Popular view: The expiration of $1.4 billion worth of options on July 10th provides irrefutable evidence that Bitcoin's price movement is being manipulated by Wall Street derivatives.

Institutional traders closed $1.43 billion worth of Bitcoin positions today, pushing the price to approximately $62,000. Meanwhile, retail traders in the spot market are still waiting for the return of natural market discovery.

The expiration of 23,000 options contracts reveals the harsh reality of decentralized finance. Bitcoin trading is no longer based on its fundamental value or macroeconomic hedging strategies. Paper derivatives now dominate the spot market. If the price deviates too much from the target strike price, institutional investors suffer huge losses, so they artificially suppress volatility. This behavior proves that Bitcoin is more like a Wall Street toy than a peer-to-peer network.

The Biggest Problem

Market makers manipulate spot prices to minimize their own profits. The maximum amount for which the bonds maturing on July 10 can be called early is $62,000.#Fed considers rate hikes #DOJ drops BitClub case #Tangem hardware wallet vulnerability