Ahead of the Curve by K33

Bitcoin is back near $78,000, with leverage low, derivatives positioning cautious and trading activity cooling after the late-August breakout.

In this episode of Ahead of the Curve, we look at why BTC has become increasingly sensitive to U.S. rate expectations ahead of CPI and the FOMC, what the September 15 CLARITY Act vote could mean for volatility, and why Strategy may soon re-emerge as a meaningful source of Bitcoin demand.

We also examine the changing structure of crypto derivatives, including Hyperliquid’s rise to become the third-largest venue for BTC perpetual open interest and the growing role of traditional-finance perps on crypto exchanges.

For more research and market insights, visit k33.com/research.