Bitcoin derivatives signal panic; a weak core PCE reading could trigger snapback

Bitcoin derivatives are signaling panic, with traders paying an outsized premium for downside protection, according to CoinDesk, raising the odds of a sharp bullish snapback if a catalyst emerges. One-week options skew shows a near 25-point premium for puts over calls. The potential trigger is the U.S. core PCE report due at 8:30 a.m. ET, expected to show 3.4% year-on-year for May; a softer reading could ease rate-hike expectations. BTC has rebounded to $61,500 from Wednesday’s low near $59,000.