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Exchange Review August
Crypto Trends

DOGE Rallies 3% Back Above $0.26 as Traders Target $0.30

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Dogecoin bounced sharply in early Sunday trade, recovering from Saturday’s slide to reclaim the $0.26 handle.

The move higher came after a mid-session flushout drove price to $0.248 on heavy volume, clearing weak longs before buyers stepped in.

DOGE is now consolidating just above $0.26 with traders eyeing the $0.30–$0.33 zone as the next resistance cluster.

News Background

• DOGE has been trading within a broad $0.24–$0.27 band through September as ETF filings and institutional mining investments build longer-term narratives.
• Reports show 2 billion DOGE accumulated by large holders over the past 72 hours, consistent with historical pre-breakout patterns.
• Broader crypto markets are stabilizing after last week’s $1.7 billion in liquidations, with DOGE drawing inflows as traders rotate back into high-beta tokens.

Price Action Summary

• DOGE dropped from $0.254 to $0.248 during Saturday’s mid-session selloff, establishing strong support at $0.247–$0.249.
• Volume surged to 485.6M during the capitulation, confirming institutional participation.
• The token rebounded into an ascending channel formation, closing near $0.252.
• By early Sunday, DOGE had reclaimed $0.26, with consolidation now evident above the level.
• Traders flag $0.30 as the next resistance test, with $0.33–$0.40 as breakout targets.

Technical Analysis

• Support: Strong base around $0.247–$0.249 following heavy-volume rebound.
• Resistance: Short-term at $0.265, broader upside targets $0.30–$0.33.
• Volume: Spikes at 15:00 (485.6M) and during late-session rallies (>17M in minutes) confirm institutional flows.
• Trend: Ascending channel structure forming from $0.248 trough.
• Momentum: Final 60-minute advance from $0.251 to $0.252 (+0.5%) signaled continued bid into session close.

What Traders Are Watching

• Whether DOGE can sustain closes above $0.26 to confirm base-building.
• SEC’s pending DOGE ETF rulings — a potential near-term catalyst for institutional adoption.
• Whale flows after 2B DOGE accumulation over 72 hours.
• Breakout potential toward $0.30–$0.40 if momentum accelerates.



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Exchange Review August
Crypto Trends

Anchored Above $0.251, Traders Watching $0.264 Break

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Dogecoin swung through a 5% range before fading late, with institutional liquidation flows breaking support in the closing session. A defended $0.251 floor and rebound toward $0.264 showed resilience, but a sharp 33M-volume selloff at 03:55 punctured momentum and left price consolidating near $0.261.

News Background

DOGE traded between $0.251 and $0.264 from Oct. 2, 04:00 to Oct. 3, 03:00, posting a 2.7% net gain after navigating both intraday correction and recovery phases. Analysts pointed to institutional desks as the dominant flow driver, with SBI and ETF speculation keeping broader bid interest intact. Technical specialists highlighted an emerging ascending megaphone pattern and hidden bullish divergence, suggesting potential upside remains despite short-term sell pressure.

Price Action Summary

  • DOGE dipped to $0.251 at 14:00 before rebounding to $0.264 by 21:00.
  • Selloff volumes peaked at 666M tokens during the downturn; the rebound phase drew 414M.
  • Support formed at $0.251–$0.253, while resistance consolidated at $0.262–$0.264.
  • In the final hour, DOGE slipped from $0.261 to $0.260 on a 33.1M spike, signaling institutional liquidation.

Technical Analysis

Key support remains anchored at $0.251–$0.253, where buyers repeatedly stepped in. Resistance is firm at $0.262–$0.264, with rejection pressure capping rebounds. The structure shows both resilience and fragility: late-session liquidation prints broke short-term support, yet broader patterns — including an ascending megaphone and bullish divergence on momentum indicators — suggest potential continuation toward $0.34 if buyers reassert above $0.262.

What Traders Are Watching?

  • Whether DOGE can stabilize above $0.260 after late-session liquidation.
  • A retest of $0.251–$0.253 support if selling persists into U.S. hours.
  • Confirmation of bullish divergence and megaphone breakout setups, with upside targets toward $0.34.
  • ETF speculation flows that could re-anchor meme-coin bids across DOGE and SHIB.



