Crypto Markets Today: Bitcoin Pauses While CRO Rockets on Trump Media Deal
Bitcoin (BTC) held above $111,000 on Wednesday after rebounding from earlier European session lows, posting gains of less than 1% in the past 24 hours. In comparison, the broader CoinDesk 20 Index rose 3.2%, and the CoinDesk 80, tracking smaller tokens, gained 4%.
Although August may still close in the red for Bitcoin for a fourth consecutive year, it is shaping up as the cryptocurrency’s best August since 2021. Options market data suggests potential upside before month-end, with over $14.6 billion in BTC and ETH options set to expire Friday. The “max pain” level—where most options expire worthless—is $116,000, above current prices, incentivizing sellers to push BTC higher.
Technical and Derivatives Outlook
Bitcoin’s 200-day moving average recently crossed above $100,000, confirming the long-term uptrend. Open interest across top derivatives venues has slipped to $30.3 billion, near all-time highs, as traders reduce leveraged exposure. Short-term metrics point to bearish sentiment, including a negative 25-delta skew and a put-heavy 24-hour put/call ratio. Funding rates on major perpetual swaps have 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 Surges
Cronos (CRO) surged more than 56% after Crypto.com and Trump Media (DJT) announced a $6.4 billion CRO treasury. The deal introduces practical use cases for CRO on Truth Social, allowing users to convert platform “gems” into CRO and access subscriptions and discounted services.
The announcement fueled 24-hour trading volume by 1,300% to over $1 billion, making CRO a standout performer while BTC and ETH languished near support. CRO currently trades at $0.225, up from $0.141 last week. Bloomberg noted Crypto.com CEO Kris Marszalek’s prior $1 million donation to Trump’s inaugural committee and his post-election Mar-a-Lago visit.
