Institutional investors are increasingly hedging Bitcoin compared to Ether: Crypto Daybook Americas

Your day-ahead look for April 1, 2026

Smart money is hedging bitcoin using options (sergeitokmakov/Pixabay)

What to know:

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By Omkar Godbole (All times ET unless indicated otherwise)

As the new quarter begins, the cryptocurrency market is conveying a subtle yet significant message: traders appear to be somewhat more prudent regarding bitcoin BTC$68,596.15 compared to ether (ETH).

This can be observed in the options market, where seasoned traders and institutions engage to mitigate risks or enhance returns. Options function like a form of insurance. Traders can acquire protection against price declines (puts) or speculate on price increases (calls), based on their forecasts.

Currently, a crucial measure known as a risk reversal is negative for both bitcoin and ether across various time frames. In simpler terms, this indicates that puts, or downside protection, are pricier than bullish bets. When traders are prepared to pay a higher price for put options, it generally reflects ongoing concerns about a potential price decrease. This reaction is entirely expected, given the severe downtrend in bitcoin and ether since October.

However, it gets intriguing here: this cautious sentiment is more pronounced for bitcoin. Put options for bitcoin are costlier than those for ether across all durations, indicating that traders harbor greater anxiety regarding BTC’s downside exposure.

The distinction becomes even more apparent when examining a broader perspective. Longer-dated ether options, such as those expiring next March, display only a slight bearish sentiment, while bitcoin’s equivalent options exhibit a significantly higher premium for downside protection.

In summary, the market anticipates that ether will demonstrate relative resilience. This would indicate a potential bullish trend shift in the ether-to-bitcoin ratio, which has been declining since August (refer to the technical analysis section).

Ether has experienced a 5% increase over the previous 24 hours, surpassing bitcoin BTC$68,596.15, XRP (XRP), solana (SOL), and the CoinDesk 20 Index. Numerous smaller tokens linked to quantum-computing-resistant technology have surged by 20% or more.

Analysts noted that a decisive breakout in BTC above its 50-day moving average of $68,680 is likely to bolster bullish momentum.

In conventional markets, the 10-year U.S. Treasury yield declined for the fourth consecutive day while futures related to the Nasdaq and S&P 500 increased by nearly 0.5%. Collectively, these factors suggest a risk-on sentiment moving forward. Remain vigilant.

Read more: For insights into today’s activity in altcoins and derivatives, see Crypto Markets Today

What to Watch

For a detailed list of events this week, see CoinDesk’s "Crypto Week Ahead".

• Crypto
  • April 1: BGDLabs officially departs from the Aave DAO
• Macro
  • April 1, 8:15 a.m.: U.S. ADP Employment Change for March (Prev. 63K)
  • April 1, 10:00 a.m.: U.S. ISM Manufacturing PMI for March (Prev. 52.4)
• Earnings (Estimates based on FactSet data)
  • No events scheduled.

Token Events

For a detailed list of events this week, see CoinDesk’s "Crypto Week Ahead".

• Governance votes & calls
  • April 1: HTX to conduct a live X Spaces session with World Mobile.
  • April 1: KuCoin to conduct a live X Spaces session with Katana.
• Unlocks
  • April 1: SUI$0.8927 will unlock 1.10% of its circulating supply valued at $38.29 million.
• Token Launches
  • April 1: Orexn (OXN) begins a phased exchange listing following the token generation event.

Conferences

For a detailed list of events this week, see CoinDesk’s "Crypto Week Ahead".

• Day 3 of 4: EthCC (Cannes, France)
• Day 2 of 2: Chainalysis Links (New York City)

Market Movements

• BTC has increased by 0.61% since 4 p.m. ET Wednesday, currently at $68,622.64 (24hrs: +3.34%)
• ETH has risen by 1.47% to $2,136.90 (24hrs: +5.27%)
• CoinDesk 20 is up 0.62% at 1,968.28 (24hrs: +3.62%)
• Ether CESR Composite Staking Rate remains steady at 2.76%
• BTC funding rate is at 0.0033% (3.5193% annualized) on Binance

CD20, April 1 2026 (CoinDesk)

• DXY has decreased by 0.37% to 99.59
• Gold futures have increased by 1.5% to $4,748.80
• Silver futures have declined by 0.69% to $74.40
• Nikkei 225 closed up 5.24% at 53,739.68
• Hang Seng closed up 2.04% at 25,294.03
• FTSE has risen by 1.63% to 10,342.45
• Euro Stoxx 50 has increased by 1.75% to 5,667.09
• DJIA closed on Tuesday up 2.49% at 46,341.51
• S&P 500 closed up 2.91% at 6,528.52
• Nasdaq Composite closed up 3.83%