Logo
  • News
  • Cryptocurrencies
  • Data
  • Indices
  • Research
  • Events
  • Sponsored
  • Sign In
  • Sign Up
BTC logo
BTC
$115,964.73
0.94%
ETH logo
ETH
$3,687.56
0.89%
XRP logo
XRP
$3.0096
2.33%
USDT logo
USDT
$0.9998
0.01%
BNB logo
BNB
$769.02
2.82%
SOL logo
SOL
$172.23
3.03%
USDC logo
USDC
$0.9999
0.01%
DOGE logo
DOGE
$0.2109
2.11%
TRX logo
TRX
$0.3233
3.34%
ADA logo
ADA
$0.7376
2.75%
HYPE logo
HYPE
$41.17
5.18%
SUI logo
SUI
$3.6593
2.49%
XLM logo
XLM
$0.3949
3.15%
LINK logo
LINK
$16.88
2.58%
BCH logo
BCH
$554.31
0.24%
HBAR logo
HBAR
$0.2471
3.36%
AVAX logo
AVAX
$22.52
4.89%
WBT logo
WBT
$43.12
0.85%
LEO logo
LEO
$8.9366
0.20%
LTC logo
LTC
$106.15
0.13%
BTC logo
BTC
$115,964.73
0.94%
ETH logo
ETH
$3,687.56
0.89%
XRP logo
XRP
$3.0096
2.33%
USDT logo
USDT
$0.9998
0.01%
BNB logo
BNB
$769.02
2.82%
SOL logo
SOL
$172.23
3.03%
USDC logo
USDC
$0.9999
0.01%
DOGE logo
DOGE
$0.2109
2.11%
TRX logo
TRX
$0.3233
3.34%
ADA logo
ADA
$0.7376
2.75%
HYPE logo
HYPE
$41.17
5.18%
SUI logo
SUI
$3.6593
2.49%
XLM logo
XLM
$0.3949
3.15%
LINK logo
LINK
$16.88
2.58%
BCH logo
BCH
$554.31
0.24%
HBAR logo
HBAR
$0.2471
3.36%
AVAX logo
AVAX
$22.52
4.89%
WBT logo
WBT
$43.12
0.85%
LEO logo
LEO
$8.9366
0.20%
LTC logo
LTC
$106.15
0.13%
Ad
Markets
Share this article
X iconX (Twitter)LinkedInFacebookEmail

Market Wrap: Crypto Pullback Deepens; Expect Higher Volatility

Analysts expect higher volatility ahead of Friday’s month-end expiry.

By Damanick Dantes, Frances Yue
Updated Oct 24, 2022, 3:28 p.m. Published Aug 26, 2021, 8:37 p.m.
Bitcoin 24-hour price chart, CoinDesk 20
Bitcoin 24-hour price chart, CoinDesk 20

Cryptocurrencies were mostly lower on Thursday as bullish sentiment wanes. Stocks were also lower as Federal Reserve Bank of Dallas President Robert Kaplan mentioned during an interview on CNBC that he would like to see tapering of bond purchases announced in September.

Bitcoin was trading around $46,000 at press time and is down about 4% over the past 24 hours. Technical charts suggest the pullback could stabilize between the $42,000-$45,000 support zone.

jwp-player-placeholder
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

Traders will be monitoring Friday’s month-end option expiration, which could be a source of volatility. “The moderate volatility in BTC price this morning is likely due to an estimated $1.8 billion of monthly BTC options set to expire tomorrow,” wrote FundStrat in a newsletter on Thursday.

“The current max pain level, according to the derivatives exchange Derebit, is at $44,000,” FundStrat wrote.

For now, digital asset manager StackFunds wrote in a Thursday report that further consolidation is expected around current levels before the next upside push.

Latest Prices

  • Bitcoin (BTC) $47,000, -3.6%
  • Ether (ETH) $3,120, -3.09%

Traditional markets:

  • S&P 500: 4470, -0.58%
  • Gold: $1,793, +0.11%
  • 10-year Treasury yield closed at 1.35%, compared with 1.347% on Wednesday

Bitcoin whales selling

Large bitcoin holders, often referred to as whales (addresses with 1,000-10,000 BTC), have been distributing their holdings, according to blockchain data. Smaller bitcoin holders (addresses with 1-1,000 BTC), however, have been adding to positions, which could mean that retail investors have fueled the recent bitcoin rally.

