The S&P 500 E-Mini Futures (ES) are currently on the rise, moving through an upward wave after falling to 6540.5, which marked the end of wave (4). The ongoing wave (5) is following an impulse Elliott Wave pattern. Wave ((i)) finished at 6718.5, then pulled back to 6593.25. A surge in wave ((iii)) peaked at 6722.5, followed by a drop to 6666. The final rise in wave ((v)) reached 6766.75, marking the beginning of wave 1 at a higher level.
The correction for wave 2 took the form of a double three Elliott Wave structure. Wave ((w)) dropped to 6651.5 after wave 1’s peak, with a rally in wave ((x)) reaching 6750.5. Ultimately, wave ((y)) fell to 6571.25, completing wave 2. The index has now entered wave 3, with wave ((i)) of 3 almost finished. After this, a corrective wave ((ii)) will occur, pulling back from the low on October 17, before the trend continues upward. We expect support to hold at the 6540.5 level during this 3, 7, or 11 swing.
Global Economic Data
In other news, the UK Office for National Statistics will release September’s Consumer Price Index at 06:00 GMT. Trends show that Bitcoin treasury inflows have plummeted by 99%, with Bitcoin now being viewed as a reserve asset for corporations and government treasuries.
Looking at the current Elliott Wave structure, the S&P 500 E-mini futures are in a strong upward trend that started in April 2025. However, a short-term pullback is expected before the climb continues. The key support level to monitor is the pivot at 6540.5, which must hold for the bullish outlook to remain.
This anticipated dip may be influenced by today’s UK Consumer Price Index data. Markets are bracing for a rise in inflation, which has historically led to volatility, as seen throughout 2023 and 2024 when central banks were sensitive to such figures. A higher-than-expected inflation number could trigger the corrective wave we are predicting.
The overall positive sentiment is backed by a global economy that has performed better than expected earlier this year. For example, the latest US jobs report for September 2025 indicated 210,000 new jobs were created, keeping unemployment low at 3.7% and signaling economic strength. This provides a strong basis for corporate earnings and supports buying during market dips.
Derivative Trading Strategy
Despite this, there remains an underlying anxiety as significant changes are happening beneath the surface. We see signs of risk aversion in other asset classes, such as the reported 99% drop in inflows to corporate Bitcoin treasuries. This suggests a notable decline in institutional interest in speculative assets compared to last year’s peak.
For derivative traders, the upcoming weeks should focus on taking advantage of this temporary weakness. The strategy should involve viewing any pullback toward the 6600 level as a buying opportunity for the next major upswing. Selling out-of-the-money put spreads below the crucial 6540.5 pivot may be an effective way to enter long positions or to collect premiums while the market stabilizes.
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China’s Commerce Ministry has recently shared plans to tackle development issues and stabilize global supply chains. Currently, the value of AUD/USD is down by 0.05% at 0.6490, reflecting global economic trends.
The Australian Dollar (AUD) is strongly affected by the Reserve Bank of Australia’s (RBA) interest rates, which are key in managing inflation. Since iron ore is Australia’s main export, its price has a big impact on the AUD, particularly because China buys a large portion of this export. Market sentiment also affects the AUD, with its value changing based on how risk is perceived globally.
The Role Of The Reserve Bank Of Australia
The RBA controls interest rates, which influences the economy as a whole, targeting an inflation rate of 2-3%. Higher interest rates compared to other central banks support the AUD, while quantitative measures can either boost or weaken it. The state of China’s economy significantly impacts how much AUD is in demand, with changes in Chinese growth data affecting Australia’s exports.
Iron ore exports, valued at $118 billion in 2021, are essential; fluctuations in their prices can change Australia’s Trade Balance. A positive Trade Balance strengthens the AUD. This balance, influenced by differences between exports and imports, ultimately dictates the currency’s value as global trade dynamics evolve.
Recently, China has responded to rising concerns about its economic strength. This is evident in the latest NBS Manufacturing PMI, which fell to 49.8 for September 2025, indicating slight contraction and reduced demand for Australian resources.
The slowdown in China has pushed down iron ore prices, crucial for the Australian dollar. Prices, which were above $130 per tonne in early 2024, now sit around $108. This drop creates a challenge for the AUD, as lower commodity revenue narrows Australia’s trade balance, which we’ve seen decrease over the last quarter.
