According to @BitMEXResearch, MicroStrategy (MSTR) is experiencing its lowest 10-day realized volatility since it began adding Bitcoin (BTC) to its balance sheet in 2020, as noted by Jeff Park of Bitwise Asset Management. This historic low in both realized and implied volatility may reduce MSTR's attractiveness as a high-beta BTC proxy for traders, potentially shifting capital to smaller, more volatile crypto-linked equities. In the broader market, options data indicates traders are hedging against potential summer downside for Bitcoin (BTC) and Ether (ETH). Singapore-based QCP Capital highlights that risk reversals show a clear preference for put options for June and September tenors, suggesting long holders are actively protecting their spot positions. This cautious stance is supported by BTC's recent break below its 50-day simple moving average, a bearish technical signal. However, market observer Cas Abbé presents a bullish counterpoint, suggesting strong on-balance volume could propel BTC to the $130,000-$135,000 range by the end of Q3.

According to @AltcoinGordon, while Bitcoin (BTC) holds firm, the broader crypto market shows signs of fatigue, with major assets like Dogecoin (DOGE), Ether (ETH), Solana (SOL), and Cardano (ADA) experiencing profit-taking near local resistance levels. Despite this, the underlying market sentiment remains constructive, supported by improving macroeconomic conditions. Augustine Fan of SignalPlus highlights that mainstream sentiment has improved following Circle's IPO and increased institutional interest. Concurrently, Dogecoin (DOGE) is consolidating within a tightening symmetrical triangle pattern, which technical analysis suggests could precede a 60% price swing. DOGE has found strong support at $0.168 and is facing resistance at $0.172, with traders closely watching for a breakout as the pattern nears its apex.

According to @52kskew, Bitcoin (BTC) and Ether (ETH) markets are experiencing a lull, with traders actively hedging against potential summer pullbacks despite some analysts maintaining long-term bullish targets. Singapore-based QCP Capital notes that options markets show a negative skew, with puts trading at a premium, indicating traders are seeking downside protection. This cautious sentiment is echoed by data from Amberdata and observations from Coinbase Institutional, which highlight that long holders are hedging spot exposure. Technically, BTC has dipped below its 50-day simple moving average, a move that could trigger further selling toward the $100,000 level. In contrast, Joel Kruger of LMAX Group suggests the consolidation is bullish, with a potential run toward $145,000 for BTC, while market observer Cas Abbé sees strong on-balance volume pointing to a rise to the $130,000-$135,000 range by the end of Q3.

According to Cas Abbé, although Bitcoin (BTC) is experiencing a period of low volatility despite trading above $100,000, this presents unique trading opportunities. NYDIG Research notes that this decline in volatility, driven by increased demand from treasury companies and sophisticated trading strategies, has made options relatively inexpensive. This allows traders a cost-effective way to position for directional moves ahead of potential market catalysts. Concurrently, data from QCP Capital shows that savvy traders are actively hedging their long BTC and Ether (ETH) positions with put options, preparing for potential summer drawdowns. Coinbase Institutional also observed a rise in demand for short-term downside protection. Despite this cautious sentiment and BTC trading below its 50-day SMA, Cas Abbé highlights that strong on-balance volume suggests buying pressure could still push Bitcoin's price to the $130,000-$135,000 range by the end of Q3.

According to @BitMEXResearch, sophisticated Bitcoin (BTC) and Ether (ETH) traders are actively hedging against potential summer price declines, even as the broader market anticipates long-term bullish action. Data from Amberdata shows that 25-delta risk reversals for June, July, and August tenors are negative for BTC, indicating a stronger preference for protective put options over bullish call options. Singapore-based QCP Capital noted this suggests that long holders are hedging their spot exposure to prepare for potential drawdowns. Further evidence from the OTC platform Paradigm reveals top trades for BTC include bearish strategies like put spreads. Despite this defensive posturing, some analysts remain bullish; market observer Cas Abbé pointed to strong on-balance volume, suggesting BTC could rally to the $130,000-$135,000 range by the end of Q3. This cautious short-term outlook is contrasted by long-term structural demand, evidenced by significant BTC purchases from firms like Metaplanet and Cardone Capital.

According to IntoTheBlock, Ether's MVRV ratio is currently around 0.9, a level typically seen in bear markets. Historically, MVRV ratios below 1 have coincided with favorable entry points for $ETH, suggesting a potential buying opportunity for traders.

According to IntoTheBlock, Bitcoin and Ether are exhibiting a high correlation with the US stock market. This trend is attributed to macroeconomic concerns, particularly those related to tariffs, which are currently exerting downward pressure on the markets.

According to @intotheblock, 61% of Ether holders are currently in profit. During the recent bear market, the percentage of profitable holders dropped to a low of 46%, while after the 2017 cycle, it fell to just 3%. This comparison reveals two key insights: Ethereum's increased resilience and improved market stability.

According to @intotheblock, Ether holders are experiencing increased pressure as 312,183 ETH, valued at $751 million, has been deposited to exchanges in the past week. This trend indicates growing uncertainty among investors.

According to @intotheblock, despite the stock market reaching new highs, Bitcoin and Ether have both declined by over 10% from their yearly peaks. Other major cryptocurrencies such as Solana (SOL), Cardano (ADA), and Chainlink (LINK) have experienced even steeper declines, falling more than 25% from their recent highs.