Bitcoin (BTC) experienced a dip below the $63,000 mark early Tuesday, driven by profit-taking that extended beyond the weekend rally, putting downward pressure on the broader cryptocurrency market. Over the last 24 hours, BTC saw a decline of 1.4%, according to CoinGecko data. Ether (ETH), BNB Chain’s BNB, Cardano’s ADA, and XRP followed suit, each losing up to 2%. Memecoin Dogecoin (DOGE) led the slide among major cryptocurrencies, falling by 4%, while Ton Network’s TON, affected by the recent arrest of Telegram’s CEO, dropped 4%, bringing its seven-day loss to over 20%.

The CoinDesk 20 (CD20), an index tracking the largest and most liquid cryptocurrencies by market capitalization, also slipped by 1.5%.

QCP Capital, a trading desk based in Singapore, observed an uptick in call spread buying, alongside the selling of bitcoin calls at the $100,000 level. This strategy hints at a generally bullish outlook, albeit without expectations of a significant price surge in the short term.

A call option grants the buyer the right, but not the obligation, to purchase an asset at a predetermined price, known as the “strike” or “exercise” price, before or on a specific expiration date. Typically, call options are inherently bullish. Conversely, a put option allows the buyer to sell an asset at the strike price before or on the expiration date. A bull call spread involves purchasing a call with a lower strike price while simultaneously selling a call with a higher strike price, both tied to the same underlying asset—in this case, bitcoin.

“Even with higher spot prices, BTC and ETH volatilities are currently more skewed towards puts rather than calls until October,” QCP noted in a Telegram broadcast. “This is surprising given the prevailing bullish sentiment. It possibly indicates that the market was well-positioned for this move and quick to capitalize by selling calls.”

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SafePal’s SFP Surges with Staking Enhancement

In a positive contrast, SafePal’s SFP token has seen a price increase of up to 8% over the past week, outperforming bitcoin and other major tokens, fueled by the introduction of a new staking points feature.

The recently launched SFPlus update targets “genuine” token holders who commit to staking their tokens for a longer duration, rather than merely holding them in their wallet. As users stake their SFP tokens, they accumulate a score over time, which can be redeemed for various rewards.

“Stakers can enjoy exclusive benefits such as airdrop rewards, discounts on our hardware wallets, and upgraded account tiers within our CeDeFi banking gateway, among other features, all seamlessly accessed through the SFPlus hub,” said Veronica Wong, CEO and co-founder of SafePal, in an interview with CoinDesk.

“This initiative aligns the interests of loyal $SFP holders more closely with our wallet users and addresses a common industry issue where a project’s growth doesn’t necessarily benefit its token holders, particularly in the long term,” she added.

“Although it has only been a few days since SFPlus launched, we have already seen nearly 1.5 million $SFP staked across more than 100,000 wallets, with continued steady growth despite the uncertain market conditions,” Wong noted.