Bitcoin Holds Steady at $70K Amid Bull Run and Halving Anticipation
TL;DR
Bitcoin remains stable above $70,000 and Ether above $3600 ahead of the upcoming halving event, with options volatility high and perpetual futures funding rates inflated. Both cryptocurrencies showed relatively calm movement last week, but with the halving event approaching, implied volatility of front-month options remains elevated. Funding rates are also inflated, and global open interest for BTC and ETH perpetual futures has hit $35 billion, indicating the potential for a return to a more volatile market regime. Positive inflows into bitcoin ETFs have contributed to bitcoin's rally before the long weekend.
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