Crypto Market

BTC and ETH Market Insight

Upcoming Macro Calendar - Source: Trading Economics

Options Market

Over the past week, BTC and ETH options markets continued to normalise after the prior week’s post-rally cooling. Spot prices held firm and edged higher, with BTC trading around $79,500 (up from ~$77,700) after testing above $82k, and ETH near $2,450 (flattish for the week). Implied volatility compressed further across short tenors, with BTC 1W ATM IV declining notably from ~43.7% last week to ~32.0% and ETH 1W IV easing from ~42.0% to ~39.1%. Realized volatility remained elevated above implied levels (BTC RV ~36.9%, ETH RV ~49%), keeping the volatility risk premium negative, though the gap narrowed for BTC. Skew flipped to call-biased compared with last week’s mild put/near-flat readings, with BTC 25Δ 1W skew at -4.1% and ETH 25Δ 1W skew at -4.9%, reflecting ongoing demand for upside exposure. ETF netflows were mixed but predominantly positive for BTC (including a strong +9.45K day) and selective for ETH.

Altcoins and Blockchain News

• According to DeFiLlama data, Robinhood Chain's revenue over the past week has reached $21.49 million, setting a new all-time high. Currently, Robinhood Chain's cumulative revenue stands at $28.76 million.
  
  
• As privacy token ZEC (Zcash) surged to $1,195, it has surpassed HYPE and DOGE to become the ninth-largest cryptocurrency by market capitalization.
  
  
• Hyperliquid has cumulatively burned 48.42 million HYPE tokens, valued at approximately $4.14 billion at current prices, accounting for about 4.84% of the maximum supply.
  
  
• HyperCore has launched manual lending/borrowing functionality on its mainnet. HyperEVM smart contracts can now invoke HyperCore's lending/borrowing features via CoreWriter, and read related data through precompiled contracts.
  
  
• According to Blockworks data, the meme coin Frenzy has driven Uniswap to set new all-time highs in transaction volume for multiple consecutive trading days. Over the past four days, Uniswap's daily transaction count has exceeded 9 million, far surpassing previous levels.
  
  
• Coinbase has stated that it is pushing forward with plans to launch single-stock perpetuals in the United States.
  
  
• The Ethena Foundation announced that the fee conversion vote has passed with 100% approval. Programmatic ENA buybacks will begin and gradually scale up as metrics and milestones are achieved.
  
  
• Prediction market Polymarket has officially and fully rolled out perpetual contract functionality, supporting trading in cryptocurrencies, stocks, commodities, and more, with leverage of up to 20x.

Macro

The major indices finished a mixed week with increasing uncertainty against U.S-Iran conflicts: the DJIA shed 0.27%, the S&P 500 edged up 0.1%, and the Nasdaq added 0.4%. The Chinese stock market finished the week mostly lower: the Shanghai Composite Index lost 0.56%, the CSI 300 declined 1.33% while the Hang Seng index added 0.26%.