Crypto:
30604
Bitcoin:
$62.624
% 4.69
BTC Dominance:
%53.6
% 0.35
Market Cap:
$2.21 T
% 1.97
Fear & Greed:
33 / 100
Bitcoin:
$ 62.624
BTC Dominance:
% 53.6
Market Cap:
$2.21 T

Crypto Markets Start Week Flat as Bitcoin Holds Steady at $70K Pre-Halving

Bitcoin

The cryptocurrency market kicked off the new week with minimal price movements as major financial centers worldwide observed the Easter holiday.

At the time of writing, Bitcoin (BTC) hovered around $70,000, while Ether (ETH) sat near $3,600, according to CoinDesk Indices data. The CoinDesk 20 (CD20), a benchmark for the top 20 large-cap cryptocurrencies, experienced a slight increase of 1.9%, trading at $2,750.

Bitcoin Options Signal Potential Volatility Despite Calm Price Action

Despite the subdued price action last week compared to March’s prior weeks, with Bitcoin’s realized volatility dropping below 50%, derivatives markets hint at a potential shift. Jun-Young Heo, a derivatives trader at Singapore’s Presto Labs, points out that implied volatility for near-month Bitcoin options remains elevated above 75%.

Heo further highlights that funding rates also remain high, with major crypto exchanges showing 6-8 basis point (bps) funding rates for major perpetual futures contracts. Global open interest for Bitcoin and Ether perpetual futures currently sits at $35 billion. These factors suggest a potential return to a more volatile market environment.

Bitcoin ETF Inflows May Have Contributed to Pre-Weekend Rally

Meanwhile, QCP Capital, a crypto research firm, notes in a Telegram message that Bitcoin may have seen a pre-holiday boost due to positive inflows into Bitcoin ETFs. According to Coinglass data, Bitcoin ETFs received inflows of $243.5 million on March 27th, followed by an additional $182 million on March 28th.


Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our TelegramYouTube and Twitter channels for the latest news and updates.

Rate this post
READ:  Bitcoin Plunges Below $59K as Crypto Bulls Face $230M in Liquidations

Leave a Reply

Your email address will not be published. Required fields are marked *