📉 Bitcoin took a dip from $63,800 to $56,746 in just 3 days, but don't get your crypto-knickers in a twist! 😅 Despite this 11% drop, the demand for Bitcoin derivatives and stablecoins in China suggests traders are not ready to throw in the towel just yet.

Meanwhile, the S&P 500 index is partying at an all-time high, and gold is just 4% shy of its record high. So, it seems the crypto downturn isn't scaring off risk-on investors or those seeking alternative investments.

The Bitcoin futures premium fell to 7.5% on July 4, but stayed within neutral territory, and the BTC options 25% delta skew is at a balanced 0%.

Interestingly, China's USDC stablecoin premium bounced back to a neutral 1.8% on July 4, suggesting a surge in buying activity.

In short, Bitcoin derivatives aren't showing bearish signs, and the BTC price might just regain the $60,000 support level soon.

Got thoughts on this? Share them in the comments! 👇 Remember, this isn't investment advice, so do your own research before making any decisions. #Bitcoin #Cryptocurrency