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Bitcoin Consolidates at $70K as Halving Looms Closer

With less than three weeks left before halving, BTC price remains indecisive

As the cryptocurrency world turns its focus towards the eagerly anticipated Bitcoin halving event, the market exhibits a remarkable state of tranquility, with Bitcoin (BTC) maintaining a stable position at the $70,000 mark. This period of relative calm comes as many major financial centers globally observe the long Easter weekend, pausing trading activities and contributing to the serene market environment. Ether (ETH), too, mirrors this stability, trading near $3,600, showcasing minimal fluctuations compared to the usual volatility seen in the crypto market.

Jun-Young Heo, a derivatives trader from Presto Labs in Singapore, highlights the subdued nature of recent movements in BTC and ETH

He remarked, attributing this lull to the anticipation building around the Bitcoin halving event slated for around April 20:

"BTC and ETH showed relatively calm movement last week compared to other weeks in March, with weekly realized volatility hitting below 50%," 

Despite the current tranquility, Heo points out that the implied volatility for front-month options remains high, exceeding 75%, indicating that traders are bracing for potential market movements as the halving approaches.

Additionally, the market's anticipation is reflected in the funding rates, which have remained elevated, and the global open interest for BTC and ETH perpetual futures, which has reached a staggering 35 billion dollars. This suggests that while the market may currently be in a state of 'Zen,' expectations of increased volatility loom on the horizon.

Compounding the market's optimism, QCP Capital reported a notable positive inflow into Bitcoin ETFs, with $243.5 million recorded on March 27, followed by an additional $182 million the next day, according to Coinglass data.