Bitcoin near $75K as stocks hit records; options signal caution

Bitcoin rose toward $75,000 as the S&P 500 and Nasdaq 100 hit record highs on reports of a U.S.-Iran “in-principle” deal to extend cease-fire talks beyond the April 7 expiry. BTC reached about $74,935 (+0.7% daily, +5.4% weekly), while U.S. equities gained 0.8% (S&P 500) and 1.4% (Nasdaq 100). Despite the spot-led risk-on mood, derivatives desks are not confirming a durable rally. QCP Capital said bitcoin’s move looks like a bounce: bitcoin perpetual funding rates remain negative, open interest has softened, and options demand is skewed toward downside hedging. Front-end implied volatility is subdued, and one-month vol is below three-month vol; 30-day 25-delta risk reversals still show more puts than calls. In short, Bitcoin options expiring over the next few weeks are priced unusually calmly for a breakout, while traders continue paying for protection. Ether is the standout. ETH gained ~8.1% on the week to ~$2,360, lifting the ETH/BTC ratio back toward ~0.0315 after a February multi-year low. On-chain and supply indicators also improved: Ethereum transactions hit a Q1 record of 200.4 million and stablecoin supply reached an all-time high of $180B. Traders will watch the next risk-off session for whether ETH outperformance persists, and whether U.S.-Iran/Strait of Hormuz and nuclear-program talks progress from “headline relief” toward real resolution.