10x Research: Bitcoin Loses $69,000, Derivatives Market Turns Defensive, Downside Risks Intensify

Crypto News: 10x Research posted on X platform analyzing that Bitcoin has fallen below the key level of $69,000, indicating a significant shift in market structure and clear signs of traders adjusting their positions. Futures traders have significantly closed long positions, with funding rates turning deeply negative. Meanwhile, options flows are clearly shifting toward downside protection, and short-term volatility has rebounded to the mid-range, with skew remaining negative, reflecting ongoing hedging against downside risks. 10x Research added that the market is no longer trading around the expectation of breaking above $75,000. Traders in the derivatives market, who react faster, have already adjusted their positions, and the overall market is preparing for uncertainty and even larger volatility. On a macro level, the market is beginning to price in rate hike expectations, while the Federal Reserve still signals rate cuts, a divergence unlikely to last long. If oil price shocks further evolve into growth shocks, risk assets could come under pressure. Key price levels have entered a sensitive zone; once breached, downward momentum could accelerate.