10x Weekly Crypto Kickoff – Bitcoin Must Hold This Critical Level, otherwise...

Bitcoin just lost $69,000, and that’s not a small detail.

The market structure has shifted, and positioning is starting to reflect it.

Futures traders have unwound their longs, and funding has collapsed into deeply negative territory.

At the same time, options flows are rotating aggressively toward downside protection.

Which level is critical? We explain in our latest report.

Implied volatility is being repriced higher, with front-end vol now back in the mid-60s.

Skew remains firmly negative, signaling persistent demand for protection over upside exposure.

This is no longer a market chasing the $75,000 breakout. The market has quickly shifted; at least the "faster" derivatives traders have adjusted their positions.

It’s a market preparing for uncertainty, and potentially a larger move.

What’s more interesting is the macro backdrop.

Markets are starting to price in rate hikes, while the Fed is still guiding toward cuts.

That disconnect rarely lasts long.

And if this oil shock turns into a growth shock, risk assets won’t be spared.

Despite ETF inflows holding up, the derivatives market is telling a different story.

Key levels are now in focus, and if they break, the downside could accelerate quickly.

This is our weekly kickoff report, detailing flows, positioning, what has changed versus previous weeks, and where the consensus view differs from the 10x Research view.

You will not find a more detailed report, preparing you for the week ahead:

https://update.10xresearch.com/p/10x-weekly-crypto-kickoff-bitcoin-must-hold-this-critical-level-otherwise