Crypto news

Crypto Hocus Pocus: Bitcoin’s Yawn Near 2 Years, While IBIT Scoffs at Chaos

BBG News

What to know:

By James Van Straten (All times ET unless I’ve had my morning coffee)

If you thought folks still chuckled about Bitcoin’s wild days, think again. Looks like everyone’s tired of the game, since the price just drifts along like a slow boat down the Mississippi, barely daring to break its record highs. A quick peek at Google shows folks done got bored—they’re searchin’ for Bitcoin less than a cat drinks milk—rankin’ below 25, which is about as popular as a cold pancake on a Sunday morning. Back in November, when Bitcoin shot up nearly to $100,000, it hit rank 40. Now? Just a languid float.

This lack of fussing coincides with Bitcoin’s calmest spell in over two years. The Bitcoin Volatility Index (DVOL), that old barn engine, is runnin’ just above 40—about as lively as a 90-year-old on Sunday. Deribit’s implied volatility metrics? They’re about as exciting as a dry biscuit: The IV Rank is a tiny 2.3, and the IV Percentile? An astonishing 0.3—less move than a tree in a stiff wind.

This snooze fest has companies like Strategy (MSTR)—a big-time Bitcoin gambler—deciding to issue new preferred equity instead of selling off their regular ol’ stock like an auctioneer at a county fair. Meanwhile, IBIT—a fancy name for folks playin’ it safe—are catchin’ the benefits of the quiet times, attractin’ folks who aren’t keen on roller coasters but still want their Bitcoin fix.

Now, all eyes are peered at the upcoming U.S. jobs report comin’ Friday—might be the spark that stirs the pot. Unemployment’s expected to hold steady at 4.2%, and non-farm payrolls are predicted at a measly 130,000—less than what it takes to keep a small town runnin’. Any surprises could turn the markets into a racetrack with horses runnin’ wild again. Stay sharp, partner!

Token Talk

By Shaurya Malwa

  • Memecoin scallywags like FARTCOIN, PNUT, MOODENG, and GOAT got themselves a good tumble—losin’ 6% intraday and erasin’ a cool $150 million, all cause rumors circlin’ of a whopper $1 billion token sale. No joke, folks.
  • There’s worry about a new Pump token hitin’ a $4 billion valuation—like a giant elephant—suckin’ liquidity and makin’ the old coins sadder than a barn cat in the rain.
  • Weeks ago, Pump.fun decided to share half their fees—like a toothless pirate handing out some treasure—to keep folks from dumpin’ their tokens faster’n a duck on a June bug. Still, the community’s skeptics wonder why they need more loot when they already got around $700 million in earnings.

Derivatives Positioning

  • Deribit’s Bitcoin options story? It’s about as busy as a bee in July—hit an all-time high of $38.95 billion on May 27. June 27? They got contracts worth over $12 billion, with call options outnumberin’ puts almost two to one—like a pendulum swinging towards optimism.
  • Strikin’ interest? Folks are lookin’ at the $100,000–$150,000 range, with big bets around $108,000 and $110,000—a lot of money and hope tied up there.
  • Across all markets, Bitcoin’s derivatives reign supreme—over $33 billion in open interest, outshining ETH and others. Traders are stretched between $104,000 and $108,000; a retrace there could cause some serious scrapes—like a farmer’s cart spilling its load.

Market Movements

  • Bitcoin stays put at $105,875.59—like a mule in a muddy road—up just 0.53% in a day.
  • Ether? It’s the hero today—up 1.07% at $2,644.68. Looks like it’s got more than a belly full of fight.
  • Indexes? Hugging the positive side, with DJIA, S&P, Nasdaq all cheerfully climbing, as if the world ain’t goin’ mad.
  • Gold? Up over a dollar, silver just a bit, and stocks are climbing too—like kids on a sugar rush. Treasury yields? Droppin’ a point, which means folks still think the bonds are safer than a snake in the grass.

  • The dollar index is as still as Sunday noon at 99.18.
  • Precious metals? Gold’s ridin’ high at $3,015.9 an ounce, Silver’s chugging along at $34.67.
  • Global stocks? Japan, Hong Kong, FTSE—all rallyin’ like a barn dance—up between 0.6% and 0.8%. Wall Street players are cheerin’ too, with Dow and S&P wearing a smile.
  • U.S. 10-year Treasury? Down a smidge—just 1 basis point to 4.46%, like a tired cat on a porch.

Bitcoin Stats

  • Market dominance little changed at about 64%, like an old dog that’s set in his ways.
  • Ethereum’s to Bitcoin ratio? 0.025, up a smidge, trying to keep pace.
  • Hashrate? Steady at 927 EH/s, like a steady stream of cowboys on the trail.
  • Market cap? Bitcoin’s about 9% of the gold market—like a small town compared to the empire of riches.

Technical Analysis

  • Ether’s holdin’ better than Bitcoin or Solana—like a stubborn mule that refuses to quit.
  • The 200-day moving average? It’s the rock that keeps ETH’s ship afloat, as if the market’s bettor’s’ favorite oak tree.
  • If ETH keeps this strength, it might just brush past $3,000—like a polecat feelin’ frisky.

Crypto Equities

  • Strategy (MSTR): Up 4%, close to $387, and lookin’ spry in pre-market.
  • Coinbase? Nearly $259—like a pig at a trough—grabbin’ gains.
  • Other stocks? Risin’ and fallin’ like a porch swing—some up, some down—but all still in the game.

ETF Flows

Spot BTC ETFs

  • Daily flow? About $375 million—like a steady stream of cattle heading to the water.
  • Total held? About 1.2 million bitcoins—more than a herd of cattle.

Spot ETH ETFs

  • Flow? Around $109 million today—more folks jumpin’ on the bandwagon.
  • Holdings? Close to 3.7 million ETH—like a mountain of hay.

Overnight Flows

Chart of the Day

  • Since 2013, June’s been about as lively as a graveyard—averagin’ a -0.28% return, makin’ it the second-worst month. Only September’s worse, and that’s sayin’ somethin’.

In the Ether





Siamak Masnavi, Francisco Rodrigues, Jamie Crawley contributed enough to keep the wagons rollin’.

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2025-06-04 15:29

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