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.