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Crypto Daybook Americas: Bitcoin Options Point to Gains as Bullish Flow Builds Ahead of CPI Data

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By Francisco Rodrigues (All times ET unless indicated otherwise)

Bitcoin BTC rose over the weekend, offering a reprieve after a week of market jitters. It is now trading around $106,600 after gaining 1.2% in the past 24 hours, while the broader CoinDesk 20 (CD20) index added nearly 1.7%.

The recovery appeared driven less by headlines and more their absence, marking a shift from the public feud between U.S. President Donald Trump and Tesla CEO Elon Musk that rattled investors. As tensions cooled, markets recovered.

Even developments that might be seen as negative did not appear to sway markets. These include Taiwan-based crypto exchange BitoPro confirming being hacked, and data from Blockchain.com showing a slowdown in BTC’s network activity to the lowest level in a year.

Meanwhile, the Hang Seng index jumped 1.6% as traders reacted to U.S. President Donald Trump expressing optimism for talks with China in London that start today, saying the meeting “should go very well.”

Still, concerns are mounting over deflation in China. Consumer prices fell 0.1% year-over-year in May and factory gate prices dropped 3.3%, the steepest decline since October 2022.

The People’s Bank of China has already responded by trimming interest rates, reducing reserve requirements, and injecting liquidity into the market. That may eventually benefit cryptocurrencies, which often trade in tandem with liquidity conditions in traditional markets.

All that may recede in importance on Wednesday, when the U.S. announces the latest inflation figures. May’s consumer price index report is expected to show a rise in core inflation to 2.9%, up from 2.8% in April.

A stronger-than-expected reading could delay the Federal Reserve’s next rate cut and inject volatility across financial markets.

In a note published Monday, Spanish bank Bankinter warned that rising inflation and U.S. bond yields could pressure equity valuations and weaken the «fear of missing out» momentum that’s been propping up global stocks and other risk assets.

The yield on the 10-year Treasury has already climbed to 4.5%, a level that could begin to weigh on market sentiment if inflation surprises to the upside. Crypto markets, for now, are caught in the crossfire. Stay alert!

What to Watch

  • Crypto
    • June 9, 1-5 p.m.: U.S. SEC Crypto Task Force roundtable on «DeFi and the American Spirit»
    • June 10, 10 a.m.: U.S. House Final Services Committee hearing for Markup of Various Measures, including the crypto market structure bill, i.e. the Digital Asset Market Clarity (CLARITY) Act.
    • June 11, 7 a.m.: Stratis (STRAX) activates mainnet hard fork at block 2,587,200 to enable the Masternode Staking protocol.
    • June 16: 21Shares executes a 3-for-1 share split for ARK 21Shares Bitcoin ETF (ARKB); ticker and NAV remain unchanged.
    • June 16: Brazil’s B3 exchange launches USD-settled ether (0.25 ETH) and solana (5 SOL) futures contracts, approved by Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM) and benchmarked to Nasdaq indices.
  • Macro
    • June 9, 8 a.m.: Mexico’s National Institute of Statistics and Geography (INEGI) releases May consumer price inflation data.
      • Core Inflation Rate MoM Prev. 0.49%
      • Core Inflation Rate YoY Prev. 3.93%
      • Inflation Rate MoM Prev. 0.33%
      • Inflation Rate YoY Prev. 3.93%
    • June 10, 2 a.m.: The U.K.’s Office for National Statistics releases April employment data.
      • Unemployment Rate Est. 4.6% vs. Prev. 4.5%
      • Employment Change Prev. 112K
    • June 10, 8 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases May consumer price inflation data.
      • Inflation Rate MoM Prev. 0.43%
      • Inflation Rate YoY Prev. 5.53%
    • June 11, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases May consumer price inflation data.
      • Core Inflation Rate MoM Est. 0.3% vs. Prev. 0.2%
      • Core Inflation Rate YoY Est. 2.9% vs. Prev. 2.8%
      • Inflation Rate MoM Est. 0.2% vs. Prev. 0.2%
      • Inflation Rate YoY Est. 2.5% vs. Prev. 2.3%
  • Earnings (Estimates based on FactSet data)
    • None in the near future.