Potential Shift In RBA Stance
In Australia, the RBA may be changing its position. The latest inflation data for Q3 2025 came in cooler than expected at 3.2%, leading to discussions about possible interest rate cuts in the first half of 2026. This is quite different from 2023 when the central bank was steadily increasing rates.
Given these developments, traders are gearing up for potential further weakness in the AUD/USD pair, currently around 0.6490. One strategy could be to buy put options to profit if the currency’s value drops. For instance, December 2025 puts with a strike price near 0.6350 might be a way to take advantage of this negative sentiment.
However, the Chinese government’s promise to “safeguard global supply chain stability” adds a layer of uncertainty. If a major stimulus is announced, it could lead to a sudden turnaround, surprising those holding bearish positions. Therefore, using defined-risk strategies like bear put spreads, which can minimize losses if the AUD unexpectedly rises, should be considered.
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AUD/USD is under downward pressure, partly due to foreign investments withdrawing from commodity-linked stocks. Gold miners have dropped nearly 10%, hitting a three-week low as traders took profits after gold reached record highs.
The currency pair is trading below 0.6500, with the Australian Dollar weakening due to less demand for commodity stocks. As a major gold exporter, Australia is feeling the effects of these foreign outflows.
Gold Miners at Lowest Level
Gold miners are at their lowest point in over three weeks and are facing their largest decline since April 23. This drop follows a fall in gold prices after traders capitalized on the recent highs.
On a brighter note, there is hope for a US-Australia trade agreement that might help limit the AUD’s decline. A USD 8.5 billion minerals deal was signed, securing access to Australian rare-earth resources, which counters China’s export restrictions.
Concerns about a prolonged US government shutdown could impact the USD. As the fourth week of the shutdown goes on without a resolution, important economic reports, including Nonfarm Payrolls, may be delayed, increasing market uncertainty.
Key factors influencing the AUD include Australia’s interest rates, iron ore prices, and the state of the Chinese economy. A positive trade balance is beneficial for the AUD, reflecting strong foreign demand for Australian exports.
Increased Pressure on the Aussie
The AUD/USD is facing renewed pressure and is now trading below the 0.6600 level. This weakness mirrors previous outflows, especially with data showing China’s Caixin Manufacturing PMI dropped to 49.5, indicating lower demand for Australian commodities. Traders might consider buying put options to protect against further declines.
The Reserve Bank of Australia is maintaining its cash rate at 4.35% to combat inflation, which should support the Aussie. However, the market is focused on global risk sentiment, which remains shaky. This situation brings uncertainty, and traders might explore strategies like long straddles on AUD/USD to benefit from significant price moves in either direction ahead of major data releases.
Gold continues to play a crucial role for the Australian dollar. Traders recall sharp profit-taking after record highs back in 2024. Currently, gold is stable around $2,250 an ounce, and implied volatility is high, indicating that the options market anticipates a large price swing. This environment favors traders who expect geopolitical events or inflation surprises to drive significant movement.
The US dollar faces challenges reminiscent of late 2023 government shutdown fears. Looking ahead to the US debt ceiling negotiations, which must be sorted by early 2025, there is considerable political and fiscal uncertainty. This scenario could weaken the dollar, leading traders to use options to shield against sudden volatility spikes across major USD pairs.
Conversely, the critical minerals agreement signed between the US and Australia in 2023 is starting to support the Aussie. Reports show that Australian exports of lithium and rare earths to the US have risen by over 15% since the agreement, creating a stable demand for the currency. This long-term factor may limit potential declines, making it riskier to hold outright short positions on the AUD.
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The US and India are close to finalizing a deal to lower tariffs on Indian exports from 50% to 15–16%. India is also considering gradually reducing its imports of Russian oil and allowing some genetically modified corn and soymeal into the country.
Currently, the USD/INR exchange rate is at 88.90, showing a minor drop of 0.09%. Tariffs are customs duties on imports that help local businesses compete and are often used with trade barriers.
Taxes and Tariffs
Tariffs and taxes are different. Tariffs are paid when goods enter a country, affecting importers, while taxes are paid at the point of sale. Economists have mixed opinions on tariffs. Some believe they help local industries, while others caution that they can lead to higher prices and trade wars over time.
