Andrew Melville
Research Analyst
Crypto remains rangebound, with BTC near $68K and ETH below $2,000, while majors are slightly higher with SOL leading. Options markets are unchanged, with BTC implied vol below 50%, ETH around 62% to 68%, and a continued premium for puts. ETF flows are still a drag, with spot Bitcoin ETFs -$165.8M and Ether ETFs -$130.1M, leaving the average BTC ETF holder down about 20% versus an $84K cost basis. Geopolitical risk capped broader risk appetite as CME outlined 24/7 crypto derivatives trading from May 29 pending review.