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BTC Breaks $120K With Traders Eyeing Bullish October Rally
Crypto Trends

BTC Breaks $120K With Traders Eyeing Bullish October Rally

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Bitcoin BTC$120,075.16 broke above $120,000, a level not seen since mid-August, as traders position for a bullish October for risk assets.

The token has been climbing steadily over the past five days, recovering from a late September pullback. Analysts point to renewed optimism around macroeconomic tailwinds that could boost risk assets in the final quarter of the year.

In the derivatives market, BTC futures are flashing bullish signals with open interest reaching a record high of $32.6 billion, suggesting traders are positioning for further upside. On-chain analyst Skew noted that short positions are also piling up, which could create an opportunity for a short squeeze.

Traders will be particularly focused on the next Fed meeting at the end of this month, which could happen without access to a fresh jobs report amid the government shutdown. Treasury Secretary Scott Bessent told CNBC on Thursday that the shutdown could further weaken the economy

“We could see a hit to the GDP, a hit to growth and a hit to working America,” he said.

Though historically the impact of a government shutdown on the economy has been minor, President Donald Trump’s threat to fire roughly 750,000 federal workers could have an effect in the current climate.

Appetite for crypto could also be fueled by hopes for an incoming altcoin season as several applications for altcoin-related spot exchange-traded funds (ETFs) will likely see approval once the government reopens.

Canary Capital’s Litecoin ETF is due for a response today with others facing deadlines between Oct. 10 and 24. The Securities and Exchange Commission (SEC), however, confirmed on Wednesday that it will not review any applications during the shutdown.

Similar to bitcoin, altcoins were trading higher over the past 24 hours, led by DOGE$0.2576 which was up nearly 3%. The CoinDesk 20 Index, which tracks the performance of the 20 largest crypto assets, is 1.5% higher over the same period.

Paul Howard, senior director of crypto trading firm Wincent, was skeptical earlier this week about bitcoin’s rebound, but he flipped bullish seeing the strength of the past days’ advance.

“With $BTC trading back at levels last seen in mid-July, the total market cap is once again above $4 trillion,” he noted. “We have seen a slow grind higher breaking above $115,000, indicating we are now more likely to stay above this level, with a CME gap to lock in the floor at $110,000.”

“I believe we are now set to see a sustained rally above $120,000 in the coming weeks,” he added.



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Exchange Review August
NFT Gaming

Dogecoin Traders Eye ‘Golden Cross’ While SHIB Surges 6%

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Dogecoin ripped nearly 9% higher, breaking through resistance on more than a billion tokens traded. Support reset to $0.242 after an early breakout, while late-session flows pushed DOGE into the $0.254 zone before consolidation.

Traders pointed to SHIB’s parallel 6% rally — underpinned by record trillion-token turnover and exchange balances at two-year lows — as further evidence of institutional accumulation across meme-coins.

News Background

DOGE advanced 8.8% over the 24 hours from Oct. 1, 03:00 to Oct. 2, 02:00, climbing from $0.23 to $0.25. The move was fueled by speculation around U.S. ETF approvals and aggressive institutional positioning.

SHIB also surged 6.2% in the same window, with exchange reserves dropping to multi-year lows, underscoring a reduction in available supply as meme-coins gained broader bid interest.

Price Action Summary

  • DOGE traded a $0.02 corridor, marking 9.3% volatility.
  • Breakout at 08:00 drove price from $0.234 to $0.242 on 1.03B tokens — 4x the average.
  • Intraday highs stretched to $0.249 and $0.253 before sellers capped at $0.254.
  • Final hour saw DOGE climb from $0.248 to $0.254 on back-to-back 40M+ surges, settling near $0.252.

Technical Analysis

Support has shifted to $0.242 following the breakout, with resistance hardened at $0.254–$0.255. The session carved an ascending triangle, validated by higher lows and sustained turnover.

Technical desks noted Golden Cross signals across majors, reinforcing bullish momentum. Analysts flagged a decisive break above $0.255 as opening a path toward $0.32 — with ETF-driven flows providing the catalyst.

What Traders Are Watching?

  • Whether DOGE can flip $0.25 into firm support and push toward $0.32.
  • If ETF speculation continues to underpin both DOGE and SHIB into October deadlines.
  • SHIB’s exchange supply squeeze — at two-year lows — as a potential tailwind for meme-coin rotation.
  • CD20 index reaction after both DOGE (+9%) and SHIB (+6%) posted outsized moves on heavy turnover.