Token Events

  • Governance votes & calls
  • Unlocks
    • June 12: Aptos (APT) to unlock 1.79% of its circulating supply worth $53.61 million.
    • June 13: Immutable (IMX) to unlock 1.33% of its circulating supply worth $12.82 million.
    • June 15: Starknet (STRK) to unlock 3.79% of its circulating supply worth $16.90 million.
    • June 15: Sei (SEI) to unlock 1.04% of its circulating supply worth $10.59 million.
    • June 16: Arbitrum (ARB) to unlock 1.91% of its circulating supply worth $32.21 million.
    • June 17: ZKsync (ZK) to unlock 20.91% of its circulating supply worth $41.25 million.
    • June 17: ApeCoin (APE) to unlock 1.95% of its circulating supply worth $10.88 million.
  • Token Launches
    • June 9: Skate (SKATE) to be listed on Binance, Bybit, MEXC,KuCoin, Bitget and others.
    • June 16: Advised deadline to unstake stMATIC as part of Lido on Polygon’s sunsetting process ends
    • June 26: Coinbase to delist Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN) and Synapse (SYN).

Conferences

The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight.

Token Talk

By Francisco Rodrigues

  • Skate, a blockchain infrastructure layer focused on unifying liquidity across decentralized networks, is introducing its SKATE token today.
  • The Token Generation Event (TGE) marks the public debut of the token, with listings on Binance Alpha, Bybit and MEXC.
  • Formerly known as Range Protocol, Skate is building a framework that allows decentralized applications (dapps) to run across multiple virtual machines like Ethereum, Solana and TON without needing separate deployments.
  • The token lies at the heart of the system, supporting governance, staking and liquidity provision through the network’s automated market maker (AMM).
  • Out of a fixed 1 billion token supply, 10% is being distributed via airdrops to early users, ecosystem contributors and NFT campaign participants. Claiming and staking the tokens immediately may boost rewards by 30%.
  • MEXC’s pre-market trading started on June 4, with prices initially jumping 33% to $0.20 before dropping back down to $0.12 at the time of writing.

Derivatives Positioning

  • BTC options open interest on Deribit is $32.9B, with calls significantly outweighing puts at 200,000 contracts versus 110,000.
  • The put/call volume ratio stands at 0.54, indicating continued demand for upside exposure. The $140K strike leads all others with 16,100 calls open, representing $1.79B in notional value.
  • The 27 June expiry is the main focal point, accounting for $13.1B in notional open interest or 41% of the total. Daily notional flow is highest at this expiry with $206M traded, followed by $194M at the 13 June expiry.
  • Monday flow data from Deribit shows 31% of contracts were calls bought and 17% were puts bought. The rest of the activity came from call and put selling, suggesting traders are combining bullish positioning with yield strategies at higher strikes.
  • Coinglass liquidation heatmaps show high concentrations of long leverage near $104K and $107K. A total of $39M in liquidation leverage is stacked around $104.7K, making it a key downside level to watch for potential forced selling.
  • Funding rates from Velo are steady, with BTC annualized funding holding near 6.2%. This reflects a moderately bullish stance, with no signs of excessive leverage in perpetual markets.

Market Movements

  • BTC is up 2% from 4 p.m. ET Friday at $106,743.74 (24hrs: +1.19%)
  • ETH is up 0.5% at $2,514.74 (24hrs: +0.29%)
  • CoinDesk 20 is up 2.18% at 3,088.96 (24hrs: +1.36%)
  • Ether CESR Composite Staking Rate is down 18 bps at 2.94%
  • BTC funding rate is at 0.006% (6.5667% annualized) on Binance

