Capital waits on Bitcoin and Ethereum.
By Maxime Laurent · 2025-12-25 20:02
Capital waits on Bitcoin and Ethereum.
Liquidity is clustered in $BTC and $ETH, with derivatives hinting that the next move starts at the top.
Reading the latest market take from Wintermute, it feels like standing on the harbor at dawn. Everything is calm, almost suspiciously calm. Capital is clearly concentrated in $BTC and $ETH, and honestly, that matches the unspoken consensus: altcoins won’t truly run until the flagships light the fuse.
Right now, price signals are coming less from spot and more from derivatives. Funding rates stay relatively low, even during sell-offs. That tells me one thing — there’s no crowd of overleveraged longs begging to be wiped out. No excess heat. Just hesitation.
All eyes are now on December 26. A massive options expiry of $28.5B, with data from Deribit pointing to $96,000 as the infamous max pain level. That’s the zone where option sellers smile and traders grind their teeth.
This kind of market doesn’t reward impatience. It rewards alignment. When $BTC and $ETH finally choose a direction, capital will follow — fast. Until then, we wait, we watch, and we don’t force trades. Tranquille. 🌊
#Bitcoin #Ethereum #BTC #ETH #crypto #derivatives #marketstructure #Wintermute
Liquidity is clustered in $BTC and $ETH, with derivatives hinting that the next move starts at the top.
Reading the latest market take from Wintermute, it feels like standing on the harbor at dawn. Everything is calm, almost suspiciously calm. Capital is clearly concentrated in $BTC and $ETH, and honestly, that matches the unspoken consensus: altcoins won’t truly run until the flagships light the fuse.
Right now, price signals are coming less from spot and more from derivatives. Funding rates stay relatively low, even during sell-offs. That tells me one thing — there’s no crowd of overleveraged longs begging to be wiped out. No excess heat. Just hesitation.
All eyes are now on December 26. A massive options expiry of $28.5B, with data from Deribit pointing to $96,000 as the infamous max pain level. That’s the zone where option sellers smile and traders grind their teeth.
This kind of market doesn’t reward impatience. It rewards alignment. When $BTC and $ETH finally choose a direction, capital will follow — fast. Until then, we wait, we watch, and we don’t force trades. Tranquille. 🌊
#Bitcoin #Ethereum #BTC #ETH #crypto #derivatives #marketstructure #Wintermute
Disclaimer: This content is for informational purposes only and not financial advice.