Options market signals sharp decline in Bitcoin, Ethereum prices while meme coins see gains

The crypto options market is known to provide early signals to corrections in the spot market.

Bitcoin and Ethereum’s large-scale liquidations on Binance and on retail-heavy exchanges likely ushered the recent price decline. Nearly $157 million in derivatives positions were liquidated within an hour on Tuesday. Solana-based meme coins Book of Meme, Catwifbag and Tombili the Fat Cat posted double-digit gains.

Analysts at QCP Broadcast said in a Telegram post that the speed of Bitcoin and Ethereum’s price decline on Tuesday was due to large-volume liquidations on retail-heavy exchanges. Further, the perpetual funding rate on platforms like Binance dropped from as high as 77% to flat, stressing asset prices in the spot market. BTC/USD 15-minute price chart QCP Broadcast analysts expect Bitcoin and Ethereum prices to trade sideways after the correction.

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