BTC plunged below USD 91.5k on Monday, wiping out all its gains for the year, writes Bloomberg. Options traders are bracing for more losses, loading up on downside bets that suggest they think the slide is far from over.

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Traders are paying up to protect against a deeper drop: Demand for put options has surged at the USD 90k, 85k, and 80k price marks, particularly in contracts expiring later this month. More than USD 740 mn of options betting on further declines into late November have changed hands in just a few weeks, far outpacing demand for bullish calls.

Balance-sheet “BTC plays” are under pressure: The sell-off has been especially painful for listed companies that piled into BTC earlier this year to market themselves as “crypto-treasury” stocks.

Fear is now the dominant emotion: A sentiment gauge compiled by CoinMarketCap — tracking price momentum, volatility, derivatives, and other indicators — now shows crypto investors stuck in “extreme fear.” The mood is being dragged down not just by BTC’s slide, but by a broader risk-off turn across global markets. “I think the Fed and AI bubble talk are two major headwinds for crypto and risk assets heading into the end of the year,” said Kaiko research analyst Adam McCarthy. “The AI risk is likely compounding and affecting risk sentiment in crypto, adding that to the chatter from FOMC officials, you’re looking at a sustained downtrend for BTC.”

Macro jitters, not a structural crack: Despite the brutal drawdown, some in the industry argue this is more about global risk sentiment than a new existential crisis for crypto. “That riskoff tone spills into crypto markets, where sentiment remains fragile — the latest drawdown reflects broader macro jitters rather than structural flaws,” said Kraken global economist Thomas Perfumo.

MARKETS THIS MORNING-

Asian markets are in the red in early trading this morning, with Japan’s Nikkei inching down 1.9%, the Kospi down 1.8%, and the Hang Seng down 1.1%.

EGX30

41,066

-0.4% (YTD: +38.1%)

USD (CBE)

Buy 46.99

Sell 47.13

USD (CIB)

Buy 47.00

Sell 47.10

Interest rates (CBE)

21.00% deposit

22.00% lending

Tadawul

11,051

0.0% (YTD: -8.2%)

ADX

9,911

-0.1% (YTD: +5.2%)

DFM

5,958

+0.1% (YTD: +15.5%)

S&P 500

6,672

-0.9% (YTD: +13.4%)

FTSE 100

9,675

-0.2% (YTD: +18.4%)

Euro Stoxx 50

5,641

-0.9% (YTD: +15.2%)

Brent crude

USD 63.98

-0.3%

Natural gas (Nymex)

USD 4.34

-0.6%

Gold

USD 4,039

-0.9%

BTC

USD 91,376

-4.0% (YTD: -1.8%)

S&P Egypt Sovereign Bond Index

963.05

+0.1% (YTD: +23.9%)

S&P MENA Bond & Sukuk

151.92

0.0% (YTD: +8.6%)

VIX (Volatility Index)

22.38

+12.9% (YTD: +29.0%)

THE CLOSING BELL-

The EGX30 fell 0.4% at yesterday’s close on turnover of EGP 7.1 bn (44.9% above the 90-day average). Regional investors were the sole net sellers. The index is up 38.1% YTD.

In the green: ADIB (+3.5%), Rameda (+3.1%), and Misr Cement (+2.8%).

In the red: Egypt Aluminum (-5.4%), Beltone Holding (-2.7%), and Telecom Egypt (-2.5%).

CORPORATE ACTIONS-

Domty’s board will file a demerger proposal to its shareholders at an upcoming extraordinary general meeting to split the firm into two entities based on its book value at the end of last year, according to an EGX disclosure (pdf). Under the move, Domty will be the demerging company with EGP 113 mn in capital, while a new firm — Dairy Products Euro Arabian for Food Industries — will be created with an issued and paid-in capital of EGP 438 mn.

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