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GameFi Guides

South Korea’s Crypto Scene Shrinks As Traders Flock Offshore: Report

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

South Korean crypto trading is shifting overseas as domestic exchanges see big drops in fiat deposits and trading activity, according to reports. While user numbers have risen, the money parked in won and the size of local markets have shrunk, signaling that more capital is finding its way to foreign platforms.

Capital Flight Accelerating

According to Fnnews, KRW deposits held on local exchanges fell by 42% to about ₩6.2 trillion compared with the end of last year. Daily average trading volume also slipped to ₩6.4 trillion, down 12% from the prior half-year.

Domestic crypto market capitalization was reported at roughly ₩95.1 trillion, a decline of 14% over the same period, while the global market cap fell by about 7%.

At the same time, outflows of crypto reached ₩101.6 trillion overall, with ₩78.9 trillion routed to registered foreign operators — that channel rose by 4%. These figures point to large sums moving beyond Korea’s trading venues.

Kimchi Coins Face Listing Pressure

Reports have disclosed that exchanges are tightening which tokens they list. The number of unique crypto assets listed domestically is 653, up by 55, but many of those assets trade only on a single platform.

There are 279 single-listing assets and about 43% of them have market caps of ₩100 million or less. That level of concentration leaves small tokens exposed to sharp price swings and to delisting risk if liquidity dries up or regulators press for stronger disclosure.

User Growth But Smaller Trades

User accounts are up to about 10.77 million, an increase of 11% from the prior year-end. Yet average capital per user appears lower, given the fall in KRW deposits and daily volume.

Total crypto market cap currently at $3.94 trillion. Chart: TradingView

Average losses from peak prices have also deepened; the mean maximum drawdown rose to about 72% from 68% previously. In short: more people hold accounts, but less money is staying on local platforms and risk for small holders has increased.

Regulatory And Banking Frictions Come Into Play

Based on reports, stricter rules and tougher bank partnerships are part of the story. Some exchanges struggle to keep real-name bank accounts or to meet new oversight criteria.

When fiat rails are weak, users turn to overseas venues that offer broader token lists and larger pools of liquidity. That has created an incentive for both traders and projects to look beyond the domestic market.

Featured image from Unsplash, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Exchange Review August
NFT Gaming

Traders Eye September Jobs Report for Cues on BTC Breakout Above $120K

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Crypto markets remained unchanged Monday and Tuesday after last week’s $1.5 billion liquidation flush, but traders remain cautious ahead of a critical run of U.S. economic data that could set the tone for October.

Bitcoin bulls defended the $110,000 support level several times over the past week, while Ether clawed back from a sharp dip to $4,075 that coincided with nearly half a billion dollars in leveraged longs being wiped out.

Total market capitalization now sits near $3.85 trillion, about 1.3% lower than a week earlier despite a 3.5% weekend rebound.

The Fed’s most recent rate cut initially provided a modest boost to Bitcoin, but investors say the path forward depends less on past easing than on Powell’s Tuesday speech and upcoming jobs data that is scheduled to be released on Friday at 8:30 a.m. (ET).

“The crypto market is at a macroeconomic crossroads, caught between a softening labor market and resilient economic growth,” said Nick Ruck, director at LVRG Research, in a message to CoinDesk.

“This week’s data — Consumer Confidence, Initial Jobless Claims, and the pivotal September Jobs Report — will be critical in gauging the Fed’s next move. Any signs of further labor market cooling could reignite rate cut expectations, providing a tailwind for majors like BTC, ETH, and XRP. Conversely, strong data may extend the current period of uncertainty and pressure,” he said.

Jobs data shows how many people are getting or losing work in the U.S. economy. If fewer people are working and unemployment rises, it suggests the economy is slowing.

That usually makes the Federal Reserve more likely to cut interest rates to support growth, which can boost risk assets like stocks and crypto. But if job numbers are strong and unemployment stays low, it signals the economy is still running hot. That can keep inflation high, making the Fed less likely to cut rates.

“This macro uncertainty is likely to maintain Bitcoin’s dominance, potentially capping the upside for Ethereum and the broader DeFi sector despite their superior yield opportunities,” Ruck added.

Market structure reflects the indecision. A guage for sentiment fell to 28 on Friday, entering “extreme fear,” before bouncing back to a neutral 50 by Monday. Bitcoin has consolidated in a tight $108,000–$118,000 range, with open interest compressed and funding rates normalized after the liquidations.

