Market Snapshot: Bitcoin Trails Ether as Broader Crypto Weakness Persists

Crypto Markets Today: Bitcoin Slows as CRO Surges on Trump Media Treasury Deal

Bitcoin (BTC) hovered above $111,000 on Wednesday after rebounding from earlier European session lows, posting gains of less than 1% over 24 hours. By contrast, the broader CoinDesk 20 Index rose 3.2%, and the CoinDesk 80, which tracks smaller tokens, climbed 4%.

August is on track to be Bitcoin’s best month since 2021, though the cryptocurrency may still close in the red for a fourth consecutive year. Options market data signals potential upside ahead of the month-end expiry, with over $14.6 billion in Bitcoin and Ether options set to expire Friday. The “max pain” level—where the most options expire worthless—is $116,000, above current prices, providing incentive for sellers to push BTC higher.

Market and Technical Insights
Bitcoin’s long-term trend remains intact, with its 200-day moving average recently surpassing $100,000. BTC has traded above this level since late April, reflecting sustained long-term strength.

Open interest across major derivatives platforms has begun to decline, aligning with recent modest price corrections. BTC open interest currently stands at $30.3 billion, near its all-time high of $32.6 billion. Options data shows a steepening implied volatility curve for long-term contracts, while short-term metrics—including a negative 25-delta skew and put-heavy 24-hour put/call volume—point to near-term bearish sentiment. Funding rates on perpetual swaps have rebounded to 8%-10% APR after briefly dipping negative, reflecting renewed trader confidence. Coinglass reports $266 million in 24-hour liquidations, led by ETH ($99M), BTC ($47M), and SOL ($20M).

Token Spotlight: CRO Soars
Cronos (CRO) defied market weakness, rallying over 56% after Crypto.com and Trump Media (DJT) announced plans for a $6.4 billion CRO treasury. The initiative introduces practical use cases for CRO on Truth Social, including converting platform “gems” into CRO and using the token for subscriptions and discounted services.

The announcement drove 24-hour CRO trading volume up 1,300% to over $1 billion, making it a standout performer while BTC and ETH languished near key support. CRO currently trades at $0.225, up from $0.141 last week. Bloomberg noted that Crypto.com CEO Kris Marszalek previously donated $1 million to Trump’s inaugural committee and visited Mar-a-Lago after the election.