Cryptocurrency Summary

Bitcoin is currently treading water near the $90,000 mark, but experts at Bitfinex warn of a 'fragile setup' that could be vulnerable to market shocks. Additionally, Bitcoin traders are targeting a $20,000 strike price as deep out-of-the-money options gain traction.

Meanwhile, the CFTC has launched a pilot program that allows Bitcoin, Ether, and USDC to be used as collateral, indicating a significant development in regulatory acceptance of digital assets. In related news, the OCC's head stated there is no justification for treating banks and crypto differently, signaling a potential shift in regulatory attitudes.

Notably, the Canadian tax authority revealed that 40% of Canadian crypto users have been flagged for potential tax evasion. This comes as trading figures on Polymarket are reported to be double-counted, raising questions about market transparency.

Furthermore, according to Santiment, around 400,000 Bitcoins have been removed from exchanges since last year, suggesting a trend towards holding rather than trading. As the market complexity grows, Bitwise's CIO points out that crypto index funds are becoming increasingly significant.

Amid these developments, Bitcoin retail inflows to Binance have collapsed to a record low of 400 BTC, highlighting changing dynamics in retail investor behavior.