Donald Trump intends to use tariffs during his presidential campaign to strengthen the US economy. In 2024, US imports from Mexico, China, and Canada accounted for 42%, with Mexico leading at $466.6 billion, according to the US Census Bureau. Trump plans to impose tariffs on these countries and use the generated revenue to lower personal income taxes.
This trade deal is important for the Indian Rupee. The USD/INR exchange rate has already fallen to 88.90, and a confirmed agreement could strengthen the Rupee even further this year. Traders might benefit from a rising Rupee since the current tariffs have heavily impacted the currency’s value.
This news is also positive for Indian stocks, especially for sectors focused on exports like technology and manufacturing. The Nifty 50 index has increased by over 4% in October 2025, partly due to talks of this deal. It has reached levels not seen since the market fluctuations after last year’s US election. Lower implied volatility in Indian stock indices could make buying call options an appealing strategy.
Commodity Market Implications
India’s potential reductions in Russian oil imports, combined with the acceptance of US agricultural products, could impact commodity traders. Reducing reliance on Russian oil might boost Indian demand for Brent crude, offering new support for global oil prices that have been around $95 per barrel. Opening the Indian market to US GMO corn and soymeal could also influence agricultural futures.
This development must be understood in light of the tariff discussions during the 2024 US presidential election. While the previous focus was on broad tariffs, this deal with India shows a more strategic and less confrontational approach than expected. Reflecting on the market turmoil from the tariff disputes in 2018-2019, this change in policy represents a significant reduction in trade risks.
In the coming weeks, we will closely watch for any official confirmation of this agreement. Since the deal isn’t finalized yet, uncertainty remains, providing chances for strategies that profit from volatility, such as straddles on the USD/INR pair. The Reserve Bank of India’s latest monetary policy statement on October 9, 2025, emphasized managing volatility, so we should also monitor central bank responses if the Rupee changes rapidly.
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Silver prices dropped to about $48.10 during the early Asian trading session on Wednesday. This decline comes after a sharp fall of over 8% in the previous session, the biggest drop since 2021, caused by profit-taking and concerns about overvaluation.
The easing of US-China trade tensions has strengthened the US Dollar, affecting Silver, which is priced in dollars. Although there were initial threats, President Trump indicated a desire for better relations with China, which could change market conditions.
The ongoing US government shutdown, now in its fourth week, along with expected interest rate cuts from the Federal Reserve, could make Silver more attractive as a safe-haven asset. There’s a 99% chance of these rate cuts, which may lower the opportunity cost of holding Silver.
Although Silver is less sought after than Gold, it remains a valuable tool for diversification and protecting against inflation. Key factors that affect Silver’s price include geopolitical instability, the strength of the US Dollar, and industrial demand, particularly from electronics and solar energy sectors. The economies of the US, China, and India play a major role in driving this industrial demand.
Silver often tracks Gold’s price changes due to their roles as safe-haven assets. The Gold/Silver ratio helps investors gauge relative valuations, guiding their investment choices based on perceived value differences.
Currently, Silver trades around $35, with the market being cautious while we consider mixed signals regarding economic growth. We are keenly watching the Federal Reserve’s actions, creating opportunities for traders. This price is still far from the highs seen in previous years.
It’s important to remember the lessons from a sharp sell-off during the Trump administration, when Silver dropped over 8% in a single day after reaching a record high. That decline resulted from profit-taking and easing trade tensions that strengthened the dollar. It highlights how quickly market sentiment can shift for an overvalued asset.
Today’s situation, however, appears different, suggesting underlying strength. The CME FedWatch tool indicates a greater than 60% chance of a rate cut before the year ends, which could make holding Silver less costly. Additionally, industrial demand remains strong, with the Silver Institute reporting record usage in the automotive and solar industries in the first half of 2025.
Another important metric is the Gold/Silver ratio, currently above 88, significantly higher than historical norms. This often indicates that Silver is undervalued compared to Gold, which implies that in a broader shift towards safe-haven assets, Silver could rise more.
Given the potential for rapid price movement, traders might want to use options to manage risk. Purchasing call options or setting up bull call spreads could help take advantage of possible price increases due to a Fed pivot or geopolitical tensions. This strategy allows for potential gains while clearly defining the maximum loss, which is wise considering how quickly the market can change.
The United Kingdom’s Office for National Statistics is about to publish the Consumer Price Index data for September. Experts expect inflation to rise, which could impact the Bank of England’s decisions.
