$BTC $BTC continued irregular trading near January's highs of around $110,000, which has led some observers to draw parallels with 2021, when the bull market ended with twin peaks closer to $70,000. Not everyone agrees. The market dynamics between 2021 and today are completely different," Jeff Anderson, head of Asia at STS Digital, told CoinDesk. "BTC is evolving into a treasury asset, so it is very difficult to extrapolate chart patterns to an asset that is undergoing massive structural changes."

The price action over the weekend was "encouraging," said Anderson, pointing to bitcoin's stability around $105,000 even as Iran and Israel exchanged blows. As the old saying goes: If a market doesn't drop too much with bad news, it indicates that the big players are likely betting it will rise. According to Singapore-based QCP Capital, BTC's resilient price is supported by ongoing institutional adoption.

"The market seems to have rediscovered its balance, particularly after BTC held above the key psychological threshold of $100K despite the initial shock," said QCP. "Crucially, Friday's modest 3% drop pales in comparison to last April when BTC fell more than 8% amid similar turmoil between Iran and Israel."

The market's composure is evident in the 30-day implied volatility index from Volmex (BVIV), which has decreased to an annualized 42.7%, reversing Friday's increase to 46.12%.

Meanwhile, the gap between the implied volatilities of ether and bitcoin continues to widen, a sign that ether options are becoming more expensive relative to bitcoin on Deribit. The relative richness of ether options presents a good opportunity for ether holders to generate additional yield by writing or selling options, according to Anderson...