CryptoETHBitcoin and Ether Start Trading Week Steady Amid Holiday Closure

Bitcoin and Ether Start Trading Week Steady Amid Holiday Closure

Bitcoin (BTC) and Ether (ETH) initiated the trading week with relatively stable performance, as many global financial hubs observed closures for the extended Easter weekend.

As of the latest update, bitcoin maintained its position at $70,000, while ether hovered close to $3600, based on data from CoinDesk Indices. The CoinDesk 20 (CD20), reflecting the largest and most liquid digital assets, demonstrated a 1.9% uptick, trading at 2,750.

Jun-Young Heo, a derivatives trader at Presto Labs in Singapore, observed a subdued movement in BTC and ETH throughout the previous week compared to March’s heightened volatility. He noted that weekly realized volatility dipped below 50%. However, anticipation surrounding the upcoming Bitcoin halving event around April 20 has sustained elevated levels of implied volatility in front-month options, exceeding 75%.

Heo also highlighted inflated funding rates across major exchanges, with most large-cap perpetual futures registering 6bps to 8bps. Global open interest for BTC and ETH perpetual futures has surged to $35 billion, indicating continued market activity.

“With the Bitcoin ETFs witnessing positive inflows totaling $243.5 million on March 27, and an additional $182 million inflow recorded on March 28 according to Coinglass data, bitcoin showcased a rally prior to the extended weekend,” remarked QCP Capital in a telegram note.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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