Bitcoin Loses ATH Gains but Options Stay Calm — Monitor Macro for 2025 Upside

I watched Bitcoin surge to $124,089 and then drop below $117,500, wiping out about $227M in leveraged longs. Despite the $6,630 decline, futures premiums stayed around 9%, suggesting the move wasn’t driven by extreme leverage.

I see the initial scare from hotter US July PPI and a slight fall in rate-cut odds, but the larger impact came from Treasury comments that disappointed expectations of government BTC purchases. Options delta skew remains neutral, indicating traders locked profits rather than panicked.

I’m cautious near term: persistent US debt and mixed policy signals mute enthusiasm for a clear breakout above $120K, though renewed central bank balance-sheet expansion could support BTC upside into 2025. I’ll monitor funding, options flow and macro cues before upping exposure.