Crypto Market

BTC and ETH Market Insight

BTC made a new ATH of 70k this week. Over $95M of future positions were liquidated as Bitcoin reached $70K and dropped below $68K. Bitcoin took 847 days to reach its all-time high, while in the last bull market, it took nearly 1081 days to surpass the 2017 peak. Coinbase makes a comeback to App Store's top 100 after two years. SEC delayed BlackRock's Ethereum ETF proposal. Ethereum has become deflationary, with the EIP-1559 upgrade resulting in a burn of over 1.5M ETH, worth more than $5.85B at current prices.

Options Market

As previously conversed in the last week’s update, the persisting high leverage did bring more volatility to the market. Indeed, the market flushed twice during the week after recording hitting the new ATH. Short-term IV (7D) had been very jumpy on the move although the mid and long dated structure remained rather steady at 70+ for both BTC and ETH. The leverage level did come off after these violent moves, suggesting the upward momentum might continue in a healthier manner. Skew move was quite mixed as we see more demand on the downside protection whereas those long positioning did not flip either.

Altcoins and Blockchain News

• According to Cointelegraph, Grayscale, Coinbase, and officials from the U.S. Securities and Exchange Commission (SEC) met to discuss rule changes for launching a spot Ethereum ETF.
• Decentralized SocialFi protocol CyberConnect announced the launch of a restaking modular Ethereum L2 network Cyber.
• Ether.fi signed a $600 million agreement with Omni to protect the Omni and EigenLayer ecosystems.
• Masa raised $8.75 million through Coinlist, and MASA will be listed on CEX on April 11th.
• Boyaa Interactive announced on the Hong Kong Stock Exchange that the board is authorized to continue purchasing cryptocurrencies, no more than $100 million in total.
• DePIN+AI project Privasea announced the completion of a $5 million seed round of financing, led by Binance Labs.
• Fetch.ai announced the launch of "Fetch Compute" and committed to investing at least $1 billion. The project will deploy Nvidia H200, H100, and A100 GPUs to create a platform for developers and users to utilize computing power.
• Solana ecosystem's DePIN protocol io.net announced the completion of a $30 million Series A funding round, led by Hack VC.
• Binance launchpad listed the 48th project AEVO, supporting BNB and FDUSD mining for AEVO.

Macro

The major benchmarks closed slightly lower for the week: the DJIA lost -0.9%, the S&P 500 added -0.3%, and the NASDAQ -1.2%. The unemployment rate rose unexpectedly to 3.9% from 3.7%, ticking its highest level for two years. The 10-year U.S. Treasury note hit a month low level of 4.03%.