Financial Market Dynamics
The EUR/USD pair is trying to hold steady around 1.1600 after recent drops. This comes as the US Dollar strengthens due to easing trade tensions between the US and China.
The GBP/USD pair has fallen to around 1.3360, influenced by the stronger US Dollar. Traders are cautious ahead of the UK’s inflation report, which might affect future monetary policy.
Gold has attracted buyers after a recent downturn, bouncing back from support at around $4,000. The US Dollar’s shift before US-China trade talks helps explain gold’s position in the market.
The Japanese Yen has gained value following new trade balance data, which shows a deficit of ¥-314.3B. In the meantime, China’s Ministry of Commerce is addressing growth concerns.
Corporate and Market Strategies
Over the past five years, the corporate environment has changed, with Bitcoin increasingly seen as a reserve asset for companies and governments. This change reflects a growing acceptance of digital currencies.
Since today is October 22, 2025, we should focus on the upcoming UK Consumer Price Index data. A rise in inflation is likely, which could lead to significant swings in the British Pound. Traders dealing with derivatives might consider strategies to profit from sharp moves in GBP/USD, regardless of whether it goes up or down.
Reflecting on the high inflation period from 2022 to 2023, we noticed that central bank policies became very reactive to these monthly reports. We could see similar behavior now, making options strategies, like a long straddle, a smart way to trade this event. This method allows us to profit from market reactions without needing to predict the exact inflation figure.
The strength of the US Dollar is linked to easing trade tensions with China. Recent figures from the Commerce Department show that US-China trade volumes have risen by over 8% in the first half of 2025, strengthening this calm. This stability might lead to less currency volatility, suggesting that selling covered calls on USD-long positions could be a good strategy.
For EUR/USD, the pair is having trouble finding direction around the 1.1600 mark. This uncertainty indicates that the pair could remain in a tight range soon. Using options strategies like an iron condor could be effective, allowing us to profit from sideways movement.
Gold is showing strength, having found support near $4,000 an ounce. This high price reflects ongoing concerns about inflation and its dual role with Bitcoin as an important reserve asset for companies. The buying activity suggests we should think about selling put options below this key level to collect premiums, betting on the bullish trend’s continuation.
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Netflix’s shares fell over 6% in after-hours trading after the company announced lower-than-expected net income. This dip was mainly due to a one-time payment of over $600 million to settle a tax dispute in Brazil. While revenue matched analysts’ expectations at $11.51 billion for the last quarter, the tax issue significantly affected earnings.
On a positive note, Netflix’s free cash flow reached $2.6 billion, exceeding expectations. For FY 2025, the free cash flow forecast was raised to $9 billion. This increase coincides with strong consumer interest in popular shows like *Happy Gilmore 2* and *K-pop Demon Hunters*, leading to a 17% revenue increase year-over-year.
Looking ahead, Netflix plans to release major titles, including the finale of *Stranger Things*, a new Frankenstein movie, and a new satire in the *Knives Out* series. The CEO mentioned using free cash flow for share buybacks and possibly pursuing mergers and acquisitions.
While these potential mergers could affect cash flow and share prices, the tax issue in Brazil is seen as a one-time occurrence. The recent drop in share price may be temporary, given the overall strong earnings report.
The 6% drop, bringing Netflix down to around $610, shows classic overreaction. Implied volatility for options expiring in the next 30-45 days has spiked, creating an opportunity. This short-term panic does not reflect the company’s solid performance, aside from the tax issue.
We might consider selling out-of-the-money put spreads, such as the November $590/$580 strikes, to take advantage of this increased premium. With the upgraded free cash flow forecast of $9 billion for 2025 and planned share buybacks, there is strong support for the stock. This strategy can be profitable if Netflix stays above our short strike price by the expiration date.
Concerns about competition seem exaggerated, and recent data backs this up. Nielsen’s streaming report for September 2025 showed Netflix captured 8.1% of total U.S. television viewing time, maintaining its position despite competing platforms promoting live sports. This sustained engagement contributed to the impressive 17% revenue growth year-over-year.
Netflix has shown resilience before. In April 2024, a similar situation caused a 9% dip due to guidance concerns, but the stock returned to normal within six weeks as focus shifted back to content strength and profitability. The current reaction to the Brazil tax issue feels reminiscent of that previous temporary dip.
