Crypto Market

BTC and ETH Market Insight

The crypto market experienced a dramatic shift from cautious consolidation to an aggressive reversal this week. While the initial tone was set by deep-seated macro anxiety, where trading activity was highly bound to the movement of broader risk assets. The market broke its range-bound behavior earlier this morning during the Asian trading session followed news of a diplomatic breakthrough between the U.S. and Iran to establish a ceasefire and reopen the Strait of Hormuz within the next two weeks. The news triggered an instant rally across several asset classes, while oil prices saw their largest one-day plunge since 1991.

Bitcoin (BTC) reclaimed the $70K psychological barrier, vaulting past $72,000 as risk-on sentiment returned on hopes of the conflict ending. This reversed the previous trend where BTC dipped toward $68,000 as traders de-risked their positions following President Trump’s statement regarding "wiping out entire civilizations."Ethereum (ETH) behaved as a relative beta asset and stabilized above $2,200, seeing a >5% intraday jump driven by peace optimism.

The situation remains fragile, with plenty of uncertainties still on the horizon. Investors should remain cautious and take advantage of the volatility, avoiding heavy one-sided bets on long or short positions. Instead, they should follow the trend and adjust positions periodically. Hedging and diversification are vital to avoid being caught in upward or downward spirals that force long or short squeezes during high-impact events, as the final resolution still depends on the progress of formal negotiations set to begin on April 10.

Upcoming Macro Calendar - Source: Trading Economics

Options Market

Over the past week ending April 4, 2026, BTC and ETH options markets reflected cautious consolidation in a quiet post-quarterly environment, with BTC trading around $67k and ETH around $2,050. Implied volatility eased across the curve in tandem with realized volatility as prices tightened into a narrow range. Open interest stabilised following the March quarterly expiry. Skew remained firmly bearish, with BTC 25-delta risk reversals exceeding 13 vol points and ETH short-dated puts trading at an 9 vol point premium to calls, underscoring persistent downside hedging demand. Transaction volumes stayed subdued amid thinner liquidity. ETF netflows turned mixed-to-negative early in April, partially reversing March’s positive momentum.

Altcoins and Blockchain News

Macro

The major indices finished the week higher, after consecutive weeks of uncertainty against Middle East geopolitical conflict: the DJIA added +2.96%, the S&P 500 advanced +3.36%, and the Nasdaq increased +2.48%. The Chinese stock market also took a breath from the decline: the Shanghai Composite Index edged up +0.14%, the CSI 300 shed 0.53%, and the Hang Seng index advanced +0.66%.