Gate News update, on April 3, the crypto market continues to fluctuate and consolidate. Bitcoin has been trading in a tight range around $67,000. Since early February, Bitcoin has maintained its current trading range. Overall, it remains within a macro downward trend that has continued from last October to the present, showing a pattern of consecutive lower highs and lower lows.
In the derivatives market, the open interest for Bitcoin and Ethereum futures has been essentially flat over the past 24 hours, with subdued trading activity. Solana futures open interest climbed to above 65 million SOL, hitting a new high since February 7. The funding rate is negative, and the open-interest weighted cumulative volume delta (CVD) indicates that short positions have increased. TRX and BCH also show a similar market structure.
Bitcoin’s 30-day implied volatility index has fallen to 51.28%, the lowest level since February. Ethereum’s volatility index has also dropped to 72.55%, the lowest since February 26. On the Deribit platform, the premium of Bitcoin and Ethereum put options has continued to stay higher than that of call options. Glassnode data shows that market makers’ Gamma exposure in the $50,000 to $68,000 range is negative.
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