Moreover, the possibility of mergers and acquisitions, potentially involving Warner Brothers’ assets, adds another factor to consider. Although a large deal might affect cash flow, acquiring proven content libraries could be seen positively in the long run. This speculation may sustain some volatility, making premium-selling strategies even more appealing in the upcoming weeks.
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West Texas Intermediate (WTI) oil prices hit around $57.55 during early Asian trading on Wednesday. This increase comes from improved trade relations between the US and China, which overshadow concerns about a stronger US dollar and excess oil supply.
The American Petroleum Institute (API) stated that US crude inventories fell by 2.98 million barrels for the week ending October 17. This follows a rise of 3.524 million barrels in the previous week, resulting in a net loss of 2.423 million barrels for the year.
US-China Trade Tensions
US Treasury Secretary plans to meet with Chinese officials to discuss trade issues before a possible meeting between President Trump and President Xi Jinping. Easing trade tensions could affect WTI prices because the US and China are major consumers of crude oil.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) plan to increase oil supply, which may lead to a surplus. The International Energy Agency (IEA) predicts a global surplus of nearly 4 million barrels per day by 2026, which could restrain WTI price increases.
Reflecting on the past, it’s noteworthy that WTI crude oil traded near $57.50 due to improved US-China trade relations from a previous administration. As of October 22, 2025, WTI is now around $85 a barrel. While fundamental factors have changed, geopolitical tensions and supply updates are still crucial for market movements.
Unlike the previous inventory reduction, the latest Energy Information Administration (EIA) report for the week ending October 17, 2025, revealed a surprising increase of 1.5 million barrels. Analysts had expected a slight decline, suggesting weaker consumer demand in the US. This information is putting downward pressure on prices, limiting the recent rise we observed this month.
OPEC Production Cuts
On the supply side, OPEC+ is committed to its production cuts, which have helped keep prices strong above $80. The group plans to stick to its current output policy until the end of the year to maintain market stability. This careful approach contrasts with earlier IEA forecasts that projected a significant supply surplus for 2026.
Concerns about global demand are re-emerging, and traders should pay attention. The International Monetary Fund (IMF) recently lowered its global growth forecast for 2026 from 3.2% to 3.0%, citing ongoing inflation in major economies. A weaker economic outlook could lead to lower oil demand, impacting prices.
With these mixed signals of a surprise inventory increase against tight OPEC+ supply, we should expect more volatility in the coming weeks. Traders might explore strategies such as purchasing straddles or strangles to benefit from sharp price movements. Using options to define risk is wise, with puts providing a safeguard against a potential drop to the low $80s.
Key events to keep an eye on include the next weekly EIA inventory report and any updates from officials ahead of the next formal OPEC+ meeting in early December. Any changes in expected supply cuts or a significant increase in US stockpiles could lead to notable price shifts. Traders should stay alert and ready to adjust based on new information.
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The EMA Battle
GBP/USD has dropped below 1.3400, continuing a three-day downward trend. Traders are waiting for important UK Consumer Price Index (CPI) inflation data, which is expected to rise to 4.0% year-over-year. Core CPI is also anticipated to increase to 3.7%.
The Bank of England faces challenges with rising inflation, limiting its options. Meanwhile, upcoming US CPI data is projected to rise to 3.1%. The Federal Reserve aims to cut interest rates further, despite different inflation issues in the UK and US.
Currently, GBP/USD is in a consolidation phase around 1.3360. The pair is caught between the 50-day EMA at 1.3440 and the 200-day EMA at 1.3290, showing uncertainty among traders.
The RSI close to 44 indicates slight bearish momentum, meaning it’s not yet oversold, with a small advantage for sellers. The 200-day EMA is acting as support, while the 50-day EMA is providing resistance, keeping prices within the current range.
Potential Breakout Scenarios
If GBP/USD moves sharply above 1.3450 or below 1.3290, it could break out of its range. Falling below the 200-day EMA could lead to further losses, while rising above the 50-day EMA might trigger gains.
The value of Pound Sterling is influenced by the Bank of England’s policies, economic data, and trade balance, affecting its attractiveness globally.
Recently, GBP/USD has weakened below 1.3400 as traders prepare for today’s UK inflation data. The key issue is a growing policy gap, with the Bank of England focused on fighting inflation while the US Federal Reserve is likely to keep cutting interest rates. This difference drives significant trading activity in the coming weeks.
