Deeply Defensive Derivatives
Another week, another drawdown. Defensive positions dominate, skews have returned to early-February highs, and funding rates remain compressed. We find BTC very attractive at current levels, with weekly RSIs approaching all-time lows.
Preview
Bitcoin remains in a clear downtrend, falling 9% since last Tuesday and marking its fifth consecutive negative weekly return on a Tuesday to Tuesday basis. It is approaching a retest of the $60,000 lows from the February 6 sell-off, with derivatives markets showing heavily defensive positioning and spot activity remaining subdued.Markets were further shaken by Trump’s response after the Supreme Court ruled that most of President Trump’s tariffs were illegal, stating he lacked authority under the International Emergency Economic Powers Act. Trump responded by raising baseline tariffs from 10 to 15% using alternative statutory tools, triggering broad de-risking across markets and a sharp bitcoin sell-off following the U.S. futures open. We view BTC as attractively priced for any long-term investor at current levels, am
