After the strong fall of the previous day, Bitcoin opened slightly higher today, but it was not enough to erase the week’s losses. The price of BTC registered gains of 0.4% this Friday (26), opening the day at US$64,152. Meanwhile, in Brazil, the price remained at R$ 330 thousand, an increase of 0.6%.
However, Bitcoin losses remain high, reaching 8.5% in April. If there is no recovery, the cryptocurrency could break a seven-month streak of appreciation. The weekly result shows a loss of 1.2% in the last seven days.
On the other hand, Top 10 cryptocurrencies opened the day with mixed performances. On the negative side, the highlight was Solana (SOL), whose drop was 1.6%. TON led the Top 10 gains after announcing a new token airdrop, appreciating 3.2%. Along with BNB, TON is the only Top 10 cryptocurrency recording gains in April so far.
As for the Top 100 cryptocurrencies, the SAFE and W tokens – the latter from Wormhole – led the day’s gains. W’s price rose 15% after the token launched on several different blockchains, including Ethereum and Solana. This followed the launch of a native token transfer (NTT) system that enabled this integration.
On the other hand, memecoins once again stood out with strong increases. Among the largest, only Dogecoin (DOGE) opened lower, with losses of 0.3%, and BONK had the biggest increase, rising 8%. In the last 30 days, BONK price has almost doubled, recording gains of 98%.
Shiba Inu (SHIB) rose 2.3%, Floki Inu (FLOKI) rose 2.1% and Pepecoin (PEPE) rose 2%. Dogwifhat (WIF) also appreciated and rose 2.2%.
Bitcoin Options Indicate Downside?
As happens every Friday, today is the expiration date for Bitcoin options in the derivatives market. According to the data, $6.3 billion worth of BTC options are set to expire in the next few hours, signaling potential negative price volatility.
In this sense, volatility could see Bitcoin fall to the $61,000 mark – a potential drop of more than 5%. However, traders also expect the market to recover after facing the volatility of these options.
Derivatives exchange Deribit’s website shows a total of 96,000 Bitcoin options, with a notional value of $6.3 billion. The put-call ratio is 0.68, indicating an increase in puts recently as the monthly expiration approaches. The maximum drop point is $61,000, below the current price.
Additionally, 990,000 Ethereum (ETH) options with a notional value of $3.1 billion are about to expire, with a put-call ratio of 0.51. The maximum drop point is US$3,100, just below the value of ETH, which is at US$3,128 at the time of writing this article.
Options expert Greekslive said low cryptocurrency market volume this week has pushed BTC and ETH prices close to support levels. This weakness in the market has caused significant drops in implied volatility (IV) across all major terms, with Dvol falling as much as 15% since the halving.
The lack of volatility in the market led to the sale of a large number of options, which explains the high values.
