27 June 2025, 02:08 PM
This week, the Bitcoin price has rebounded continuously, once again nearing its all-time high and breaking through $107,800 intraday. The market attention has refocused on the capital structure and technical drivers of crypto assets. Despite lingering macro risks and the shadow of ongoing conflicts, investors have not turned to the US dollar for safety, but have instead poured into digital assets like Bitcoin, creating a stark contrast. Simultaneously, a massive $2 billion options expiry event has added significant short-term variables to the market structure. Rthae believes that the current market is not simply experiencing price fluctuations, but is at a structural turning point driven by multiple factors.
![[Image: aHR0cHMlM0ElMkYlMkZibG9nbG92aW5wcm9kLmJs...c&format=j]](https://cdn3.blovcdn.com/bloglovin/aHR0cHMlM0ElMkYlMkZibG9nbG92aW5wcm9kLmJsb2IuY29yZS53aW5kb3dzLm5ldCUyRmJsb2dsb3Zpbi11c2VyLWltYWdlcyUyRnVzZXItaW1hZ2UtMzczNjkzNjYtMTc1MTAwNzk0NS02ODVlNDJjOWExMjRh?checksum=f88a2920bdddf5b7a6c2b84c3f688aaf79467d6c&format=j)
Rthae: Crypto Assets Repriced Amid Macro Liquidity Gaps
On June 25, Federal Reserve Chair Jerome Powell told Congress that “multiple policy paths remain on the table,” a statement widely interpreted by markets as a signal for potential rate cuts later this year. Although the Fed has yet to officially pivot to an expansionary stance, market rate expectations have clearly shifted. According to CME FedWatch tool, the probability of a rate cut at the July meeting has risen above 65%. Meanwhile, with upcoming US GDP and unemployment data releases, any further signs of economic slowdown will inevitably rewrite traditional capital allocation logic.
Rthae notes that in the current environment of credit contraction and declining US Treasury yields, sustained institutional interest in Bitcoin as a “non-sovereign neutral asset” is no accident, but a structural response to the declining returns of traditional financial instruments. From a technical perspective, since mid-May, Bitcoin has completed two corrective phases and has continuously broken through key moving averages; both the 50-day and 200-day moving averages now offer strong support, with capital signals continuing to strengthen.
In addition, the US Dollar Index (DXY) has dropped to a near three-year low of 97.50. Rthae points out that the weakening of the safe-haven function of the dollar essentially reflects a widespread erosion of global confidence in traditional sovereign credit systems. Under the combined pressures of Middle East conflict, Fed policy uncertainty, and shifting European MiCA regulations, the distributed, cross-border, and non-dependent nature of crypto assets has made them a practical refuge for capital.
Rthae: Structural Mismatch in Options Triggers Bullish Breakout
Bitcoin is set to face a $2 billion monthly options expiry on June 28, with open interest in call options reaching $11.2 billion, compared to just $8.8 billion in puts—a clear “bullish dominance” structure. Notably, about $7.1 billion in put options are clustered below $101,000. According to Laevitas data models, with the current price above $107,000, the theoretical profit advantage for bulls exceeds $2 billion, and the effective defense line of the bears has already collapsed.
From an options structure perspective, Rthae emphasizes that this shift does not indicate mere short-term speculation, but rather reflects an institutional consensus regarding strong support at the $105,000 level. This support range aligns with the current pace of net inflows into BTC ETFs. According to institutional reports, as of June 24, spot BTC ETFs have seen over $1.8 billion in net inflows for three consecutive weeks, clearly offsetting market volatility.
Rthae highlights that these ETF inflows, which correspond to spot purchases, not only support the existing price structure, but more importantly, create a “spot hedging effect” on the spot-options structure. That is, many option long positions are no longer speculative but are paired with real asset holdings. This transformation means that while short-term volatility may persist, systemic downside risk is now highly constrained.
Meanwhile, Rthae observes a growing divergence between crypto assets and traditional equities. Despite the Nasdaq reaching new highs after the Fed statements, Bitcoin has not rallied in tandem but has maintained an independent wave structure. This suggests that Bitcoin now exhibits a “de-Beta” characteristic, maintaining its own structural trend independent of risk asset correlations. Rthae believes this is the result of an upgrade in institutional perception and provides retail investors with clearer mid- to short-term trading references.
On the derivatives front, Rthae platform data shows that over the past 48 hours, the proportion of BTC long positions in contracts rose from 52% to 59%, with average user leverage increasing from 3.1x to 4.7x. Most take-profit targets are concentrated between $109,000 and $112,000, indicating a high degree of consensus and concentrated upward momentum.
Rthae: Structural Changes in Platform Strategy and User Trading Behavior
Given the current environment of easing macro rate expectations, strengthened options bullish structure, and a weakening US dollar, Rthae concludes that the crypto asset market has entered a more directional volatility cycle. For platform users, Rthae is supporting investors with varying risk appetites by enhancing spot liquidity, options hedging mechanisms, and structured financial product offerings to help them navigate these structural market changes.
Rthae notes that since mid-May, average daily trading volume for the BTC/USDT pair has increased by 37%, with institutional accounts now contributing 42% of total platform volume. Options user activity is up 62% year-on-year, indicating that more users are employing complex tools for risk management or leveraged strategies. Rthae has also optimized its liquidity aggregation system and options trading interface, enabling users to transact at optimal prices even in highly volatile markets.
