Analyst: Bitcoin Maintains Resilience in Market Turbulence, Market Consolidation Clears Leverage for Next Leg Up
March 12th, CoinDesk analyst Omkar Godbole noted that Bloomberg has reiterated its prediction: Bitcoin could drop to $10,000 — a price level not seen since mid-2020. Industry observers, however, call this forecast too absurd.
Yet on Deribit, the largest crypto options trading platform, roughly $800 million in open interest is tied to put options with a $20,000 strike price, betting the token will fall below that level. This is the platform’s fourth-most popular bearish bet, signaling some traders are prepping for a potential plunge. Deribit, though, says not all positions are direct wagers on a price collapse.
Deribit’s Global Head of Retail Sales, Sidrah Fariq, explained: “Most positions are more about selling put options than directional long hedging. Traders often sell far-out-of-the-money puts because the odds of those levels being hit are extremely low.”
Meanwhile, Bitcoin has shown notable resilience, hovering around $70,000 even as benchmark oil prices approach $100 ami
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JPMorgan Chase Sued by Investors Over Alleged $3.28 Billion Cryptocurrency Ponzi Scheme
**March 12th — JPMorgan Chase is facing a proposed class-action lawsuit from investors, filed Tuesday in the U.S. District Court for the Northern District of California.**
Investors accuse the bank of providing banking infrastructure to defunct crypto firm Goliath Ventures and turning a blind eye to suspicious transactions. They claim JPMorgan enabled Goliath to access investor funds via its account system, even as CEO Jamie Dimon publicly criticized Bitcoin.
The lawsuit further alleges JPMorgan should have uncovered during its Know Your Customer (KYC) process that Goliath operated a crypto investment fund pool structured as “private equity” without the required sales permit, and failed to block wire transfers tied to crypto scams.
**Background:** On February 24th, the U.S. Attorney’s Office for the Middle District of Florida announced Goliath CEO Christopher Delgado’s arrest. He faces up to 30 years in federal prison if convicted. Prosecutors say the Ponzi scheme ran from Jan
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Greeks.live: Option data shows the market entering a wait-and-see mode, still in a bearish trend
March 12th — Greeks.live shared key March 13th option expiration data on social media:
- **Bitcoin (BTC):** 26,000 options expiring; Put/Call Ratio = 0.9; Max Pain = $69,000; Nominal value = $1.8 billion
- **Ethereum (ETH):** 182,000 options expiring; Put/Call Ratio = 1.21; Max Pain = $2,000; Nominal value = $380 million
The crypto market extended its rebound this week, with Bitcoin retaking the $70,000 level but showing weakening momentum. Per options market metrics:
- Implied volatility (IV): Short-to-medium-term IV dropped, while medium-to-long-term IV ticked up slightly
- Key tenor IV: BTC = 50%, ETH = 70% (realized volatility, RV, saw a steeper decline)
Tomorrow, only 6% of total open interest (OI) will expire — the lowest level in recent years — signaling Bitcoin trading activity has hit an extremely low ebb. A bright spot: This week’s Max Pain level stopped declining, rebounding after months of losses.
In trading: Bullish and bearish trades each made up ~25% of
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Venture Capital Firm General Catalyst Aims to Raise About $10 Billion
March 12 (Bloomberg) — General Catalyst is in talks with investors about a new funding round targeting roughly $10 billion, per people familiar with the matter. The capital would be spread across multiple investment vehicles, including early-stage venture funds and growth funds. Negotiations are still in early stages, and the final fundraising amount could still change.
The firm has backed numerous crypto and blockchain companies in the past. In recent years, it has expanded beyond its traditional VC model into a broader financial platform, ramping up bets on financial services and other sectors. A successful round would significantly boost General Catalyst’s financial firepower, potentially pitting it against a16z as it aims to solidify its position among top U.S. venture capital firms.
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On-chain ETH Longs Maximum Unrealized Profit Expands to $7M, Total Position Size Reaches $194M
**March 12th**
Per Coinbob Popular Address Monitoring, as Bitcoin (BTC) surged above $70,000, the "ETH Whale" address (0xa5b0) saw its total unrealized profit on long positions expand to $7 million.
The address currently holds ~70,000 ETH (valued at ~$144 million) with an average entry cost of $1,991—making it the largest ETH long position on the Hyperliquid platform.
Additionally, it holds a $49.3 million BTC long position with an average entry price of $68,420. This address is now the top long holder for both BTC and ETH on Hyperliquid.
The ETH long was opened on February 9th and has remained open since February 15th, reflecting a bullish outlook.
Historically, the whale established a multi-billion-dollar ETH long position late last year, which was fully closed in February 2024. It recently re-entered the market, continuing its swing trading style of selling high and buying low with billion-dollar trade volumes. The address has repeatedly received transfers from Matrixp
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