TechFlow News, April 3: According to CoinDesk, the cryptocurrency market continues to experience volatility and consolidation. Bitcoin is trading in a narrow range near $67,000, while derivatives market data indicates mounting bearish sentiment. Since early February, Bitcoin has remained within its current trading range, and overall remains in a macro-level downtrend that began in October last year—characterized by a series of lower highs and lower lows.
In the derivatives market, Bitcoin and Ethereum futures open interest remained largely unchanged over the past 24 hours, reflecting light trading activity. Solana futures open interest rose above 65 million SOL—the highest level since February 7—and combined with negative funding rates and the Open Interest (OI)-weighted Cumulative Volume Delta (CVD) signal, suggests growing short positions. TRX and BCH also exhibit similar bearish market structures.
Bitcoin’s 30-day implied volatility index has fallen to 51.28%, its lowest since February; Ethereum’s volatility index has likewise declined to 72.55%, its lowest since February 26. On Deribit, put options premiums for both Bitcoin and Ethereum continue to exceed call options premiums. Glassnode data shows that market makers’ gamma exposure is negative across the price range from below $68,000 down to $50,000—meaning that if the market declines further, market maker hedging activities could exacerbate the downward move.
