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Wall Street is hunting whales!
Today, the billion-dollar Bitcoin options on CME will expire, with the maximum pain point at 85000, meaning that reaching this price will cause the overall options traders to suffer the greatest losses, which is the maximum pain price for this option.
The gods fought, and the retail investors suffered. So bear with it today, and when the options are delivered, the long and short players will leave, the market will be much normal, and the spot can be bought on dips, and the currency circle will most likely begin to rebound next week.
Alright, let's get to the point. The current crash is mainly due to the panic over tonight's PCE inflation data.
Tonight at 8:30, there will be PCE data released. The core PCE market expectation is to be higher than the previous value of 0.1%. Coupled with the upcoming tariffs and the Michigan inflation data at 10 PM, the market has a certain degree of risk aversion.
It now seems that the crypto market has already dropped in advance. Even if there is bad news tonight, it meets expectations and won't drop much. However, if inflation is lower than expected, that would be good news.