After five months of consecutive monthly losses, Bitcoin has finally registered its first gain since September last year. The cryptocurrency rose 2.2% in March, with US spot exchange-traded funds (ETFs) also recording net inflows of $1.2 billion, ending a four-month run of outflows.
While this development may signal a trend reversal, market participants remain cautious due to ongoing structural risks such as supply-chain issues and high household debt. As a result, volatility is expected to increase in April, with put options worth $1.5 billion concentrated around the $60,000 level.