Crypto Markets Today: Bitcoin Pauses While CRO Soars on Trump Media Deal
Bitcoin (BTC) held above $111,000 on Wednesday after bouncing from early European session lows, posting modest gains of under 1% over 24 hours. By contrast, the broader CoinDesk 20 Index rose 3.2%, and the CoinDesk 80, which tracks smaller tokens, added 4%.
Despite potentially closing August in the red for the fourth consecutive year, Bitcoin is on track for its strongest August since 2021. Options market data hints at possible upside before Friday’s $14.6 billion BTC and ETH options expiry. The “max pain” level—the strike where the most options expire worthless—is $116,000, above current prices, creating incentive for sellers to push BTC higher.
Technical and Derivatives Snapshot
Bitcoin’s 200-day moving average recently crossed above $100,000, reinforcing the long-term uptrend. Open interest across major derivatives venues dipped slightly to $30.3 billion, reflecting traders unwinding leveraged positions. Short-term metrics point to cautious sentiment, including a negative 25-delta skew and a put-heavy 24-hour put/call ratio. Funding rates on perpetual swaps rebounded to 8%-10% APR, signaling renewed bullish positioning. Coinglass reports $266 million in 24-hour liquidations, led by ETH ($99M), BTC ($47M), and SOL ($20M).
Token Spotlight: CRO Rockets
Cronos (CRO) surged more than 56% after Crypto.com and Trump Media (DJT) announced a $6.4 billion CRO treasury. The deal integrates CRO into Truth Social, allowing users to convert platform “gems” into CRO and use the token for subscriptions and discounts.
The announcement boosted CRO’s 24-hour trading volume 1,300% to over $1 billion, making it a market standout while BTC and ETH languished near key support levels. CRO now 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 post-election.
