Crypto Market

BTC and ETH Market Insight

Last week, the crypto market was defined by high volatility driven by geopolitical factors involving the U.S. and Iran, alongside a massive mid-week short squeeze. Bitcoin (BTC) experienced a parabolic turn stimulated by news of a two-week ceasefire and the start of negotiations in Pakistan. BTC pumped and regained the $70K level, ultimately reaching $72K during the upward surge. However, the tug-of-war between hopes for peace and war-related risks caused the rally to top out at $73K and it is now hovering at a $70K floor awaiting further certainty.

Total market cap oscillated around $2.4T, eventually sitting near $2.5T despite President Donald Trump’s announcement that the U.S. Navy will blockade the Strait of Hormuz. The chart looks like a classic 'buy the rumor, sell the news' candle. Ethereum (ETH) followed with similar moves, briefly breaking $2,200 before defending the $2,100 level.

In general, extreme sensitivity to news headlines means liquidations can occur rapidly in both directions. Investors should focus on yield-centric accumulation rather than speculative trading and keep a close eye on the upcoming U.S. CPI print. A relief rally could occur if inflation is cooler than expected, conversely, hotter data may trigger an instant sell-off of risk assets.

Upcoming Macro Calendar - Source: Trading Economics

Options Market

The market inched up gradually over the past week with BTC reaching $73k at high and ETH near $2,300. The move was largely supported by easing global geopolitical tensions following the U.S.–Iran ceasefire. Implied volatility eased across the curve with BTC 1W ATM IV settling around 40% and ETH 1W IV around 57% while realised volatility ticked up slightly, leaving volatility carry flattish. Skew retained an overall bearish tilt but showed clear relief across the curve—BTC 25Δ 1W skew ending around 12–13 vol points while ETH 25Δ 1W skew flattened toward 2–4 vol points. ETF netflows turned mixed-to-positive mid-to-late week (e.g., strong +$358M BTC and +$85M ETH on April 9), partially offsetting early outflows.

Altcoins and Blockchain News

Macro

The major benchmarks finished the week with solid gains amid the U.S-Iran ceasefire agreement: the DJIA added +3.1%, the S&P 500 increased +3.5%, and the Nasdaq rose +4.68%. The Chinese stock market also took a deep breath from the Middle East Geopolitical tensions: the Shanghai Composite Index added +2.74%, the CSI 300 gained +4.41% and the Hang Seng index rose  +3.09%.