AMINA Bank: Crypto Pulse: Market Sentiment and Key Developments

Markets flash signs Bitcoin poised for rally despite recent dip Investors are betting Bitcoin will surge to $120,000 in March despite crypto markets crashing to $88,000 this week. This is according to options data, which shows that almost four out of every 10 trades that expire March 28 will only pay out if Bitcoin hits above $120,000.

Figure 1: BTC: Open Interest by Expiration Date

Source: Basedmoney.io, AMINA Bank, 27 February 2025

The sentiment echoes that Bitcoin's current dip is merely a temporary setback before a significant breakout rally. This optimism is attributed to growing institutional adoption, with sovereign wealth funds and pension funds showing increased interest in the cryptocurrency.

Open interest in Ethereum is similarly bullish, with two of every three options investors on Deribit betting the world's second-largest cryptocurrency will rise.

Figure 2: ETH: Open Interest by Expiration Date

Source: Basedmoney.io, AMINA Bank, 27 February 2025

Of the major cryptocurrencies, Solana is the only one in which bears outnumber the bulls: more than half of options contracts are puts, and they account for 90% of the notional volume of open interest on Deribit.

Figure 3: SOL: Open Interest by Expiration Date

Source: Basedmoney.io, AMINA Bank, 27 February 2025

Other key developments this week

The BDACS-Ripple partnership will strengthen institutional adoption of XRP and RLUSD by providing secure custody services in South Korea. This move aligns with new regulatory frameworks while boosting XRPL ecosystem growth and enhancing stablecoin usability.

With Korea's increasing demand for regulated digital asset custody, the partnership further validates XRP's role in payments and signals long-term growth potential for XRP holders.

Bitwise's Aptos ETF filing indicates growing institutional interest in APT, potentially leading to increased demand and legitimacy for the token. If approved, this would become the first U.S.-based ETF holding APT directly.

The news has already boosted APT's price by 10%, breaking its recent downtrend. This development follows successful Aptos ETP launches in Europe, strengthening global adoption.

Finally, Bank of America's potential stablecoin launch signals deeper institutional adoption of blockchain technology, reinforcing crypto's mainstream acceptance. With regulatory clarity potentially approaching, BofA's entry could boost liquidity and drive innovation across digital assets.

This move follows JP Morgan's JPM Coin, highlighting growing competition among major banks to integrate blockchain solutions into their services.

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