Crypto volatility calmed down on Friday with Bitcoin Stuck between $77,500 and $78,500 since midnight UTC.
Price action softened after a failed breakout attempt near $80,000 on Wednesday, although the broader trend remains constructive, with the price of BTC rising during April and printing a series of higher highs and higher lows.
Ether (ETH) matched Bitcoin’s performance on Friday, falling about 0.9% since midnight, while also remaining in a narrow trading range.
US stock futures were mixed, with Nasdaq 100 futures rising 0.5% and S&P 500 futures slipping 3 basis points due to strong tech earnings.
The dollar index (DXY) was little changed despite US President Donald Trump’s comments that the ceasefire between Israel and Lebanon has been extended for three weeks. When the ceasefire was first announced on April 16 the dollar fell about 0.5%.
derivatives positions
- Open interest in Bitcoin futures has fallen by more than 6% in 24 hours to 744.3K BTC as the spot price rallies back to $77,500 after failing to reach $80,000 earlier this week. This move suggests that traders are reducing leveraged positions and that bullish momentum is diminishing in the near term.
- BTC’s 24-hour open interest-adjusted cumulative volume delta has turned negative, meaning sellers are outbidding buyers during this period. Annual permanent funding rates remain slightly negative, indicating the dominance of bearish short positions.
- Futures trading for other major cryptocurrencies like Ether (ETH), Solana (SOL) and XRP (XRP) have seen weak trading in the last 24 hours.
- However, privacy-focused zcash (ZEC) stands out. Open interest in its futures has surged nearly 7.5% to a 10-day high of 1.88 million tokens, while 24-hour trading volume has surged 80%.
- The token also boasts positive funding rates as well as one of the strongest positive CVD readings, indicating continued aggressive buying interest and overall bullish sentiment.
- While BTC and ETH prices have come under pressure, investors may view this as a brief pause in the rally. This is evident from the ongoing decline in Bitcoin’s 30-day implied volatility index, BVIV. It has fallen to 42%, the lowest since January 31. ETH’s index has fallen below 65%, its lowest since February 1st.
- On Deribit, Bitcoin and Ether risk reversals continue to show a bias for put options across all time frames. This reflects the volatility of the surge by market players continuing to sell through negative hedging and covered calls.
symbolic thing
- The CoinDesk Memecoin Index (CDMEME) was the only benchmark in the black on Friday, gaining less than 0.2%, while the DeFi Select Index (DFX) and the Computing Select Index (CPUS) declined about 1%.
- DeFi token Lido (LDO) and The sector’s losses have declined by 3% to 3.8% since midnight UTC as sentiment continues to deteriorate following last weekend’s $290 million KelpDAO exploit.
- Privacy coin Zcash (ZEC) gave back 0.5% of its gains on Friday but remains up more than 7% over the past 24 hours, boosted by its Thursday listing on popular retail trading app Robinhood.
- CoinMarketCap’s “Altcoin Season” index climbed back up to 39/100 on Friday as investors began placing speculative bets, while Bitcoin remained range-bound.