ChainCatcher reported that Bybit’s latest options weekly stated that its directional calls over the past four weeks have all played out this week. According to the report, BTC dropped as low as $59,130, moving beyond the previously stated $65,000 to $67,000 target area. BTC opened last week at $73,760 and then fell to a low of $59,130, marking an approximately -20% weekly decline and the largest single-week drop since the FTX collapse. The asset has since rebounded to around $63,000.
Three Negative Factors and Record ETF Outflows
The weekly report attributed the recent sell-off to three overlapping negative factors: stronger-than-expected non-farm payrolls data that revived rate-hike expectations, the SpaceX IPO drawing liquidity away, and Strategy selling BTC for the first time in four years. On the fund-flow side, ETF net outflows reached $1.7 billion in a single week, setting a historical record. Bybit’s report described these factors as contributing to the pressure behind the latest downward move.
RSI Reaches Extreme Levels as DVOL Pulls Back
On technical indicators, ETH’s daily RSI fell to an extreme historical level of 12.78, while BTC’s daily RSI also dropped to 15.45. The report said the probability of a technical rebound has increased under these conditions, but a trend reversal still needs confirmation. Meanwhile, DVOL surged from a historical low of 35 to 55 before retreating to 48, and the report noted that put options have already seen profit-taking.
Regarding positioning, Bybit’s weekly report said it is not chasing longs at current levels. It identified the $63,000 to $65,000 range as a heavy resistance zone for BTC. The report said any new entry should wait for CPI data and for DVOL to fall back to 40, or for BTC to effectively reclaim $65,000.