CoinDesk 20 members’ performance

  • DXY is down 0.31% at 98.89
  • Gold futures are down 0.16% at $3,341.10
  • Silver futures are up 0.87% at $36.46
  • Nikkei 225 closed up 0.92% at 38,088.57
  • Hang Seng closed up 1.63% at 24,181.43
  • FTSE is down 0.11% at 8,827.95
  • Euro Stoxx 50 is up 0.16% at 5,418.96
  • DJIA closed on Friday up 1.05% at 42,762.87
  • S&P 500 closed up 1.03% at 6,000.36
  • Nasdaq Composite closed up 1.20% at 19,529.95
  • S&P/TSX Composite closed up 0.33% at 26,429.13
  • S&P 40 Latin America closed +0.36% at 2,584.58
  • U.S. 10-Year Treasury rate is down 2 bps at 4.49%
  • E-mini S&P 500 futures are unchanged at 6,011.50
  • E-mini Nasdaq-100 futures are unchanged at 21,784.00
  • E-mini Dow Jones Industrial Average Index are unchanged at 42,840.00

Bitcoin Stats

  • BTC Dominance: 64.7 (+0.19%)
  • Ethereum to bitcoin ratio: 0.02355 (-0.80%)
  • Hashrate (seven-day moving average): 872 EH/s
  • Hashprice (spot): $52.77
  • Total Fees: 3.17 BTC / $335,041
  • CME Futures Open Interest: 148,080
  • BTC priced in gold: 31.8 oz
  • BTC vs gold market cap: 9.01%

Technical Analysis

Technical Analysis for June 9, 2025

  • Bitcoin has reclaimed the 20-day exponential moving average (EMA) on the daily timeframe after retesting the 50-day EMA for the first time since its breakout from $85,000. Price action has broken out of the downward trendline, signaling a potential shift in momentum.
  • However, it remains within a key daily order block, which may act as resistance.
  • For a bullish continuation, it’s crucial for the BTC price to hold above these reclaimed EMAs and secure a weekly close above $109,400, which would invalidate the current weekly swing failure pattern and confirm the cryptocurrency’s strength.

Crypto Equities

  • Strategy (MSTR): closed on Friday at $374.47 (+1.54%), +1.87% at $381.49 in pre-market
  • Coinbase Global (COIN): closed at $251.27 (+2.9%), +1.52% at $255.10
  • Circle (CRCL): closed at $107.7 (+29.4%), +10.21% at $118.50
  • Galaxy Digital Holdings (GLXY): closed at C$27.4 (+4.9%)
  • MARA Holdings (MARA): closed at $15.78 (+6.05%), +2.47% at $16.17
  • Riot Platforms (RIOT): closed at $9.85 (+9.57%), +2.94% at $10.14
  • Core Scientific (CORZ): closed at $12.19 (+2.18%), +0.9% at $12.30
  • CleanSpark (CLSK): closed at $9.79 (+8.54%), +2.66% at 10.05
  • CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $19.57 (+7.53%)
  • Semler Scientific (SMLR): closed at $32.98 (+1.04%), +1.49% at $33.47
  • Exodus Movement (EXOD): closed at $28.86 (+10.45%), unchanged in pre-market

ETF Flows

Spot BTC ETFs

  • Daily net flows: -$47.8 million
  • Cumulative net flows: $44.22 billion
  • Total BTC holdings ~1.2 million

Spot ETH ETFs

  • Daily net flows: $25.3 million
  • Cumulative net flows: $3.35 billion
  • Total ETH holdings ~3.77 million

Source: Farside Investors

Overnight Flows

Top 20 digital assets’ prices and volumes

Chart of the Day

Chart of the Day June 9

  • The chart shows spot ether ETFs in the U.S. have now recorded 15 consecutive days of positive net flows.
  • These flows follow Ethereum’s Pectra upgrade and as the ETH/BTC ratio recovers from a more than five-year low below 0.02.

While You Were Sleeping

In the Ether

For anyone concernedDo you guys need help?After both committees complete their markups on Tuesday, the two versions will be combined back into one bill.Gold on track for an inflow of $75 Billion this year, the largest in history

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Crypto Market Maker Wintermute Snags Bitcoin Credit Line From Cantor Fitzgerald

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Wintermute, a digital assets-focused market maker and OTC desk, has attained a bitcoin(BTC)-backed credit line from Cantor Fitzgerald, following similar financing deals announced last month with Maple Finance and FalconX.

Cantor said the newly launched Bitcoin Financing Business is expected to provide up to $2 billion in financing during its initial rollout. The size of Wintermute’s deal with the investment bank was not disclosed.

