As cryptocurrency market price volatility significantly dropped on a weekly basis, traders are expanding leverage usage in the options market while betting on Bitcoin and Ethereum's rise. According to TheBlock on the 30th (local time), while Derive platform shows trading concentrated on call options for both BTC and ETH with a strong bullish sentiment, a more neutral atmosphere is detected on major derivatives exchanges. According to Coinglass data, Bitcoin's Open Interest increased by approximately $1 billion from April 28 to 30, while Ethereum increased by $150 million. Simultaneously, Bitcoin traded within a limited range between $94,000 and $95,000, showing a decline in volatility indicators. BTC's 7-day estimated volatility dropped from 53% to 38%, and 30-day volatility decreased from 50% to 43%. Ethereum showed a similar trend, with 7-day volatility falling from 74% to 61% and 30-day volatility reducing from 69% to 63%. Dr. Shawn Dawson, Derive's research head, evaluated that "traders are securing leverage at affordable premiums." On the Derive platform, 73% of Bitcoin options premiums and 81.8% of Ethereum options are concentrated on call options, with ETH call options being 4 times and BTC call options 3 times higher than put options. However, Dawson drew a line that Derive's atmosphere does not represent the entire market. Other major options exchanges like Deribit show delta skew in equilibrium with no clear direction. Nevertheless, Dawson predicted that "even in the worst-case scenario, Bitcoin and Ethereum will maintain their current price levels throughout May." According to his analysis, the probability of Bitcoin falling to the $80,000 range is only 8%, and Ethereum dropping below $1,600 is just 21%. At the time of reporting, Bitcoin was trading around $94,900, and Ethereum around $1,800. Despite expanding bullish positions in the options market, the overall market maintains a wait-and-see attitude ahead of significant events like the early May Federal Reserve meeting and Trump's strategic Bitcoin reserve evaluation announcement.
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