“The rebound is coming from roughly the same levels as in early September,” Alex Kuptsikevich, senior market analyst at FxPro, said in an email. “Once again, altcoins are recovering stronger than BTC. Such outperformance in the early stages of recovery often indicates the future winners of the race, which in this case are altcoins.”

Kuptsikevich noted Bitcoin’s technical levels remain pivotal: “At the end of last week, Bitcoin found support at 109,000. It was bought at roughly the same levels as the end of August and even slightly higher, which is positive for the bulls.”

“On the other hand, September’s local high is lower than the previous one, which generally indicates a decrease in volatility and a stronger movement towards a breakout beyond the $108-118K range. Movements within the range can give many false short-term signals,” he noted.

Ethereum faces its own inflection point. Analysts flagged a potential bottom, citing technical exhaustion after last week’s selloff. The token is also in focus after the launch of the first U.S. ETF with staking features, from REX Shares and Osprey Funds, with applications from BlackRock and Fidelity still under SEC review.

News around Solana added to the altcoin narrative. The network’s total value locked surged to $12.2 billion, up 57% since June, prompting fresh calls for a $300 price target. Meme coins have grown more prominent as well, with sector capitalization climbing 70% over three months.

Regulatory headlines, however, kept traders wary. The Wall Street Journal reported that U.S. regulators are probing potential insider trading tied to companies accumulating crypto reserves.
Elsewhere, ratings giant Moody’s separately warned that the rapid expansion of stablecoin use in developing countries poses risks to monetary sovereignty and financial stability.



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NFT Gaming

Will Bitcoin Finish the Month Above $105K? Traders Are Losing Faith

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In brief

  • Predictors on Myriad now think Bitcoin will hit $105,000 before $125,000.
  • Odds have flipped more than 20% in the last two days, as BTC continues its weekly slide.
  • The asset now sits only about 4% above the $105,000 mark.

The recent weakness in Bitcoin’s price has predictors on Myriad feeling bearish about the asset’s next major price milestone—now predicting a dip to $105,000 before it makes a new all-time high at $125,000. 

Odds of the next stop being $105,000 have increased to 68% in the last week, a gain of more than 25% in that timeframe. The bulk of that move has taken place in the last two days, with odds swinging more than 20% in favor of $105,000 since Wednesday night. 

Myriad is a unit of Dastan, the parent company of an edtorially independent Decrypt.

The market’s volatility has been aided by Bitcoin’s gradual decline, now down 5% in the last week and changing hands below $110,000 for the first time since September 2. 

The top crypto asset is flat in the last 24 hours amid news that U.S. core inflation held at 2.9% in August. 

In addition to inflation data, markets are now also contending with new tariff headlines courtesy of President Donald Trump, leaving risk assets “under pressure” and “capital flows cautious,” according to Bitunix analyst Dean Chen. 

“The recently announced high tariffs remain an uncertain factor that could deliver one-off inflationary pressure while weighing on growth,” Chen told Decrypt on Friday. 

More than $162 billion in crypto valuations has been wiped out this week as Bitcoin just barely hangs on to a percentage point gain since September began. The month typically signifies a brutal stretch for Bitcoin, which has dropped 3.77% on average during the month in each year since 2013. 

It will need a major turnaround to climb back towards its all-time high of $124,118. At its current price, BTC sits just 4% above the $105,000 mark that will bring resolution to the Myriad market which has attracted more than $300,000 in trading volume. It would need to gain 14% to resolve the other way. 

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Crypto Traders Have a New Fave in Aster as It Jumps 2,000% in 7 Days: How High Can It Go?

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In brief

  • Aster is the flavor of the week for crypto degens, up a staggering 2,180% in just seven days.
  • The Aster token today surged another 19% to $2.35, breaking above key resistance levels with strong volume.
  • How high will Aster go? Technical indicators and prediction market data show mixed signals.

After a choppy start to the week, the crypto market is slowly inching back upwards today.

But with Bitcoin and most other major cryptocurrencies stuck in rangebound trading, there’s one coin out there getting degens excited: the Hyperliquid rival, Aster.

The Aster token is currently trading at a $3.8 billion market cap, and an $18 billion fully diluted valuation, after debuting just one week ago.



