The S&P 500’s options skew now reflects greater downside risk than it did a year ago, according to Cboe data. This defensive positioning in stocks might be due to concerns about President-elect Donald Trump’s inauguration on January 20, 2025, potentially being a “sell-the-news” event. Despite this, Bitcoin (BTC) has rallied to over $100,000 from $70,000 in just two months, driven by expectations of regulatory clarity under Trump. However, a broader market sell-off could impact BTC, though several factors support its price. The $400 billion in liquidity removed from the system in late 2024 is expected to return, potentially boosting asset prices. Additionally, miners are holding onto their BTC, with a Net Unrealized Profit and Loss (NUPL) of around 0.5, indicating strong unrealized profits. Meanwhile, over 70 of the top 100 coins by market value were up in the last 24 hours, and Ethereum co-founder Vitalik Buterin has sold $940,900 worth of memecoins to fund charity.
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