The 7D-EMA of STH-SOPR has traded below 1 since October 2025, currently sitting at 0.985 — confirming recent buyers lack meaningful unrealized profit to defend positions with. This is a textbook bear market characteristic requiring extended base-building before conditions normalize.

Tactically, spikes toward 1 during relief rallies tend to mark local exhaustion points, as recent buyers exit near breakeven rather than hold for further upside.

Bullish Bets Build in Bitcoin Options Market

Quarterly $BTC options expiring at month-end now represent over 40% of total open interest.

Notably, $75,000 call options account for more than 5%, showing a strong concentration of bullish positioning.

With BTC around $73,500, traders are watching closely to see if price can break above the $75K gamma wall this week.

Some remarks of the current $BTC structure.

1. Volume is compressing, shows that it's less solid break out
2. The current upside movement is being driven by the leverage position based on CVD, indicating steady spot demand (not increasing).
3. Similar fractal with January 14, 2026.

Hopefully I'm wrong but it's highly likely this break out is a bull trap.

-Wedson

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📊 JUST IN : Bitcoin hits $74,000

@BTC_Tick

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"What's a better time to cut interest rates than now? A 3rd grade student would know that."