Bitcoin (BTC) and Ethereum (ETH) started the trading week fairly flat, as many major financial centers around the world remained closed over the Easter long weekend.
“BTC and ETH showed relatively quiet movement last week compared to other weeks in March, with realized weekly volatility reaching below 50%,” Jun-Young Heo, a derivatives trader at Singapore-based Presto Labs, said in an email interview. “However, since the Bitcoin halving event is expected to occur around April 20, the implied volatility of front-month options remains high above 75%.”
He also noted that funding rates remain inflated, with most large-cap perpetual futures contracts on major exchanges recording funding rates of 6 basis points to 8 basis points, and global open interest for Bitcoin and Ethereum perpetual futures standing at $35 billion.
He continued: “Markets may return to a more volatile regime again.”
Meanwhile, QCP Capital wrote in a wire note that Bitcoin was rising ahead of the long weekend due to positive inflow into Bitcoin ETFs of up to $243.5 million on March 27. Coinglass data shows This influx continued on March 28 with an additional inflow of $182 million.
