The First Time BTC Has Hit $100K Since June

Find out our latest reports, listed below:

• Bybit x Block Scholes Quarterly Report: Rise of Perp DEXs — and how to catch the opportunity

• How did options markets react to the crypto selloff?

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• Metaplanet Is Selling Vol, Who Is Next?

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• Bybit x Block Scholes August Volatility Review

Market Snapshot: Overnight Moves:

Daily Updates:

• Having fallen below the $105K support level at the start of the week, BTC plunged more than 6% to $99K yesterday, the first time it had dropped under $100K since June 2025. That brings it 20% below its October all-time high. 
• ETH fared even worse over the past 24 hours, dropping more than 10% to a low of $3,050.
• The past month of bearish price action in crypto spot prices was ignited by the largest deleveraging event in crypto history, where over $19B in leveraged positions were cleared. That flushout in positions was initially triggered by an announcement from President Trump that the US would increase tariffs on China by an additional 100%. 
• While US equities were able to quickly bounce back from their losses following that announcement, crypto prices have lagged behind and sentiment in derivatives markets have remained ultra bearish. 

• The most recent collapse in spot prices has resulted in the implied volatility of short-dated BTC and ETH options breaking out once more. The ATM IV of 7-day BTC options increased nearly 10 percentage points over the past 24 hours to 51%, while longer-dated options maintained a 46% premium. That has firmly inverted BTC’s term structure of volatility — as was the case during Oct 10.
• For ETH, the inversion in the term structure is even steeper — shorter maturity ETH contracts trade with an ATM IV of 86%, the highest since Oct 10, while 180-day options trade at 70%. 
• The higher IV levels reflect the fact that options traders are pricing in a higher expectation of whipsawing price action in the immediate near term. That’s accompanied by a significantly bearish skew in BTC and ETH vol smiles, though, at least for now, traders are not as bearish as they were back in mid-October. 
• 7-day BTC smiles assign an 8% vol premium to OTM puts over calls at the same moneyness, compared to a -14% put-call skew ratio earlier in October. 
• Yesterday’s price action does nonetheless appear to have been driven more by spot BTC holder’s selling and not as strong of a liquidation-driven crash. The evidence supporting that is the fact that total liquidations, both in long and short positions totalled $2B according to Coinglass — far less than the $19B one month ago. 

• While crypto assets bore the brunt of the selloff, the move in crypto markets was not an isolated one. Both risk-on US equity markets and safe-haven precious metal markets sold off yesterday. 
• The S&P 500 dropped 1.17%, while the Nasdaq-100 fell more than 2%. Spot gold also dropped in yesterday’s session by nearly 2%, touching a low close to $3,900. 

• Semiconductor based company, Sequans Communications S.A. (NYSE: SQNS has sold 970 BTC, from its digital asset treasury to redeem 50% of its convertible debt issued during its July 7, 2025 offering. 
• The company’s Bitcoin reserves now total 2,264 BTC, down from 3,234 BTC, estimated at approximately $240M and they have lowered their total outstanding debt from $189M to $94.5M.

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