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Bitcoin and Ethereum traders prepare for August slump as put options dominate

Market sentiment shifts, with traders increasingly wagering against crypto price boosts.

CryptoSlate

Aug 6

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Happy Wednesday!

Cryptocurrency markets enter August with a cautious tone as traders prepare for a potential slump, marked by dominant put options betting on price declines for Bitcoin and Ethereum. Meanwhile, Cardano's Midnight sidechain begins distributing tokens to holders across multiple blockchains, broadening participation. On the geopolitical front, Indonesian officials are exploring Bitcoin mining as a strategic asset for national reserves amid inflation concerns. Below are today's top headlines with in-depth coverage and links for details.

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The global crypto market cap is $3.75 trillion, with a 24-hour volume of $131.51 billion. The price of Bitcoin is $114,993.29, and BTC market dominance is 61.1%. The price of Ethereum is $3,626.25, and ETH market dominance is 11.7%. The best-performing sector is Charity, which gained 5%. The Crypto Fear & Greed Index is currently Neutral (54).