Greeks.live: Bitcoin continues to fluctuate below $100,000, the market wealth effect is relatively weak

Macro analyst Adam from Greeks.live posted on the X platform, stating that noteworthy macro events this week include news about the Russo-Ukrainian conflict from the US and Europe. The Russo-Ukrainian war has been a significant factor in driving up commodity prices. If there are changes to this situation, it could potentially alter the current overall inflation logic.

In terms of cryptocurrency, this week marks the opening of Consensus Hong Kong with numerous related meetings worth paying attention to. At the same time, FTX will begin repaying creditors. The EU's Markets in Crypto-Assets (MiCA) regulation is now fully effective, and compliant exchanges like Kraken are gradually delisting stablecoins such as USDT in European regions.

The crypto market continues to be sluggish with Bitcoin consistently fluctuating below $100k. The coin issuance drama by Milei exacerbated altcoin's downturn; wealth creation effect is relatively weak and market sentiment is very pessimistic. In options trading, implied volatility (IV) across all maturities continues to decline; at-the-money IV for current month has dropped to 45%, with major recent activity being large traders' repositioning.