Odaily Planet Daily News QCP posted on its official channel that Bitcoin (BTC), Ethereum (ETH) and the S&P 500 have just recorded their worst quarterly performance in three years. Since last Friday, more than $160 billion in crypto market value has been wiped out, and the market is still looking for bullish momentum.
Last Friday's sharp pullback was due to a large number of expiration at the end of the quarter, and traders sold heavily at the mid-price, causing excess funds to turn from flat to negative. At a time when cryptocurrencies are deleveraging, macroeconomic data gave us another blow: core inflation data was higher than expected, confirming that inflation strengthened in February, although consumer spending remained sluggish. The market is now nervously turning to the next potential catalyst, Trump's tariff policy direction on April 2.
Volatility indicators paint a mixed picture, with the volatility index (VIX) still at a high of 22, reflecting the continued uneasiness in the stock market. In contrast, cryptocurrency trading volume withstood the sell-off and continued to fall despite similar declines and Friday's massive sell-off. Platform data shows trading activity favors a bullish Asian open. Buyers hold upside exposure ($85,000-$90,000 strike) and sell downside exposure ($75,000 strike), a possible bet on crypto bullishness in the second quarter.