Today’s UK CPI is expected to rise to 4.0%, a challenging figure for a central bank during an economic slowdown. Recent data from the Office for National Statistics shows that the UK entered a technical recession in the third quarter of 2025, with a GDP decline of -0.2%. This situation limits the Bank of England’s ability to raise rates and caps the pound’s potential.
In contrast, the US CPI being released this Friday is projected to be a more manageable 3.1%, giving the Federal Reserve more room to maneuver. Currently, the CME FedWatch Tool indicates an 85% chance of another 25-basis-point rate cut at the November 2025 meeting. This outlook continues to affect the long-term strength of the US dollar.
The upcoming data releases are sure to cause increased volatility, which options traders can exploit. A straightforward strategy is to buy near-term at-the-money straddles, allowing traders to benefit from significant price movements in either direction.
For those expecting further weakness in the pound, keep an eye on the 200-day moving average near 1.3290. This level provided strong support in the summer of 2024, but a drop below it could lead to a slide toward 1.3140. Buying put options with a strike price of 1.3250 can offer a defined-risk way to position for this possible decline.
On the other hand, a surprisingly high UK inflation figure could prompt the Bank of England to take a more aggressive stance, causing the pound to rise. A consistent move above the 50-day moving average at 1.3440 would indicate strength. Traders who expect this outcome could consider buying call options with a strike price around 1.3500 to capitalize on potential gains.
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Japan’s exports in September rose by 4.2% compared to last year, but this was below the expected 4.6%. Trade dynamics between major economies continue to impact global markets.
The FXStreet team observed that the EUR/USD dropped towards 1.16. This shift is due to a stronger Dollar following reduced US–China trade tensions. Meanwhile, the GBP/USD fell to around 1.3360, struggling against the strong US Dollar and the upcoming UK’s inflation report.
Gold and Cryptocurrency Trends
Gold prices are trying to recover, now reaching $4,100 after bouncing back from a support level of $4,005. In the cryptocurrency market, Bitcoin is trading at about $111,000, with expectations for a potential rebound driven by strong fundamentals.
Interest in Bitcoin as a reserve asset has increased, but corporate investments have sharply declined by 99%. Despite this drop, the global economic outlook shows signs of improvement, with markets performing better than expected.
Looking ahead, the financial landscape includes insights into top forex brokers and Bitcoin’s growing presence in treasury assets. This evolving environment presents both opportunities and risks for traders.
As of October 22, 2025, Japan’s export growth of 4.2%—below the expected 4.6%—raises concerns. This slowdown hints at weaker global demand, which may further pressurize the Japanese yen. With core inflation still under the Bank of Japan’s 2% target as of last month, there’s little reason for a shift in their support measures.
The US dollar is showing broad strength, pushing the EUR/USD near 1.1600 and weakening the pound below 1.3400. This trend is supported by the US 10-year Treasury yield, holding steady above 4.5%, a level not frequently seen since before the economic adjustments of 2024. In the upcoming weeks, strategies that benefit from a stronger dollar, like buying put options on the euro, seem appealing.
Monetary Policies and Currency Markets
The upcoming UK inflation report is crucial, as it is expected to show high numbers, keeping the Bank of England on a strict path. We recall the high inflation rates of 2022 and 2023, and the central bank seems determined to uphold its credibility this time. This difference in monetary policy makes long GBP/JPY positions attractive, betting on continued yen weakness and pound strength.
Outside Japan, signs of stress are emerging in the Asia-Pacific region. Capital outflows are pushing the Australian dollar below the 0.6500 mark, and although China reassures investors about its business climate, foreign direct investment has dropped 5% year-over-year. These trends suggest that traders should be cautious with long positions in commodity-linked currencies like the AUD.
In commodities, traders are taking profits following a robust run. Silver has fallen near $48, and gold is testing support at $4,100, indicating that bullish sentiment is being challenged, especially with the dollar on the rise. Historical precedents, such as the pullback seen in 2011, imply that entering new long positions via futures contracts now carries significant short-term risks.
At a price of $111,000, Bitcoin is high in absolute terms, but its relative underperformance against the Nasdaq-100 is significant. With the Nasdaq rising over 18% this year, capital seems to prefer traditional tech stocks over digital assets in the current climate. This suggests it might be wise to hedge long-term crypto investments with short-term derivatives.
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