Gate Research: Post-FOMC Volatility Window Opens, Options Expiry Adds to Macro Pressure

April 30, the crypto market entered a volatility release phase following a hawkish FOMC outcome, with BTC pulling back from the $77K–$79K range and testing support near $75K, ETH underperforming BTC and approaching the key $2,250 level, and GT moving into passive consolidation alongside the broader market with relatively moderate volatility; on the options side, around $8B in notional is set to expire this week, with Gamma and liquidity effects amplifying short term price swings, the market structure reflecting a short term bearish but mid term bullish bias while waiting for GDP and PCE as the next catalysts; altcoin activity remains concentrated in selective narratives, with tokens such as Sleepless AI (AI), Naoris Protocol (NAORIS), and AI Rig Complex (ARC) seeing impulsive gains driven by AI and security themes; on the macro and industry front, rising oil prices, geopolitical risks, and elevated interest rates are jointly lifting risk premia, while Solana RWA reached a new all time high and Ronin’s migration to Ethereum L2 is advancing structural narrative development.