You are about to leave the website of SDM Inc. ("SDM") and will be redirected to the website of SDM Financial Inc. ("SDM Financial"), a US affiliate of SDM providing crypto derivatives trading services.
Please be aware that SDM Financial's services are not intended for, and should not be used by, residents of Canada.
By clicking on the link to SDM Financial's website, you acknowledge and agree that: You are not a Canadian resident.
SDM Financial is not registered with any regulatory authority in Canada and is strictly prohibited from entering, or otherwise engaging in, any transactions with Canadian residents.
Non-Canadian residents who deal with SDM Financial do so at their own risk, and SDM will not be held liable for any losses or damages incurred as a result.
By clicking 'I Accept' below, you confirm that you have read, understand, and agree to the above . If you do not agree, please select 'I Decline' and you will be redirected back to SDM's website.
Bitcoin’s washout looks like it’s starting to cool off. Short-term holder losses are easing, onchain data is flashing early signs of capitulation, and we’re seeing hints that a bottom might be taking shape. This is the third roughly 30% correction since spot ETFs went live in the U.S., so it’s not unfamiliar territory. Open interest has stayed surprisingly steady since the Oct 10 dump, while spot volume finally picked up after the $89k touch yesterday. Still, $88k is the key line to watch, if that gives way in a thin liquidity environment, the whole market likely takes another leg lower, alts included. We’ve already seen capital rotate into high-beta names, but those rallies keep getting faded. For now, it’s mostly dead cat bounces until sentiment resets to neutral.
The options board shows a cautious tone into year-end. For Nov 28 expiry, puts are stacked around $90k and $80k, while calls cluster between $100k and $125k. For Dec 26, biggest strikes are $85k and $140k. Traders are basically hedging for both tails, but leaning defensive.
Macro side, all eyes on the Fed minutes at 2pm ET. Markets want clarity on how divided policymakers are over more easing, especially with December now looking like a coin toss for a 25bp cut. The recent government shutdown delayed key data, muddying the picture, but with operations now back up, the Dec 9–10 meeting will be key. This meeting will include a fresh Summary of Economic Projections and a dot plot, which should give better insight into how many cuts the Fed actually sees next year.
In equities, Nvidia earnings after the bell could either calm or amplify the tech jitters. The street expects a strong beat and upbeat AI-driven guidance, but the stock has a lot to live up to. Profit-taking across megacap tech this week shows traders are questioning just how much gas the AI story has left in the short term.
Looking ahead, Thursday’s delayed nonfarm payrolls will be the next macro swing factor. A soft print could put rate cuts back on the table and offer some relief to risk assets, crypto included.
Crypto Charts
ETF Flow
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
Contact Us
Sign up to receive more exclusive market coverage:
