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Coinbase Global Inc. melaporkan kerugian bersih sebesar $667 juta pada Q4 2025, menandai kerugian kuartalan pertamanya sejak 2023. Penurunan ini mencerminkan kelemahan yang terus berlanjut di pasar cryptocurrency, dengan aktivitas perdagangan melambat dan pendapatan turun dibandingkan tahun lalu.
Penurunan Pendapatan dan Perlambatan Perdagangan
Total pendapatan turun menjadi sekitar $1,78 miliar, turun sekitar 20% dibandingkan tahun lalu. Pendapatan transaksi, sumber utama biaya, menurun tajam seiring melemahnya volume perdagangan. Pendapatan dari langganan dan layanan, termasuk staking dan stablecoin, sedikit meningkat tetapi tidak dapat mengimbangi penurunan biaya perdagangan.

The crypto market is entering a sensitive phase as nearly $3 billion worth of Bitcoin and Ethereum options contracts approach expiration. Events like these often act as short-term catalysts, reshaping market sentiment and liquidity within hours rather than days.At the moment, price action has turned unusually slow. Volatility has dropped, trading volume is shrinking, and traders appear cautious. This calm behavior is not random it is typical before large derivatives settlements. When a major options expiry approaches, both buyers and sellers avoid aggressive moves because positioning becomes uncertain until contracts settle.Why Options Expiry MattersOptions are contracts that give traders the right to buy or sell an asset at a specific price before a certain date. When a large amount expires simultaneously:Hedging positions unwindMarket makers rebalance exposureLiquidations can suddenly increasePrice direction becomes clearerIn simple terms, expiry day removes artificial price pressure. What remains is the market’s real demand.Many times the market trades sideways before expiry, then moves sharply afterward because uncertainty disappears.Current Market PositioningRecent data suggests a relatively balanced structure between bullish and bearish bets. Neither side holds overwhelming dominance, which explains why price is stuck in a tight range.However, open interest clusters around key psychological levels. This means price may gravitate toward areas where the largest number of contracts expire worthless — a behavior commonly called “max pain” in derivatives markets.Once settlement finishes, traders who were hedging no longer need protection. That is when volatility typically returns.Possible Scenarios After Expiry1) Volatility ExpansionThe most common outcome. Price breaks out of consolidation and moves quickly in one direction as liquidity returns.2) Short Squeeze or Long LiquidationIf price crosses a heavily leveraged level, cascading liquidations can accelerate the move.3) Fake Move First, Real Move LaterSometimes markets briefly spike in one direction to clear positions, then reverse strongly. This traps over-leveraged traders.What Traders Are WatchingMarket participants are focusing on three signals immediately after settlement:Trading volume increaseLiquidation spikesSpot market dominance over derivativesIf spot buyers step in after expiry, the move tends to sustain. If derivatives dominate again, volatility may remain unstable.The Bigger PictureLarge expiries rarely determine the long-term trend. Instead, they act as pressure release valves. The market builds tension through leverage, and expiry removes that tension.Right now, the broader structure still resembles a consolidation phase rather than a confirmed trend reversal. That means the post-expiry move will likely set the short-term direction for the coming weeks.ConclusionThe approaching $3 billion options expiry represents a turning point for short-term market momentum. The current calm conditions do not indicate stability they indicate preparation.Traders should expect movement, not silence.The key question is no longer whether volatility will return, but which side will take control once derivatives pressure disappears.

Pasar cryptocurrency telah memasuki fase ketakutan ekstrem, dengan sentimen investor turun tajam di tengah volatilitas harga yang terus berlanjut. Trader ritel tampak berhati-hati, dan banyak yang mengurangi eksposur karena ketidakpastian terus mendominasi berita.
Indeks Ketakutan & Keserakahan Crypto, sebuah indikator sentimen yang banyak diikuti, telah merosot ke wilayah ketakutan ekstrem. Secara historis, tingkat seperti ini mencerminkan penjualan yang dipicu oleh kepanikan, kepercayaan yang lemah, dan perilaku menghindari risiko di seluruh pasar. Ketika ketakutan meningkat, trader jangka pendek sering keluar dari posisi untuk menghindari kerugian lebih lanjut.

Danske Bank, lembaga keuangan terbesar di Denmark, secara resmi telah mengakhiri pembatasan lama terhadap investasi terkait cryptocurrency. Setelah bertahun-tahun menghindari sektor ini, bank sekarang telah memperkenalkan akses ke Produk yang Diperdagangkan di Bursa (ETP) Bitcoin (BTC) dan Ethereum (ETH) yang diatur untuk kliennya.
Apa Artinya Ini
Alih-alih membeli atau menyimpan cryptocurrency secara langsung, pelanggan sekarang dapat mendapatkan paparan terhadap pergerakan harga BTC dan ETH melalui ETP yang terdaftar yang tersedia di platform investasi bank. Ini menghilangkan kebutuhan akan dompet pribadi, pengelolaan kustodi, atau interaksi langsung dengan bursa crypto.

Banyak yang menyebut angka $500.000 sebagai kebodohan, tetapi mereka melupakan matematika sederhana dan "efek domino". Ketika Bitcoin menembus angka psikologis $200k, fase yang disebut analis "Hyperbitcoinization" akan dimulai.
Dan inilah mengapa ini akan terjadi jauh lebih awal daripada yang Anda pikirkan!
🔥 1. TSUNAMI INSTITUSIONAL: $TRILIUN DITANAMKAN!