I noticed an interesting dynamic in the market a couple of weeks ago. The geopolitical situation intensified, oil prices soared by 10%, and the result was a sharp drop in cryptocurrency prices. A typical pattern: when uncertainty increases, investors start avoiding risks, the dollar strengthens, stocks fall, and crypto takes a hit.

What’s interesting is that this was not just a correction. Funding went deeply negative, yet open interest increased. This means traders were actively opening short positions on Bitcoin and Ethereum. Liquidations across the network approached $400 million — a serious amount.

But what struck me the most was that the options market showed a completely different picture. Implied volatility remained relatively calm, even though it usually spikes during such moments. This suggests that large players continued buying protection against a decline rather than panicking. It means the cryptocurrency price may still be under pressure, but the bottom seems to be close.

Overall, if you look deeper, days like these reveal who the serious players are in the market and who is just riding the wave. When the price of cryptocurrency drops by 10-15%, many panic and close their positions at a loss. Professionals, however, use such moments to reassess.