The fact that large holders are in profit taking mode is an “unfavorable situation and leans bearish,” crypto research firm Delphi Digital wrote in a blog post.

Chart shows holdings of large bitcoin whales and smaller traders.

Source: Delphi Digital
Chart shows holdings of large bitcoin whales and smaller traders. Source: Delphi Digital

Higher volatility expected

“There has been a clear decoupling between short-term and long-term volatility since August 9,” options data provider Skew tweeted on Thursday. “Traders are expecting bitcoin volatility to ramp up in the later part of the year.”

The options market has also flipped bearish for the short term, with the one-week put-call skew reporting positive values at press time. That’s a sign of short-term puts, or bearish bets, drawing higher demand than calls, wrote CoinDesk’s Omkar Godbole.

Chart shows bitcoin at-the-money implied volatilities.

Source: Skew
Chart shows bitcoin at-the-money implied volatilities. Source: Skew

Bitcoin miner positioning

Bitcoin miners are back in accumulation mode after the sharp sell-off earlier this year. The miners’ positioning index (MPI), which tracks the ratio of BTC leaving all miner wallets, stabilized around negative levels.

“In every bitcoin bull run, miners sell before the final cycle top,” CryptoQuant wrote in a blog post. “This occurred in 2013, 2017 and now in 2021 (as shown in the yellow boxes below).”

“Recently we have entered a short-term bear market, also considered a correction,” CryptoQuant wrote. It is possible that miners are waiting for higher prices to sell their BTC holdings.

Meanwhile, Bitcoin’s mining difficulty – a measure of the amount of computing resources required to mine bitcoin – has increased for the third time in a row in yet another sign of the network’s staying power following a crackdown on the industry earlier this year by authorities in China.

On Wednesday, the blockchain’s mining difficulty increased by 13.2% at block 697,536, according to several mining sites.

Chart shows bitcoin miners' positioning index (MPI) with price.
Chart shows bitcoin miners' positioning index (MPI) with price.

Altcoin roundup:

  • Can Avalanche Keep It Up? In an explosive move reminiscent of the growth of Binance Smart Chain (BSC) and Polygon earlier this year, the Avalanche blockchain is attracting a flood of new deposits into its decentralized finance (DeFi) ecosystem. Despite the signs of strength, however, not all analysts are convinced the Ethereum competitor has staying power, CoinDesk’s Andrew Thurman reports.
  • What Binance Smart Chain’s Lagging Performance Means for Layer 1 Blockchains: It was not long ago when Binance Smart Chain (BSC) was beating Ethereum by several blockchain metrics, but the former Ethereum alternative darling has seen its growth slow amid intensified layer 1 blockchain competition. A growing number of “rug pulls,” or exploits on BSC, meanwhile, has also raised questions about BSC’s security after some users have left the platform fearing for the safety of their funds, according to analysts. BSC’s challenges show that while attracting new capital via cheaper, faster transactions is a first key step for any smart contract blockchain, security and decentralization are still essential for retaining users in the long run.
  • RLY Holders Approve Social Token Platform’s Decentralization Plan: Social token platform Rally is set to initiate a five-pronged decentralization plan after token holders voted unanimously in favor of the proposal Thursday. Rally will now branch into a venture studio, a decentralized autonomous organization (DAO), a nonprofit, an Asia-focused entity and U.S.-based Rally. Platform leads pitched the new structure as a “major step” toward full decentralization – a common goal in the crypto sector. The proposal was submitted last week.

Relevant News:

  • Microsoft Is Awarded US Patent for Crypto Token-Creation Service
  • Why the Fed Jackson Hole Show Matters to Bitcoiners
  • Anchorage Hires Former Wells Fargo Digital Assets Executive for Banking, Capital Markets
  • Coinbase Names Former Facebook Executive as Chief Marketing Officer
  • A16z Details Its New Approach to Crypto Governance


Market WrapBitcoinBitcoin PriceAltcoinsBitcoin MiningFederal ReserveBitcoin OptionsWhalesBlockchain Data
Damanick Dantes

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

CoinDesk News Image
Frances Yue

X icon
CoinDesk News Image

More For You

WIF Suffers Sharp 11% Decline Before Mounting Recovery to $1.21

By CD Analytics
Jul 23, 2025
"WIF price chart showing an 11% intraday decline to $1.16 support followed by recovery to $1.21 amid strong institutional buying and technical cup-and-handle pattern signaling potential upside."

Solana-based digital asset demonstrates institutional resilience following support test at $1.16, as large-scale investor activity and technical formations suggest potential upside momentum.

