Bitcoin’s Woes: Ether’s Rise, or a Tale of Two Cryptos

What to know:

By Omkar Godbole (All times ET, unless one prefers the whimsicality of GMT)

Ah, the crypto market-a theater of the absurd, where traders don their finest masks of caution, and the quarter begins with a whisper rather than a bang. It seems the smart money, ever so chic in its reticence, is hedging Bitcoin more aggressively than Ether. How très tragique for the erstwhile king of coins!

In the options market-that gilded playground of the financially astute-traders are insuring themselves against Bitcoin’s potential downfall with the fervor of a society matron clutching her pearls. Options, you see, are the insurance policies of the financial world, though far less tedious than a conversation about one’s health plan.

The risk reversal metric, a darling of the analytically inclined, is currently negative for both Bitcoin and Ether. But ah, the devil is in the details! Bitcoin’s puts are more expensive, suggesting traders are more anxious about its downside risk. Ether, on the other hand, seems to be sipping champagne while Bitcoin frets over its next move. How delightfully ironic!

Longer-dated Ether options, expiring next March, are only slightly bearish, while Bitcoin’s equivalents carry a premium so steep, one might mistake it for the Alps. The market, it seems, is betting on Ether’s resilience-a bullish trend change in the Ether-to-Bitcoin ratio, no less. How quaint!

Ether has risen 5% in the past 24 hours, outpacing Bitcoin, XRP, Solana, and the CoinDesk 20 Index. Smaller tokens associated with quantum-computing-resistant technology have rallied by 20% or more. One can only imagine the champagne corks popping in their virtual boardrooms.

Analysts, those soothsayers of the financial world, suggest a firm breakout in BTC above its 50-day moving average of $68,680 will strengthen the bullish momentum. In traditional markets, the 10-year U.S. Treasury yield fell for the fourth straight day, while futures tied to the Nasdaq and S&P 500 rose nearly 0.5%. Risk-on sentiment, they say. How dreadfully predictable.

What to Watch

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”. One can only hope it’s more exciting than a society ball.

Token Events

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”. Again, one prays for a modicum of drama.

Conferences

For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”. Truly, the repetition is enough to make one long for a witty repartee.

Day 3 of 4: EthCC (Cannes, France) – Where the crypto elite gather to discuss the future, no doubt over glasses of rosé.
Day 2 of 2: Chainalysis Links (New York City) – Because nothing says “financial innovation” like a conference in the city that never sleeps.

Market Movements

BTC is up 0.61% from 4 p.m. ET Wednesday at $68,622.64 (24hrs: +3.34%) – A modest gain, but one must take what one can get.
ETH is up 1.47% at $2,136.90 (24hrs: +5.27%) – Ether, the darling of the moment, continues its ascent.
CoinDesk 20 is up 0.62% at 1,968.28 (24hrs: +3.62%) – A collective shrug from the market.
Ether CESR Composite Staking Rate is unchanged at 2.76% – Stability, how utterly boring.
BTC funding rate is at 0.0033% (3.5193% annualized) on Binance – A mere whisper of interest.

DXY is down 0.37% at 99.59 – The dollar, ever so slightly less dominant.
Gold futures are up 1.5% at $4,748.80 – The barbarous relic shines a bit brighter.
Silver futures are down 0.69% at $74.40 – Silver, the poor relation, takes a dip.
Nikkei 225 closed up 5.24% at 53,739.68 – Japan’s market, a beacon of optimism.
Hang Seng closed up 2.04% at 25,294.03 – Hong Kong follows suit, though less exuberantly.
FTSE is up 1.63% at 10,342.45 – London, ever the stalwart.
Euro Stoxx 50 is up 1.75% at 5,667.09 – Europe, not to be outdone.
DJIA closed on Tuesday up 2.49% at 46,341.51 – The Dow, a pillar of resilience.
S&P 500 closed up 2.91% at 6,528.52 – The S&P, a testament to American optimism.
Nasdaq Composite closed up 3.83% at 21,590.63 – Tech, the eternal darling.
S&P/TSX Composite closed up 2.61% at 32,768.04 – Canada, holding its own.
S&P 40 Latin America closed up 4.26% at 3,623.86 – Latin America, a surprise performer.
U.S. 10-Year Treasury rate is down 3.2 bps at 4.279% – Bonds, the safe haven, take a breather.
E-mini S&P 500 futures are up 0.33% at 6,592.25 – Futures, a glimpse into the future, or so they say.
E-mini Nasdaq-100 futures are up 0.48% at 24,030.25 – Tech futures, ever hopeful.
E-mini Dow Jones Industrial Average Index futures are up 0.36% at 46,750.00 – The Dow futures, a mirror of optimism.

