Crypto
Bearish Stance on Bitcoin and Ethereum Amid Backwardation and Short Gamma Flipping
A bearish stance on Bitcoin and Ethereum has been adopted by an analyst, who now recommends running outright shorts until technical and structural signals improve.
The analyst cites repeated failed attempts to force a BTC squeeze, crisis-level backwardation, and dealers flipping short gamma as indicators of heightened near-term downside risk.
A key breakdown level is identified at $77,000 for Bitcoin, while the S&P 500 faces elevated circuit-breaker risk due to negative correlation calendar spreads and an unhedged 250,000 put wall at 6,000.