Bitcoin (BTC) traders are taking a defensive stance ahead of Wednesday’s meeting of the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) meeting, with most expecting a hawkish pause. According to options risk reversals data tracked by Singapore-based crypto trading giant QCP Capital, puts – or bearish bets – tied to Bitcoin are trading pricier than bullish calls heading into the Fed meeting. Traders often consider put bias as showing a nervous mood in the market, said Bitcoin, which is little-changed over the past 24 hours at around $25,900.
Meanwhile, the federal judge overseeing the U.S. Securities and Exchange Commission’s (SEC) case against Binance and Binance.US declined to approve a temporary restraining order freezing the U.S. trading platform’s assets. This allows Binance.US to continue doing business while hashing out restrictions with the regulator.
On-chain analytics firm Santiment also reported that Bitcoin supply on crypto exchanges has slipped to its lowest levels since February 2018. This decline has been particularly considerable since the SEC’s lawsuits against Coinbase and Binance earlier this month, with 6.4% of supply leaving exchanges in the past week.