Analysis: The crypto market continues to fluctuate sideways, with bearish sentiment in the futures market intensifying.

Deep Tide TechFlow news. On April 3, according to CoinDesk, the crypto market continues to churn and consolidate. Bitcoin has been trading in a tight range near $67,000, and the derivatives market data shows that bearish sentiment is building. Since early February, Bitcoin has held within its current trading range. Overall, it remains within a broader macro downtrend that has persisted from last October to the present, displaying a pattern of lower highs and lower lows.

In the derivatives market, the open interest for Bitcoin and Ethereum futures has been roughly flat over the past 24 hours, with trading activity remaining subdued. Solana futures open contracts rose to above 65 million SOL, reaching a new high since February 7. Combined with negative funding rates and signals from the open-interest-weighted cumulative volume delta (CVD), this indicates that short positions are strengthening. TRX and BCH also show a similar bearish market structure.

Bitcoin’s 30-day implied volatility index fell to 51.28%, the lowest level since February; Ethereum’s volatility index also dropped to 72.55%, the lowest since February 26. On the Deribit platform, the premium for Bitcoin and Ethereum bearish options has continued to remain higher than bullish options. Glassnode data shows that the market makers’ Gamma exposure in the $50,000 to $68,000 range is negative; if the market moves lower, the market makers’ hedging activities may further intensify the sell-off.