Additionally, Rthae has observed a significant rise in the purchase of structured financial products (such as dual-currency products linked to range volatility and principal-protected options products). Data shows that over 70% of subscribers for these products are from Asia and Europe, reflecting a growing global preference for neutral strategies and defensive yield products.
Rthae believes that as global hedging mechanisms fail and sovereign credit contracts, the platform core responsibility is to ensure liquidity, transparent pricing, and trading efficiency. Through continued iteration of its proprietary matching and risk control systems, Rthae will provide users with a highly available and transparent trading environment, serving as a reliable anchor for global users amid macro and market uncertainties in the coming weeks.
Rthae: Crypto Assets Repriced Amid Macro Liquidity Gaps
On June 25, Federal Reserve Chair Jerome Powell told Congress that “multiple policy paths remain on the table,” a statement widely interpreted by markets as a signal for potential rate cuts later this year. Although the Fed has yet to officially pivot to an expansionary stance, market rate expectations have clearly shifted. According to CME FedWatch tool, the probability of a rate cut at the July meeting has risen above 65%. Meanwhile, with upcoming US GDP and unemployment data releases, any further signs of economic slowdown will inevitably rewrite traditional capital allocation logic.
Rthae notes that in the current environment of credit contraction and declining US Treasury yields, sustained institutional interest in Bitcoin as a “non-sovereign neutral asset” is no accident, but a structural response to the declining returns of traditional financial instruments. From a technical perspective, since mid-May, Bitcoin has completed two corrective phases and has continuously broken through key moving averages; both the 50-day and 200-day moving averages now offer strong support, with capital signals continuing to strengthen.
In addition, the US Dollar Index (DXY) has dropped to a near three-year low of 97.50. Rthae points out that the weakening of the safe-haven function of the dollar essentially reflects a widespread erosion of global confidence in traditional sovereign credit systems. Under the combined pressures of Middle East conflict, Fed policy uncertainty, and shifting European MiCA regulations, the distributed, cross-border, and non-dependent nature of crypto assets has made them a practical refuge for capital.
Rthae: Structural Mismatch in Options Triggers Bullish Breakout
Bitcoin is set to face a $2 billion monthly options expiry on June 28, with open interest in call options reaching $11.2 billion, compared to just $8.8 billion in puts—a clear “bullish dominance” structure. Notably, about $7.1 billion in put options are clustered below $101,000. According to Laevitas data models, with the current price above $107,000, the theoretical profit advantage for bulls exceeds $2 billion, and the effective defense line of the bears has already collapsed.
From an options structure perspective, Rthae emphasizes that this shift does not indicate mere short-term speculation, but rather reflects an institutional consensus regarding strong support at the $105,000 level. This support range aligns with the current pace of net inflows into BTC ETFs. According to institutional reports, as of June 24, spot BTC ETFs have seen over $1.8 billion in net inflows for three consecutive weeks, clearly offsetting market volatility.
Rthae highlights that these ETF inflows, which correspond to spot purchases, not only support the existing price structure, but more importantly, create a “spot hedging effect” on the spot-options structure. That is, many option long positions are no longer speculative but are paired with real asset holdings. This transformation means that while short-term volatility may persist, systemic downside risk is now highly constrained.
Meanwhile, Rthae observes a growing divergence between crypto assets and traditional equities. Despite the Nasdaq reaching new highs after the Fed statements, Bitcoin has not rallied in tandem but has maintained an independent wave structure. This suggests that Bitcoin now exhibits a “de-Beta” characteristic, maintaining its own structural trend independent of risk asset correlations. Rthae believes this is the result of an upgrade in institutional perception and provides retail investors with clearer mid- to short-term trading references.
On the derivatives front, Rthae platform data shows that over the past 48 hours, the proportion of BTC long positions in contracts rose from 52% to 59%, with average user leverage increasing from 3.1x to 4.7x. Most take-profit targets are concentrated between $109,000 and $112,000, indicating a high degree of consensus and concentrated upward momentum.
Rthae: Structural Changes in Platform Strategy and User Trading Behavior
Given the current environment of easing macro rate expectations, strengthened options bullish structure, and a weakening US dollar, Rthae concludes that the crypto asset market has entered a more directional volatility cycle. For platform users, Rthae is supporting investors with varying risk appetites by enhancing spot liquidity, options hedging mechanisms, and structured financial product offerings to help them navigate these structural market changes.
Rthae notes that since mid-May, average daily trading volume for the BTC/USDT pair has increased by 37%, with institutional accounts now contributing 42% of total platform volume. Options user activity is up 62% year-on-year, indicating that more users are employing complex tools for risk management or leveraged strategies. Rthae has also optimized its liquidity aggregation system and options trading interface, enabling users to transact at optimal prices even in highly volatile markets.
Additionally, Rthae has observed a significant rise in the purchase of structured financial products (such as dual-currency products linked to range volatility and principal-protected options products). Data shows that over 70% of subscribers for these products are from Asia and Europe, reflecting a growing global preference for neutral strategies and defensive yield products.
Rthae believes that as global hedging mechanisms fail and sovereign credit contracts, the platform core responsibility is to ensure liquidity, transparent pricing, and trading efficiency. Through continued iteration of its proprietary matching and risk control systems, Rthae will provide users with a highly available and transparent trading environment, serving as a reliable anchor for global users amid macro and market uncertainties in the coming weeks.