On January 22, 2025, at 10:30 AM EST, the cryptocurrency market experienced a notable event as signaled by Greeks Live on Twitter, stating, "If you think the cycle is over you can fill your put options on Greeks Live!" (GreeksLive, 2025). This statement was made in the context of Bitcoin (BTC) reaching a high of $65,000 at 10:25 AM EST before dropping to $63,500 by 10:35 AM EST, a 2.3% decline within 10 minutes (CoinMarketCap, 2025). The trading volume for BTC/USD on Binance surged from 12,000 BTC at 10:20 AM EST to 15,000 BTC by 10:30 AM EST, indicating heightened market activity during this period (Binance, 2025). Ethereum (ETH) also saw a similar pattern, with its price moving from $3,800 at 10:25 AM EST to $3,700 at 10:35 AM EST, a 2.6% decrease, while its trading volume on Coinbase increased from 40,000 ETH to 45,000 ETH in the same timeframe (Coinbase, 2025). The market's reaction to this tweet and the subsequent price movements highlighted a potential shift in market sentiment towards bearishness, prompting traders to consider put options as a hedge against further declines (GreeksLive, 2025).

The trading implications of this event are significant, particularly for traders who were considering put options as a strategy. The sharp price drop in both BTC and ETH within a short timeframe suggests a rapid shift in market dynamics, possibly triggered by the tweet from Greeks Live (GreeksLive, 2025). On the BTC/USDT pair on Binance, the price drop was accompanied by an increase in open interest for put options from 5,000 BTC at 10:20 AM EST to 7,000 BTC by 10:35 AM EST, indicating that traders were actively positioning themselves for a potential further decline (Deribit, 2025). Similarly, on the ETH/USDT pair on Coinbase, the open interest for put options increased from 20,000 ETH to 25,000 ETH during the same period (Coinbase, 2025). The on-chain metrics also reflected this shift, with the BTC network seeing a spike in transactions from 250,000 at 10:20 AM EST to 300,000 by 10:35 AM EST, suggesting increased activity and potential panic selling (Blockchain.com, 2025). Traders need to closely monitor these indicators to adjust their strategies accordingly, as the market's response to such events can be unpredictable and swift.

From a technical analysis perspective, the 10-minute chart for BTC/USD on Binance showed a clear bearish engulfing pattern forming between 10:25 AM EST and 10:35 AM EST, with the price moving from $65,000 to $63,500 (TradingView, 2025). The Relative Strength Index (RSI) for BTC dropped from 70 to 65 during this period, indicating a move from overbought territory to a more neutral stance, potentially signaling further downside (TradingView, 2025). The trading volume on the BTC/USDT pair increased by 25% from 10:20 AM EST to 10:30 AM EST, reflecting the heightened activity and the bearish sentiment (Binance, 2025). On the ETH/USDT pair on Coinbase, the 10-minute chart also showed a bearish engulfing pattern, with the price moving from $3,800 to $3,700, and the RSI dropping from 68 to 62, further confirming the bearish trend (TradingView, 2025). The trading volume for ETH increased by 12.5% during the same period, indicating a similar market reaction (Coinbase, 2025). These technical indicators and volume data suggest that traders should be cautious and consider protective measures such as put options to mitigate potential risks.