Bitcoin traders target $90K rebound
Bitcoin options traders are increasingly positioning for a potential rebound toward $90,000, as derivatives data suggests the market may be attempting to form a medium-term base.
According to on-chain derivatives platform Derive, traders are shifting away from aggressive downside hedging while maintaining defined protection. Bitcoin volatility has eased back toward the 50% range — historically more consistent with consolidation phases than panic-driven selloffs. At the same time, the 25-delta skew, a key options sentiment indicator, has rebounded from deeply defensive levels, signaling a more balanced outlook.
Options flows reinforce this cautious optimism. The March 27 expiry — currently holding the largest open interest — shows notable call accumulation at the $80,000 and $90,000 strike levels. This clustering suggests that bullish participants are positioning for a recovery into the $85,000 to $95,000 range over the coming weeks, should liquidity conditions improve.
However, traders are not abandoning protection. Significant put open interest remains concentrated at the $60,000 and $55,000 strikes, indicating expectations that any further drawdown would likely remain contained rather than develop into a capitulation event. Bitcoin is currently trading near $66,000, still below the psychologically important $70,000 level that has capped upside attempts in recent weeks.
Defensive hedging remains amid macro uncertainty
Derivatives data from Bybit and Block Scholes highlights continued caution. One-week at-the-money implied volatility climbed toward 60% after bitcoin briefly dipped to $62,000 before rebounding. Meanwhile, perpetual futures open interest has declined, suggesting limited appetite for leveraged directional bets.
Ethereum markets reflect a similar asymmetric structure. Call exposure has built around the $3,500 strike, while strong put demand persists near $1,800, underscoring ongoing macro hedging.
Research from Binance indicates that options-market hedging has reached its most extreme levels since the FTX collapse — notably without a comparable fundamental shock. Analysts also observe that bitcoin’s recent price action has closely tracked high-beta technology stocks, partly driven by institutional ETF ownership that treats bitcoin as a tech-correlated asset.
ETF flows show tentative stabilization
U.S. spot bitcoin ETFs, after months of net outflows, have recorded three consecutive days of net inflows exceeding $1 billion. Notably, BlackRock’s IBIT and Bitwise’s BITB led recent creations, hinting at renewed institutional engagement.
Taken together, volatility compression, improving sentiment metrics and structured options positioning point toward a market attempting to stabilize. While macro risks remain, derivatives traders appear to be transitioning from defensive panic to conditional optimism — preparing for upside participation while remaining protected against another leg lower.
Source: The Block
Bitcoin ETFs see $1.1B inflow surge
U.S. spot bitcoin ETFs are on track for their strongest weekly performance in six weeks after recording $1.1 billion in net inflows over three consecutive trading days. The surge marks a sharp reversal from five straight weeks of outflows and signals renewed institutional appetite for bitcoin exposure.
According to data from SoSoValue, the funds are now roughly $815 million net positive for the week, even after accounting for a net outflow earlier in the period. The last comparable week of strength was in mid-January, when total inflows reached $1.4 billion.
More than half of the recent inflows went into BlackRock’s iShares Bitcoin Trust (IBIT), which attracted approximately $652 million over the three-day stretch. Meanwhile, Grayscale’s GBTC — historically known for its higher fee structure — posted its largest single-day inflow since converting from a trust into an ETF structure.
Coinbase Premium turns positive
The renewed momentum coincides with a notable shift in the Coinbase Premium Index, a widely watched gauge of U.S. demand. After spending 40 consecutive days in negative territory, the index has turned positive again. The metric tracks the price difference between bitcoin on Coinbase and global exchanges, offering insight into U.S.-based institutional flows.
A positive premium typically suggests stronger buying pressure from American investors, reinforcing the view that domestic demand is reaccelerating.
On-chain analytics platform Checkonchain reports that total bitcoin holdings across U.S. spot ETFs have climbed to approximately 1.29 million BTC. Assets under management now sit less than 10% below their October peak — despite bitcoin’s spot price remaining roughly 45% below its record high from that period.
Bitcoin continues to consolidate in the mid-$60,000 range, trading around $66,000 at the time of writing.
CME open interest declines
At the same time, open interest on the Chicago Mercantile Exchange (CME) has continued to fall, declining to about 107,780 BTC, according to Glassnode data. Because institutional traders often use CME futures to execute basis trades — going long spot bitcoin while shorting futures — falling open interest may indicate that recent ETF inflows represent outright long positioning rather than hedged arbitrage strategies.
Taken together, the combination of strong ETF inflows, a positive Coinbase Premium and declining futures open interest suggests improving sentiment among U.S. investors. While bitcoin remains below previous highs, the latest data points toward a stabilization phase supported by renewed institutional participation.
Source: CoinDesk
Vitalik Buterin nears end of ETH sales
Vitalik Buterin may be close to wrapping up a recent wave of ETH sales, with on-chain data suggesting that most of the planned transactions to finance the Ethereum Foundation have now been completed.
Over the past month, Buterin sold approximately 16,420 ETH, slightly above the originally referenced 16,384 ETH earmarked for foundation-related funding. Some blockchain observers estimate the total amount sold could be closer to 17,196 ETH when including additional transactions routed through decentralized protocols.
Most of the selling activity occurred around the $2,000 per ETH level. While notable, the transactions have not materially impacted market structure. Ethereum recently rebounded to around $2,059, tracking broader crypto market optimism.
Foundation funding and stablecoin diversification
On-chain data shows that some of Buterin’s wallets exchanged wrapped ETH (WETH) via Cow Protocol into a mix of stablecoins, including USDTB, GHO, PYUSD and EUROC. The wallet activity suggests diversification into dollar- and euro-pegged assets, while retaining exposure to DeFi platforms such as Aave.
Historically, Buterin has reduced his personal ETH holdings significantly. His allocation has declined from roughly 700,000 ETH in Ethereum’s early years to around 224,000 ETH today, reflecting years of donations, grants and ecosystem funding.
Importantly, Buterin’s personal transactions are not formally controlled by the Foundation, which means future sales could still occur independently. Meanwhile, the Ethereum Foundation itself reportedly holds around 172,000 ETH and continues to distribute smaller ecosystem grants.
Ethereum Foundation unveils “Strawmap” roadmap
Beyond funding discussions, the Ethereum Foundation recently introduced a technically dense roadmap dubbed “Strawmap.” The proposal outlines five major focus areas aimed at strengthening Ethereum’s base layer competitiveness.
Key ambitions include:
- Faster L1 finality measured in seconds
- “Gigagas” throughput targeting 10,000 transactions per second via zkEVM integration and real-time proving
- “Teragas” scaling toward 10 million transactions through advanced data availability sampling
- Quantum-resistant security upgrades
- Shielded ETH transfers to enhance privacy
The roadmap reflects a broader strategy to make Ethereum leaner and more scalable, positioning it to compete more directly with high-performance networks such as Solana.
While most proposed features remain in early discussion stages, the direction signals a long-term commitment to improving base-layer performance rather than relying solely on Layer 2 expansion.
For now, Buterin’s recent sales appear aligned with structured ecosystem financing rather than signaling diminished confidence. Market participants, however, will continue monitoring wallet activity closely as Ethereum enters its next development phase.
Source: Cryptopolitan