Here’s what’s going on, what the charts have to say about Aster’s rapid rise:

Aster: An explosive rise

Aster is the native token of a decentralized perpetual futures exchange by the same name that’s challenging Hyperliquid’s dominance in the sector. It runs on multiple blockchains, including Ethereum and Solana, but it primarily exists on BNB Chain, formerly known as Binance Chain.

Aster, the exchange, has been around for over a year, but activity on the platform exploded following the launch of the Aster token, which trades as ASTER, last week on BNB Chain. Since then, Aster, the DEX, has flipped Hyperliquid in daily volume and revenue, generating $534 million in volume and over $7 million in revenue in the last 24 hours, according to DefiLlama.

The Aster token today is up almost 20%, trading at around $2.30, after skyrocketing by over 2,000% in value since its launch on September 17. It’s a remarkable rally that seems to only be intensifying. The token has already reached a market cap above $3 billion—enough to claim the number 35 spot among all coins on CoinMarketCap, and the 47th spot on CoinGecko. (These indexes track different cryptocurrencies outside of the top 25 or so.)

Aster price data. Image: Tradingview

The technical picture for ASTER shows powerful bullish momentum. It’s worth noting, though, that since the token is only a week old, technical analysis isn’t as reliable as it typically is for assets with more trading history.

Nevertheless, the Relative Strength Index, or RSI, for Aster stands at 65, which indicates strong buying pressure. RSI measures momentum on a scale of 0-100, where readings above 70 typically signal overbought conditions that often precede pullbacks. At 65, Aster still has room to run before hitting levels where profit-taking typically emerges.

The Average Directional Index, or ADX, for the Aster token is at 34, which confirms a strong trending environment. ADX measures trend strength regardless of direction, with readings above 25 indicating a confirmed trend. At 34, we’re seeing powerful directional movement for Aster that traders typically use as confirmation to stay with the trend rather than fight it. This suggests the recent momentum isn’t just noise but represents genuine market conviction.

The Squeeze Momentum Indicator shows “off” status, indicating that price volatility has already been released and the current movement will continue for at least a short time, though potentially at a slower pace until a new contraction happens. Again, in young coins, this analysis is prone to inaccuracies, and traders looking for signals on very short time frames may be better off relying on price supports and resistances until other indicators gain more time to provide solid readings.

A lot of the excitement around Aster right now appears to be driven by the rewards program that the Binance-backed DEX has planned. The Aster token launched with an airdrop for early users, and the exchange has teased future rewards for current users, along with a token buyback program using revenue generated from trading fees.

But if sentiment signals are what you’re after, then there’s some insight to be gained from action on prediction markets for the token at the moment.

On Myriad, a prediction market developed by Decrypt’s parent company Dastan, users currently believe there’s a very strong chance Aster maintains its spot in the top 40 coins on CoinMarketCap by the end of the week, placing odds at above 87%. And those odds have risen rapidly over the last few days, up from just 35% on Monday, as you might expect with the coin jumping in value.



Myriad users are also placing roughly 40% odds that Aster continues its rapid rise up the ranks and doubles again in price before November, hitting a price of $4 per coin. That would be enough to claim a nearly $7 billion market cap and a spot near the top 30 coins.

Will it get there? Crypto markets are fickle, but the charts are bullish, and crazier things have happened.

Key Levels:

  • Immediate support: $2.20 (previous resistance turned support)
  • Strong support: $2.00 (psychological level)
  • Immediate resistance: $2.40 (recent high area)
  • Strong resistance: $2.60 (next major psychological barrier)

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Crypto Trends

Will Traders in Asia Drive Next Phase of the Bitcoin Bull Run?

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In brief

  • Asian session’s 46% cumulative returns over the past year tower over the U.S. 31% and the EU’s 29%.
  • While the Asian session may temporarily knock back U.S. and EU institutions, it won’t be enough to kickstart the second half of the bull run. 
  • Liquidity, leverage, and macroeconomic conditions will determine how long this cycle will last. 

Crypto market data shows that cumulative returns in the Asian session are outpacing those in the U.S. and EU. Despite this growing divergence in returns, an analyst told Decrypt the U.S. still plays a pivotal role in shaping how this cycle progresses.

Over the past year, the cumulative returns noted in the Asian session hovered around 47%, closely followed by the U.S. and EU with roughly 31% and 29%, per Velo data.

