Bitcoin Underperforms Ether as Crypto Market Shows Mixed Trends

Crypto Markets Today: Bitcoin Struggles as CRO Rockets on Trump Media Deal

Bitcoin (BTC) remained above $111,000 on Wednesday after rebounding from early European session lows, gaining less than 1% in the past 24 hours. By contrast, the broader CoinDesk 20 Index climbed 3.2%, while the CoinDesk 80, tracking smaller tokens, rose 4%.

August is on pace to be Bitcoin’s strongest since 2021, though the cryptocurrency may still close the month in the red for the fourth consecutive year. Options market data points to potential upside ahead of Friday’s $14.6 billion BTC and ETH options expiry. The “max pain” level—where the most options expire worthless—is $116,000, above current prices, creating incentive for sellers to drive BTC higher.

Technical & Derivatives Outlook
Bitcoin’s 200-day moving average recently surpassed $100,000, confirming its long-term uptrend. Open interest across major derivatives platforms fell slightly to $30.3 billion, reflecting traders unwinding leveraged positions. Short-term indicators suggest caution: a negative 25-delta skew and put-heavy 24-hour put/call ratio indicate bearish sentiment. Funding rates on perpetual swaps have rebounded to 8%-10% APR, signaling renewed bullish positioning. Coinglass reports $266 million in 24-hour liquidations, led by ETH ($99M), BTC ($47M), and SOL ($20M).

Token Spotlight: CRO Surges
Cronos (CRO) defied broader market weakness, rallying more than 56% after Crypto.com and Trump Media (DJT) announced a $6.4 billion CRO treasury. The initiative integrates CRO into Truth Social, letting users convert platform “gems” into CRO and access subscriptions and discounted services.

The announcement drove CRO’s 24-hour trading volume up 1,300% to over $1 billion, making it a standout while BTC and ETH stagnated near support. CRO currently trades at $0.225, up from $0.141 last week. Bloomberg noted Crypto.com CEO Kris Marszalek’s previous $1 million donation to Trump’s inaugural committee and post-election Mar-a-Lago visit.