Finance12 August, 20263 min read
Bitcoin And Ether Traders Position Ahead Of July U.S. CPI, Deribit 70K Call Dominates
This article is an automated aggregation of coverage from news outlets. Our editorials offer in-depth analysis curated by the NewsCord team.
Bitcoin and Ethereum remain range-bound ahead of the July U.S. CPI release. CPI result seen as a binary event with potential volatility in risk assets.
CPI as crypto catalyst
Bitcoin and ether were stuck in a tight range ahead of the July U.S. consumer price index release, which CoinDesk described as a “classic binary event” for cryptocurrencies. CoinDesk said a hotter-than-expected CPI would strengthen the case for a Federal Reserve rate hike in September, push Treasury yields higher, and keep pressure on risk assets, while a softer print would do the opposite. CoinDesk also tied the setup to bitcoin’s confinement in the $62,000–$66,000 range for weeks, with traders positioning for either a decisive move toward $70,000 or a volatility expansion once bitcoin breaks out.
CoinDesk reported that “Dominant flow on Deribit BTC options since yesterday has been concentrated in the 25SEP26 70k call,” and said traders who bought the $70,000 strike paid roughly $2.5 million in total premium. CoinDesk added that economists expect the July report to show headline CPI rising 0.1% month-over-month and 3.4% year-over-year, while core CPI is forecast to rise 0.2% month-over-month and 2.5% year-over-year.
Options, volatility, and positioning
CoinDesk said some traders were buying upside exposure through call options on Deribit, while others were setting up strategies designed to benefit from a volatility boom rather than a single directional bet. CoinDesk quoted TDX Strategies recommending “accumulate December optionality,” and said the firm “Structurally, we favour December strangles on BTC and SOL,” describing a strangle as buying both a call and a put with the same expiration. CoinDesk also included market-making firm STS Digital’s Jeff Anderson, who said “A decisive break of either level in spot should see volatility expand quickly,” with CPI framed as the first indicator after Warsh’s inflation-focused press conference.
In parallel, CoinDesk reported on-chain and exchange-flow signals from Nansen, saying “ETH saw exchange net outflows of $49.7M over the past day and $164.6M over the past week,” indicating coins leaving exchanges rather than being distributed. CoinDesk added that Nansen’s derivatives read was more guarded, with smart traders on Hyperliquid holding a net short exposure of $46.8 million in bitcoin and $20.9 million in ether.
Macro pressure and market levels
Other coverage framed the same CPI moment as a driver of risk appetite, with Crypto News saying bitcoin slipped below $64,000 on Aug. 11 as traders cut risk ahead of fresh U.S. inflation data and rising oil prices.
Crypto News reported that Brent crude held near $88 as stalled U.S. Iran talks renewed inflation concerns before CPI, and it said July CPI was scheduled Wednesday at 8:30 a.m. ET.
Crypto News also tied the macro backdrop to Treasury yields, reporting that the benchmark 10 year yield rose toward 4.7% alongside oil on Monday, which it said can raise the return available on lower risk assets and create another hurdle for bitcoin.
Crypto News described bitcoin’s technical pressure, saying it had tested the $65,000 area for four consecutive days without sustaining a move above it, while support had formed around $63,000 to $64,000.
Crypto News added that U.S. spot Bitcoin ETFs recorded $144.6 million in net outflows Monday after five inflow sessions, and it said the streak ended with withdrawals including $53.6 million from BlackRock’s IBIT and $52 million from Grayscale’s GBTC.