Read full story
Latest Crypto News
Article image

lorem ipsum article 1

8 hours ago
CoinDesk

Multisig Failures Dominate as $2B Is Lost in Web3 Hacks in the First Half

Jul 24, 2025
JPMorgan CEO Jamie Dimon

Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access

Jul 24, 2025
WIF Experiences 11% Intraday Swing with Institutional Support Driving Recovery to $1.21 Amid Bullish Technical Signals

WIF Suffers Sharp 11% Decline Before Mounting Recovery to $1.21

Jul 23, 2025
A momentum indicator has turned green for BTC bulls. (geralt/Pixabay)

[Article test] Bitcoin Climbs to $105K; Crypto ETF Issuer Sees 35% Upside

Jul 23, 2025
(CJ/Unsplash)

[Test] Bitcoin Perp Futures Open Interest on Offshore Platforms Surges The Most Since Trump's Crypto Reserve Disclosure

Jul 21, 2025
Top Stories
JPMorgan Chase CEO Jamie Dimon (Photo by Kevin Dietsch/Getty Images)

JPMorgan To Allow Clients To Buy Bitcoin, Says Jamie Dimon

May 19, 2025
Consensus 2025: Anthony Scaramucci, Founder, SkyBridge Capital

Scaramucci Says Bitcoin Treasury Trend Will Fade Despite Saylor’s Success

Jul 2, 2025
A barman shakes a cocktail shaker with an array of drinks bottles behind him.

Crypto Daybook Americas: Bitcoin Whiplash Shakes Market as U.S. Yield Spike Threatens Bull Run

May 19, 2025
Mike Novogratz, Galaxy founder and CEO, speaks at Consensus 2024 (CoinDesk/Shutterstock/Suzanne Cordiero)

The Bull Case for Galaxy Digital Is AI Data Centers Not Bitcoin Mining, Research Firm Says

May 19, 2025
Tokyo, Japan (Jaison Lin/Unsplash)

Metaplanet Buys Another 1,004 Bitcoin, Lifts Holdings to Over $800M Worth of BTC

May 19, 2025
A roller coaster. (Mark Wilson/Getty Images)

Bulls and Bears Get Caught off Guard as Bitcoin Jumps to $106K, Then Falls Back to $103K

May 19, 2025

This is your last article this month.

Sign up for free

About

  • About Us
  • Masthead
  • Careers
  • CoinDesk News
  • Crypto API Documentation
  • Blog

Contact

  • Contact Us
  • Accessibility
  • Advertise
  • Sitemap
  • System Status
Disclosure & Polices
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
EthicsPrivacyTerms of UseCookie SettingsDo Not Sell My Info

© 2025 CoinDesk, Inc.
X icon
Sign Up
  • News
    Back to menu
    News
    • Markets
    • Finance
    • Tech
    • Policy
    • Focus
  • Cryptocurrencies
    Back to menu
    Cryptocurrencies
    • Data
      Back to menu
      Data
      • Trade Data
      • Derivatives
      • Order Book Data
      • On-Chain Data
      • API
      • Research & Insights
      • Data Catalogue
      • AI & Machine Learning
    • Indices
      Back to menu
      Indices
      • Multi-Asset Indices
      • Reference Rates
      • Strategies and Services
      • API
      • Insights & Announcements
      • Documentation & Governance
    • Research
      Back to menu
      Research
      • Events
        Back to menu
        Events
        • CoinDesk: Policy & Regulation
        • Consensus Hong Kong
        • Consensus Miami
      • Sponsored
        Back to menu
        Sponsored
        • Thought Leadership
        • Press Releases
        • CoinW
        • MEXC
        • Phemex
        • Advertise
      • Videos
        Back to menu
        Videos
        • CoinDesk Daily
        • Shorts
        • Editor's Picks
      • Podcasts
        Back to menu
        Podcasts
        • CoinDesk Podcast Network
        • Markets Daily
        • Gen C
        • Unchained with Laura Shin
        • The Mining Pod
      • Newsletters
        Back to menu
        Newsletters
        • The Node
        • Crypto Daybook Americas
        • State of Crypto
        • Crypto Long & Short
        • Crypto for Advisors
      • Webinars
        Back to menu
        Webinars
        Select Language
        English enEspañol esFilipino filFrançais frItaliano itPortuguês pt-brРусский ruУкраїнська ukDeutsch deNederlands nl한국어 ko中文 zh