This strategy generally creates an upward trend, but does not foresee a sudden rise in the short term. Bitcoin (BTC) fell below $63,000 in early trading as profit taking took hold across the broader crypto market following the weekend rally.

According to CoinGecko data, BTC fell 1.4% in the last 24 hours. Ether (ETH), BNB Chain’s BNB, Cardano’s ADA and xrp (XRP) fell to 2%. Memecoin dogecoin (DOGE) suffered the biggest losses, falling 4%, while Ton Network’s TON fell 4% following the arrest of Telegram’s CEO, with seven-day losses exceeding 20%.

A broad gauge of the market, CoinDesk 20 (CD20), a liquidity index of the largest cryptocurrencies, lost 1.5%. While Singapore-based trading desk QCP Capital stated that bitcoin calls were offered for sale at $100,000, it observed an increase in call spread purchases.

This strategy creates a generally bullish atmosphere, but does not foresee a sudden movement in the short term.

A call option gives the buyer the right, but not the obligation, to purchase an asset by a certain date at a specified price, that is, the “strike” or “strike” price. Calls are generally considered bullish.

A put option gives the buyer the right to sell an asset at the strike price by a certain date. A bull call spread includes a long call with a lower strike price and a short call with a higher strike price. Both calls relate to the same underlying asset, such as bitcoin.

“Despite higher spot prices, BTC and ETH volatilities are currently trending more towards puts than calls through October,” QCP said in a statement on Telegram. This is surprising considering it is extremely bullish. “This may indicate that the market may have been well prepared for this move and quickly made a profit by selling the calls,” he said.

Crypto wallet provider SafePal’s new points feature for SFP tokens has boosted prices by as much as 8% in the past week, outpacing gains for bitcoin and other major tokens.

The SFPlus update is aimed at “real” token holders who stake tokens long-term and aim to accumulate points online for the duration of the staked period, as opposed to simply storing those tokens as part of the wallet balance. Points can be used for certain rewards.

“Stakers have access to exclusive benefits like airdrop rewards, discounts on our hardware wallets, and upgraded account levels on our CeDeFi banking gateway,” said SafePal CEO and co-founder Veronica Wong.

Wong stated that this development aims to address an industry issue where project growth does not impact token holders in the long term.

“It has only been a few days since the launch of SFPlus, but nearly $1.5 million of SFP has already been staked from over 100,000 wallets, showing continued growth despite uncertain market conditions,” he said.