The lending and borrowing of crypto was taking place on an industrial scale several years back, but many of the firms involved either incurred heavy losses or were forced into bankruptcy as contagion spread through the industry. But Cantor’s debut perhaps signals a new and more institution-friendly phase.

Wintermute is currently expanding its presence in the U.S., where a groundswell of movement is happening in crypto trading under Donald Trump’s pro-innovation administration.

Institutional demand for digital assets such as bitcoin, stablecoins, and select high beta altcoins continues to accelerate, driven by catalysts such as ETF developments and shifts in interest rate environments, said Wintermute CEO Evgeny Gaevoy.

“Given the capital intensive nature of our operations, especially OTC trading, which involves managing settlement windows and maintaining capital across multiple venues, the facility enhances our ability to hedge risks effectively across exchanges and maintain broad market coverage,” Gaevoy said in an email.

Read more: Wall Street Giant Cantor Debuts Bitcoin Lending Business With First Tranches to FalconX, Maple

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BlackRock’s Spot Bitcoin ETF Snaps Four-Week Downtrend in Volumes

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BlackRock’s spot bitcoin (BTC) exchange-traded fund (ETF) listed on Nasdaq under the ticker IBIT rose 3.49% last week, snapping a four-week downtrend in trading volumes.

A total of 210.02 million shares changed hands in the week ended June 27, registering a 22.2% growth from the preceding week’s volume tally of 171.74 million shares, according to data source TradingView. That’s the first weekly growth since the third week of May.

The renewed upswing in volume comes amid continued demand for the ETF. Last week, IBIT registered a net inflow of $1.31 billion, following the preceding week’s tally of $1.23 billion. The largest publicly listed fund has amassed $3.74 billion in investor money this month, according to data source SoSoValue.

The 11 spot ETFs listed in the U.S. have collectively registered a net inflow of over $4 billion this month, marking the third consecutive monthly inflow.

IBIT's weekly chart with trading volumes. (TradingView/CoinDesk)

The chart shows that IBIT has formed a bull flag, mimicking the bullish continuation pattern on the spot BTC price chart.

A breakout, if confirmed, would signal an extension of the bull run from early April lows near $42.98.

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Bhutan Bets on Binance Pay to Power Crypto-Backed Tourism Economy

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Bhutan is going full tilt on crypto — not just to modernize its financial rails, but to attract high-value global travelers and build a digitally resilient economy.

At the Digital Bhutan panel, co-hosted by Binance, officials laid out a clear vision: bring crypto out of theory and into everyday life.

“Tourists complain they can’t use SWIFT or pay easily. Binance Pay fixes that,” said Damcho Rinzin, director of the department of tourism. Rinzin added that travelers are already using crypto to buy local goods — in one case, even groceries to cook their own meals.

Bhutan’s ambitions remain modest, just 300,000 visitors a year. But it wants them to stay longer and spend more — with Binance Pay’s 40 million plus user base as a lever. Binance CEO Richard Teng framed it as a shift from speculation to infrastructure.

“This is the first national crypto payments system,” Teng said. “The average crypto tourist spends $1,000 — nearly three times a regular tourist — and merchants receive instant settlements,” he added.

With over 1,000 merchants onboarded, and zero fees on Binance Pay compared to steep charges from other providers, Bhutan hopes to build a community-driven, tech-savvy ecosystem that aligns with its values. DK Bank, which played a pioneering role in Bhutan’s early bitcoin mining efforts, is now spearheading crypto adoption on the ground.

“Mobile and QR payments are already high,” said the bank’s CEO, Ugyen Tenzin said. “Crypto just fits,» he added.

«And this is just the start,» said Hobeng Lim, managing director of finance at Gelephu Mindfulness City. Gelephu Mindfulness City is a planned city in the country which merges technology, like blockchain, with culture, and sustainability.,

Lim added that they are many more blockchain-native projects in the pipeline, with digital assets formally recognized as a future growth engine.

“Crypto is not a side experiment, It’s a core industry,” Lim said.

Read more: Bhutan’s Crypto Reserve Could Pave Way for Economic Growth in Other Countries

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