters also reported that the SEC is preparing to allow cryptocurrency companies to trade tokenized stocks and other products, which is also viewed as a positive by the market.

Data: Bitcoin's June pullback triggered $8.6 billion in options becoming out of the money, with 80% of positions nearing expiration becoming ineffective or amplifying volatility

Market data platform Deribit shows that as Bitcoin continues to decline in June, the options market set to expire this month has experienced a significant imbalance, with approximately $8.6 billion nominal value of BTC options in an out-of-the-money (OTM) state, facing the risk of expiring worthless.Data indicates that among the approximately $10.6 billion in open options contracts expiring on June 26, only about 20% are in-the-money (ITM), while the remaining 80% are currently at a loss. Analysts point out that this structural imbalance may trigger concentrated hedging adjustments by market makers and traders before expiration, thereby amplifying short-term market volatility.The current maximum pain price is approximately $74,000, which is about 14% higher than Bitcoin's current price of around $65,000. Theoretically, this price level means that the maximum number of options contracts will expire worthless, potentially creating an upward pull on prices as expiration approaches, although the effectiveness of this mechanism in the crypto market remains controversial.Additionally, the bullish and bearish structures in the options market are relatively close, with a Put/Call ratio of about 0.87, indicating increased divergence in market sentiment. Approximately $450 million in positions are concentrated in $60,000 put options, while $80,000 call options also form a key resistance level of about $406 million.Analysts believe that as the quarterly expiration approaches, concentrated exercising and hedging adjustments may become important driving factors for short-term price volatility, and Bitcoin may face a more intense directional choice window.
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