Trading firms are selling upside calls on miner equities while buying put spreads on BTC, a structure that profits from continued regulatory drift. Open interest on MARA $25 puts has doubled in two weeks. The options market is pricing a 35% probability of sub-$60,000 Bitcoin by September expiry.

• Bitcoin trades at $63,729, down 4.34% over seven days while total crypto market cap holds at $2.27 trillion.

• Miner-to-exchange flows exceed 3,500 BTC weekly, matching pre-halving capitulation levels from March 2024.

• Secondary market pricing for S19 XP rigs has fallen below $18/TH, the lowest since January.

• December 2025 hashprice contracts trade at a 12% discount to spot, signaling sustained margin pressure.