Bitcoin Stats

BTC Dominance: 58.72% (-0.04%) – Bitcoin’s reign, slightly less dominant.
Ether-bitcoin ratio: 0.03111 (0.89%) – Ether gains ground, inch by inch.
Hashrate (seven-day moving average): 1,004 EH/s – The network, humming along.
Hashprice (spot): $32.37 – The cost of mining, a mere trifle.
Total fees: 2.47 BTC / $166,441 – Fees, the bane of the crypto enthusiast.
CME Futures Open Interest: 104,900 BTC – Open interest, a barometer of sentiment.
BTC priced in gold: 14.5 oz. – Bitcoin, the digital gold, or so they say.
BTC vs gold market cap: 4.58% – A comparison, for those who care.

Technical Analysis

The chart shows daily swings in the ether-bitcoin ratio in the candlestick format – A visual feast for the analytically inclined.
The ratio has been trending lower since August, showcasing ether underperformance relative to bitcoin – A tale of two cryptos, indeed.
The outlook would flip bullish if the ratio rises past this trendline – A potential turning point, or merely a blip?

Crypto Equities

Coinbase Global (COIN): closed on Tuesday at $174.61 (+8.60%), +1.80% at $177.75 in pre-market – Coinbase, the darling of crypto equities.
Circle Internet (CRCL): closed at $95.41 (+6.12%), +2.69% at $97.98 – Circle, holding its ground.
Galaxy Digital (GLXY): closed at $18.45 (+7.58%), +1.94% at $18.81 – Galaxy, a star on the rise.
Bullish (BLSH): closed at $35.73 (+7.39%), +0.95% at $36.07 – Bullish, living up to its name.
MARA Holdings (MARA): closed at $8.16 (+4.62%), +1.35% at $8.27 – MARA, a modest gain.
Riot Platforms (RIOT): closed at $12.36 (+4.48%), +2.35% at $12.65 – Riot, a riot of activity.
Core Scientific (CORZ): closed at $14.96 (+7.55%), -0.40% at $14.90 – Core, a slight dip.
CleanSpark (CLSK): closed at $8.51 (+4.03%), +2.12% at $8.69 – CleanSpark, sparkling a bit brighter.
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $34.82 (+7.70%), +1.81% at $35.45 – WGMI, a winner in the ETF space.
Exodus Movement (EXOD): closed at $6.50 (+4.84%), -0.92% at $6.44 – Exodus, a slight retreat.

Crypto Treasury Companies

Strategy (MSTR): closed at $124.80 (+2.77%), +1.48% at $126.65 – Strategy, a strategic gain.
Strive (ASST): closed at $10.02 (+6.94%), +1.90% at $10.21 – Strive, striving for more.
SharpLink Gaming (SBET): closed at $6.45 (+7.32%), +2.02% at $6.58 – SharpLink, a sharp rise.
Upexi (UPXI): closed at $0.99 (+3.90%), +6.49% at $1.05 – Upexi, a modest but notable gain.
Lite Strategy (LITS): closed at $1.16 (+11.54%) – Lite, a light in the darkness.

ETF Flows

Spot BTC ETFs

Daily net flow: $117.5 million – A steady inflow, but hardly a flood.
Cumulative net flows: $56.09 billion – A testament to enduring interest.
Total BTC holdings ~ 1.29 million – A significant hoard, to be sure.

Spot ETH ETFs

Daily net flow: $31.2 million – Ether, the underdog, gains traction.
Cumulative net flows: $11.59 billion – A respectable sum, though not yet a rival to Bitcoin.
Total ETH holdings ~ 5.70 million – Ether’s holdings, growing steadily.

While You Were Sleeping

Trump says Iran war could end in ‘two weeks’, with or without deal (euronews): Trump, ever the optimist, promises a swift end to the war. How quaintly American!

Iran fires missiles across Middle East as Trump signals exit (Bloomberg): Iran, not one to be outdone, fires missiles while Trump signals an exit. A dramatic turn of events, to be sure.

UAE wants to force Hormuz open and is willing to join the fight (The Wall Street Journal): The UAE, ever the pragmatist, prepares to join the fray. A move that could change the game.

Crypto asset manager CoinShares to list on Nasdaq after $1.2 billion SPAC deal (CoinDesk): CoinShares, a European darling, prepares to list on Nasdaq. A bold move, indeed.

2026-04-01 14:14