Bitcoin Trades Above $87,000 as Options Expiry Approaches
Risk assets are showing positive movement with Bitcoin trading above $87,000 and the S&P 500 reclaiming its 200-day moving average. Volatility is anticipated ahead of Friday’s quarterly options expiry, set to impact over $12 billion in notional value on Deribit.
- President Trump plans new “secondary tariffs” potentially imposing a 25% levy on nations buying oil and gas from Venezuela.
- Additional tariffs on autos, lumber, and semiconductor chips are expected soon.
- The U.K. Chancellor Rachel Reeves is preparing for the Spring Statement amidst rising bond yields, suggesting civil service job cuts while avoiding tax increases.
Crypto Events
- March 25: Mimir upgrade launches on Chromia.
- March 25: Celo mainnet hard fork will transition to Ethereum L2.
- March 26: Circle's USDC begins trading on SBI VC Trade.
- March 26: Cronos' zkEVM v26 introduces Smart Account SSO.
- March 27: Walrus mainnet goes live.
Market Overview
BTC is currently at $86,889.75, down 1.12%. ETH is at $2,064.85, down 1.01%. The CoinDesk 20 index decreased by 0.35% to 2,782.83.
Derivatives Positioning
- CME futures basis for BTC and ETH remains low, indicating cautious institutional investment.
- Bullish sentiment in perpetual futures markets seen with positive cumulative volume deltas for XMR, HBAR, NEAR, BNB, SUI, and AVAX.
- Short-dated options show put skews, with a focus on the $100K call option.
Token Listings and Unlocks
- March 25: Particle Network (PARTI) lists on multiple exchanges.
- March 27: Walrus (WAL) lists on Gate.io and Bybit.
- March 31: Optimism (OP) unlocks 1.93% of its circulating supply.
Earnings Reports
- March 27: KULR Technology Group estimated at -$0.02.
- March 28: Galaxy Digital Holdings estimated at C$0.38.
Key Economic Releases
- March 26: U.K. consumer price inflation data to be released.
- March 27: U.S. Q4 GDP data expected with a growth rate estimate of 2.3%.
- April 2: Implementation of Trump's reciprocal tariffs plan.
The market remains dynamic with significant developments across both traditional and crypto sectors, presenting various opportunities for investors.