🤓 Why smart money is hedging BTC but not ETH

Smart money is hedging BTC harder than ETH. Trump says the war could end in weeks. QRL is up 50%. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Wednesday, April 1, 2026   Something is happening under the surface of bitcoin's range-bound price action: smart money is hedging BTC far more aggressively than ETH. Options data shows a larger put-to-call skew for bitcoin than ether across all timeframes, a divergence that suggests institutional investors are leaning on BTC as a macro hedge while treating ETH as a higher-beta trade — or rotating into it for relative value. That positioning split is shaping up to be one of Q2's most important signals. Meanwhile, Asian stocks surged 4% this morning after Trump said he'd give an "important update" on Iran tonight, hinting the war could end within weeks. Read today's full report → Market snapshot As of 8am EST Asset Price 24h BTC $69,003 +2.31% ETH $2,147 +4.24% SOL $84.37 +1.25% XRP $1.36 +2.79% Prices approximate. Visit coindesk.com/price for live data. A message from Nexo Unlock 30 Days of Wealth Club Premier with Nexo Nexo is a premier digital wealth platform offering crypto yield up to 16%, crypto-backed credit lines, and a wide range of digital assets. It is returning to the U.S. with an enhanced platform and 30-day access to exclusive privileges for new clients. Join Nexo Nexo's products and services are not available to residents of certain jurisdictions. This content is not intended for use by persons in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. Rates, product availability, features, and applicable terms may vary based on jurisdiction, eligibility, loyalty tier, and other factors, and are subject to change at any time. What matters today Markets   Story 1 of 3 Smart money is hedging bitcoin more aggressively than ether. Here's what that split means. Options data shows a widening divergence: BTC put-to-call skew has moved more bearish than ETH across all timeframes, suggesting institutions are using bitcoin as a macro hedge — protecting against war-driven downside — while treating ether as a higher-beta or relative-value play. ETH is outperforming BTC today, up 4.24% vs. BTC's 2.31%, consistent with that framing. The split is worth watching as a leading indicator: when smart money finally unwinds BTC hedges, a sharp rally often follows. Read more → Geopolitics   Story 2 of 3 Trump signals war could end in weeks. Asian stocks surge 4%. Bitcoin cautious. Asian equities posted their best session in months and S&P 500 futures jumped after Trump said he would deliver an "important update" on Iran tonight, predicting the conflict could conclude within weeks. The UAE is reportedly preparing to help reopen the Strait of Hormuz by force. Meanwhile Morgan Stanley's newly approved 14 basis-point bitcoin ETF opens access to a $6.2 trillion advisory channel. Crypto gained modestly on the news but trailed equities, reflecting lingering skepticism — analysts say concrete evidence is still needed before calling Q2 a recovery. Read more → Technology   Story 3 of 3 Quantum-resistant tokens surge 50% as Google flags $100B in Ethereum exposure Google's Quantum AI team published a 57-page whitepaper identifying five ways future quantum computers could attack Ethereum — targeting wallets, smart contracts, staking, Layer 2s, and its data verification layer — with combined exposure exceeding $100 billion. The top 1,000 ETH wallets are already exposed because Ethereum permanently reveals public keys on first transaction. The market's immediate reaction: quantum-resistant tokens like QRL and Cellframe surged 50%, while BTC and ETH saw only modest moves. The quantum threat remains theoretical for now, but the goalposts keep moving closer. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences