- After a recent upswing, Bitcoin dipped below $63,000, sliding 1.4% within a day as traders locked in profits.
- Singapore’s QCP Capital flagged active options-market moves, pointing to a cautiously optimistic stance without expecting sharp leaps shortly.
- SafePal’s rollout of SFPlus sparked an 8% rally in its SFP token last week, driven by new rewards designed to boost staking participation.
Early Tuesday, Bitcoin (BTC) dropped beneath the $63K mark, extending profit-taking that began after a weekend surge and dragging the broader cryptocurrency market downwards.
According to CoinGecko, BTC slipped 1.4% over 24 hours. Meanwhile, major altcoins—Ether (ETH), Binance Coin (BNB), Cardano (ADA), and XRP—also faced declines, with some shedding up to 2%. Leading the slump was meme favorite Dogecoin (DOGE), which plunged 4%, while Ton Network (TON) tumbled 4% following the arrest of Telegram’s closely associated CEO, pushing its weekly losses beyond 20%.
The CoinDesk 20 (CD20) index, a liquid gauge tracking the largest cryptocurrencies by market cap, retreated 1.5%.
Options Activity Signals Measured Optimism
QCP Capital, a trades desk based in Singapore, observed an uptick in call spread purchases, balanced by selling bitcoin call options at the $100K strike. This suggests a broadly bullish sentiment, yet tempers expectations for a dramatic price breakout in the near term.
To clarify: a call option grants the holder the right—but not the obligation—to buy an asset at a preset “strike” price before expiry. Typically, calls imply bullish bets. Conversely, put options let holders sell the asset at the strike price ahead of expiration. A bullish call spread strategy involves holding one long call at a lower strike and selling another at a higher strike, both based on the same underlying asset—in this context, bitcoin.
“Even with spot prices advancing, BTC and ETH implied volatilities skew towards puts rather than calls until October,” QCP commented via Telegram. “This runs counter to the strong bullish sentiment and might indicate that the market anticipated this move early and capitalized on it by offloading calls.”
SafePal’s SFP Token: Staking Incentives Spark Price Uptick
The newly launched SFPlus feature for SafePal wallet users has propelled the SFP token upwards by as much as 8% in the last seven days, outperforming bitcoin and various other leading tokens.
SFPlus rewards genuine, long-term token holders who stake rather than just keep SFP idle in their wallets. By staking, users accumulate a dynamic online score that grows the longer the tokens remain locked. These points unlock access to exclusive perks and incentives.
“Our stakers enjoy special benefits including airdrop bonuses, hardware wallet discounts, and premium account tiers within our CeDeFi banking platform—plus additional features and partnerships available smoothly through the SFPlus hub,” shared Veronica Wong, SafePal’s CEO and co-founder, in a conversation with CoinDesk.
“This initiative aligns the interests of dedicated $SFP holders more closely with our wallet users and addresses a common industry challenge where project expansion doesn’t always trickle down benefits to token holders, particularly over time,” she added.
Since SFPlus debuted only a few days ago, nearly 1.5 million $SFP tokens have been staked across more than 100,000 wallets, showing resilience despite the market’s uncertain backdrop.
