What a dud: Friday’s record $6 billion expiry in the bitcoin options market turned to be a nonevent as prices for the largest cryptocurrency climbed steadily, with nary a glimpse of the feared plunge to the “max pain” point of $44,000.

For bitcoin bulls, the absence of action brought a measure of relief, with prices ticking up 4.8% on the day to about $53,800, allowing the 12-year-old digital asset to reclaim its losses from the past couple days.

With March coming to an end, one analyst said bitcoin should get “a nice tailwind” as hedge funds rebalance for quarterly reports or to manage risks.

“Both bitcoin and the S&P 500 have reached new all-time highs every month since December,” said Sean Rooney, head of research at Valkyrie Funds.

Such upward momentum could be limited. A widely tracked technical indicator, the monthly relative strength index (RSI), is signaling bitcoin is near an extreme overbought level.

“The RSI reading on the monthly chart is trading at extremely elevated levels,” Joel Kruger, cryptocurrency strategist at LMAX Digital, told CoinDesk. It “suggests the market should see limited upside for now, with risk for correction and consolidation.”

Ether (ETH) was up on Friday, trading around $1,665.85 and climbing 3.68% in 24 hours as of 20:00 UTC (4:00 p.m. ET).

As ether’s price continues to move in tandem with bitcoin, market chatter was centered on Uniswap’s version 3, unveiled earlier this week.

Read More: Uniswap Unveils Version 3 in Bid to Stay DeFi’s Top Dog

Uniswap, the leading decentralized exchange (DEX) on Ethereum, announced another upgrade that will be launched on May 5. Uniswap v3, according to the firm behind the platform, will introduce a key change called “concentrated liquidity.”

While the new feature should give liquidity providers (LPs) more control over the price ranges in which they provide capital, there has been criticism that the changes might make it easier for retail liquidity providers to lose money, due to lack of experience.

Haseeb Qureshi, managing partner at Dragonfly Capital, has provided a detailed explanation of why Uniswap v3 would cause retail liquid providers to lose in this tweet thread.

The mixed messages and complexities sent by Uniswap v3 could hurt ether’s price, according to Denis Vinokourov, head of research for Trade The Chain. He pointed out that decentralized finance (DeFi) as a whole is “critical” to the Ethereum blockchain.

"Uniswap has a lot more tokens listed than SushiSwap and it's the go-to avenue for liquidity bootstrapping,” Vinokourov said. “If this changes, and there is no market for them, ether that would otherwise be locked for LP reasons has to be absorbed somehow. But at what price?"

Digital assets on the CoinDesk 20 are mostly in green Friday. Notable winners as of 20:00 UTC (4:00 p.m. ET):

Equities:

Commodities: 

Treasurys: