According to @doctortraderr, recent market analysis suggests Ether's (ETH) rally is on unstable ground, primarily fueled by leveraged futures speculation rather than fundamental demand, as noted by Matrixport. This leverage makes ETH, currently trading around $2,581, vulnerable to significant price declines, evidenced by a recent 8% weekend sell-off. Options market data reinforces this cautious sentiment, with Amberdata showing that the cost to protect against downside risk for ETH through June and July has increased significantly. Similarly, savvy Bitcoin (BTC) traders are preparing for potential drawdowns. QCP Capital reports that risk reversals for both BTC and ETH indicate a strong preference for downside protection, suggesting long-term holders are actively hedging their positions. While BTC trades sideways around $108,918 after breaking below its 50-day simple moving average, a bearish signal, Coinbase Institutional attributes the price stagnation to profit-taking and miner selling that counteracts spot ETF inflows. Despite the widespread hedging, some analysts like Cas Abbé remain bullish, citing strong on-balance volume as an indicator that BTC could rally to the $130,000-$135,000 range by the end of Q3.

According to @52kskew, Bitcoin (BTC) and Ether (ETH) markets are experiencing a lull, with traders actively hedging against potential summer pullbacks despite some analysts maintaining long-term bullish targets. Singapore-based QCP Capital notes that options markets show a negative skew, with puts trading at a premium, indicating traders are seeking downside protection. This cautious sentiment is echoed by data from Amberdata and observations from Coinbase Institutional, which highlight that long holders are hedging spot exposure. Technically, BTC has dipped below its 50-day simple moving average, a move that could trigger further selling toward the $100,000 level. In contrast, Joel Kruger of LMAX Group suggests the consolidation is bullish, with a potential run toward $145,000 for BTC, while market observer Cas Abbé sees strong on-balance volume pointing to a rise to the $130,000-$135,000 range by the end of Q3.