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Bitcoin closed April with an 11.87% net gain, marking its strongest month of the year and its second consecutive positive month. The leading cryptocurrency has partially offset steep February losses, climbing to $76,960 in early May before trading near $77,453 on Friday, up 1.9% over the past 24 hours. Since the start of the second quarter, it has risen 12.94%, fueling cautious optimism about a potential trend reversal.
As of May 1, Bitcoin was changing hands at $77,750, up 1.9% in 24 hours. Ethereum stood at $2,304, posting a 1.7% daily advance. Both assets have remained range-bound in recent weeks, with Bitcoin oscillating between $75,000 and $80,000 since mid-April. Open interest in Bitcoin futures has held steady near $19 billion over the past week, signaling limited conviction among speculators.
The Crypto Fear and Greed Index stands at 26, deep in the “fear” zone but showing modest improvement after extreme fear levels in the prior month.
Traders remain hesitant to commit to large long positions, favoring downside protection amid ongoing uncertainty.
May 1 brings the expiration of roughly $1.74 billion in Bitcoin options (nearly 23,000 contracts) and a significant batch of Ethereum options. The put-to-call ratio of 1.10 points to bearish positioning and heightened demand for protective puts. The maximum pain point sits near $76,000, and analysts anticipate sharp price swings as positions are settled.
Broader market sentiment reflects profit-taking after recent gains. Geopolitical tensions, including uncertainty around the Strait of Hormuz and rising oil prices near $106 a barrel, have drawn investor attention toward traditional assets. Macro factors, such as elevated U.S. inflation readings, have added to the cautious backdrop.
Friday’s events could test the resilience of the recent recovery. While April’s solid close and quarterly momentum offer grounds for optimism, the combination of major options expiry, defensive positioning, and external macro and geopolitical risks keeps the market on edge.
Investors should prepare for potentially sharp intraday moves.
Earlier, we reported that the RWA market grew 420% and surpassed $30 billion.