Crypto Market

BTC and ETH Market Insight

The BTC price ranged from 93K to 97K, showing a positive signal of digesting previous surge. Most of the altcoins remained stagnant even with the BTC rally. The BTC dominance entered a new territory of 64% with continuous BTC ETF inflows.

Upcoming Macro Calendar - Source: Trading Economics

Options Market

The rally slowed its pace but the market still ended the week with a positive note. This recovery is rather healthy given that the funding rate had been around neutral or even slightly negative during the most time of this rally. Front-end implied volatility fell in tandem with the realised
volatility. The volatility carry continued to trade at a tight range, indicating a relatively fair valuation of option pricing. The term structure maintained in contango. Call skew was little changed. A more optimistic view on BTC than ETH is intact.

Altcoins and Blockchain News

• Bank of America: Open to issuing its own stablecoin

   

• Vitalik: Suggests simplifying Ethereum L1, aiming for protocol simplicity close to Bitcoin within five years

   

• Pump DEX 24-hour trading volume reached $777 million, surpassing Raydium to rank second

   

• Kaito Pre-TGE past 7 days mindshare ranking: Ethos Network, Sidekick, Pump ranked top three

   

• Binance signs a memorandum of understanding with the National Investment Agency of Kyrgyzstan

• Ivy League school Brown University discloses its holding of approximately $5 million in BlackRock spot Bitcoin ETF

• Tether CEO: Plans to issue a new US dollar stablecoin as early as this year

• Kraken announces completion of the acquisition of NinjaTrader, with first-quarter revenue up 19% year-over-year

   

• Movement Labs investigates the sell-off triggered by the authorization of 66 million MOVE tokens, co-founder Rushi Manche temporarily suspended.

Macro

The major benchmarks climbed for the second consecutive week, boosted by the positive economic and labor market data: the DJIA added +3.0%, the S&P 500 +2.9%, and the Nasdaq +3.4%. The Chinese stocks declined in the holiday-shortened week: Shanghai Composite Index lost 0.49%, the CSI 300 lost 0.43%, while the Hang Seng index added +2.38%.