Bitcoin options traders load up on $50,000 puts and gold futures flash a death cross
SummaryBitcoin dipped to $57,700, its lowest since September 2024, before recovering to $58,800, with $395 million in liquidations recorded and bears remaining the more aggressive side despite open interest climbing to 768,000 BTC.Puts are trading at a premium to calls across all timeframes on Deribit, with a notable block trade targeting a $50,000 BTC put at the September expiry suggesting some traders expect a further 15% decline by end of Q3.Jupiter (JUP) rose 11.5% on a 55% surge in trading volume and a jump in TVL from 13.9 million to over 20 million SOL, while stellar (XLM) extended its weekly rally to 16%, keeping CoinMarketCaps altcoin season index sticky at 48/100. Bitcoin rose 0.3% to $58,700 on Wednesday, showing a sliver of strength after spiking down to $57,700, the lowest point since September 2024, shortly after midnight UTC. Ether (ETH) is at $1,580, having also experienced a slight relief bounce since 01:00 UTC. U.S. equity index futures are lower since midnight UTC, with Ss hardly surprising given BTCs dip to lows under $58,000 early in the day.The real story is crude futures listed on crypto exchanges. They have seen liquidations worth $15 million, the fifth-largest tally among all tokens. The figure shows just