Bitcoin surges past $75,000, XRP (XRP) and ether (ETH) jump 8%
Bitcoin exceeded $75,000, driven by the unwinding of short positions in derivatives, boosting the broader crypto market.Summary
Bitcoin surged past $75,000 early Tuesday, breaking through a long-term resistance corridor and lifting the broader crypto market, with the CoinDesk 20 Index up 5%. This move was largely fueled by traders closing bearish short positions, particularly put options around the $55,000 and $60,000 strikes, as they became unlikely to expire profitably. According to Markus Thielen of 10x Research, the unwinding of these downside hedges created bullish price action and reduced downside hedging pressure, forcing market makers to buy BTC. While the rally is accelerating, there hasn't been significant call buying, suggesting it's driven more by hedge unwinds than aggressive bullish positioning. Ether (ETH) gained nearly 8%, XRP (XRP) and Solana (SOL) gained 8% and 4% respectively, alongside other altcoins.
(Source：CoinDesk)