Ryan Lee, chief analyst at Bitget, told Decrypt that this is due to “a 69% year-over-year increase in APAC trading volumes, reaching $2.36 trillion by mid-2025.” The primary reason for this uptick, he explained, is regulatory clarity in Hong Kong, boosting institutional and stablecoin adoption.

The divergence in returns between the East and the West could be due to the driver of the underlying capital, Jeffrey Ding, chief analyst at HashKey Group, told Decrypt. While institutional flows remain dominant in the U.S. and EU, he explained, “Asian markets are still more retail-driven, which naturally brings higher volatility and a stronger speculative element.”



The Kimchi premium, tracked by CryptoQuant, has remained positive over the past year, except for a few dips in late November 2024 and the first half of 2025’s third quarter. The indicator, nicknamed after a popular Korean dish, measures the premium investors are paying for crypto assets on South Korean exchanges, such as Upbit and Bithumb, compared to global exchanges, including Coinbase, Binance, and Bybit.

Referring to the “eastward liquidity shift,” Lee explained that the spike in the Kimichi premium, coupled with a drop in the U.S. vs offshore exchange reserve ratio, has cemented Asian exchanges such as Binance, Bybit, Bitget, and others.

This development, as a result, could help sustain the APAC’s cumulative returns and dominance, helping boost the second half of the ongoing bull run.

Ding, on the other hand, took a different route, noting that the Asian session is amplifying the Bitcoin bull run, which is a “product of the U.S. policy and positive expectations around liquidity,” influenced by other factors, such as global dollar liquidity, Federal Reserve decisions, and regional regulatory environments.

All of which will determine how long this cycle will last, he added.

While a surge in Asian speculative flows may temporarily prompt the U.S. and EU to step back, Ding added, it may not be enough to “alter the long-term trajectory of institutional investment.”

Bitcoin is up 0.4% in the past 24 hours and is currently trading at $113,000, attempting a recovery bounce after Monday’s liquidation cascade, according to CoinGecko data.

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How Bitcoin Options Traders Are Positioning Amid the Crypto Market Rout

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In brief

  • Implied volatility remains low despite Bitcoin’s dip following a wipe out $1.65 billion in long positions across the crypto markets.
  • Put-buying activity shows options traders are expecting further downside this month.
  • Long-term positioning over the next three to six months remains bullish.

Bitcoin extended weekend losses on Monday, triggering one of the largest liquidation events this year. Options traders are now positioning with a bearish skew in anticipation for a continuation of the downtrend.

The top crypto fell less than 4% on Monday, but the resulting liquidation cascade was the biggest this year, wiping out roughly $1.65 billion in longs and $145 million in shorts.

Despite the scale of the recent fallout, implied volatility, which tracks the future expectations of options traders, showed little change and remains muted, Adam Chu, chief researcher at GreeksLive, told Decrypt. 



There was, however, a significant uptick in put-buying activity among options traders after the crash, according to experts who spoke to Decrypt, which hints that markets are pricing in a continuation of the recent drop.

There’s a “heightened demand for puts” among options traders, “as fears of continued downward price action worry the market,” Sean Dawson, head of research at on-chain options platform Derive, told Decrypt.

Max Shannon, senior associate at Bitwise Europe, told Decrypt that the “market is pricing in short-to-medium-term downside,” driven primarily by the consistent uptrend in  1-week and 1-month put-call delta skew to its highest level since early August.

A put-call delta skew measures the difference in implied volatility between out-of-the-money puts and calls with the same expiration date. An uptick in this metric indicates an increase in put-buying activity among investors for downside protection.

Shannon speculates that this bearish flow could be because of the “sell-the-news” expectations weighing down on crypto markets after the highly anticipated Federal Reserve’s quarter-point rate cut on September 17.

The S&P 500 index and gold, meanwhile, have returned 3.68% and 12.41% since Fed Chair Jerome Powell’s dovish Jackson Hole comments on August 22. In contrast, Bitcoin and Ethereum show negative 1% and 3% returns in the same period, per TradingView data.

Despite the crypto-specific selling pressure, muted implied volatility, and put-buying, Chu said the market remains “optimistic about the fourth quarter” and that bullish positioning began as early as last month.

Dawson echoed Chu’s outlook, adding that “prices will trend inevitably upwards” over the next three to six months, based on options traders’ positioning and bullish strikes. 

He expects a sharper recovery for Ethereum relative to Bitcoin as market makers are net short gamma, which could force these investors to purchase spot Ethereum if the price moves against their downside positions.

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