The cryptocurrency market was first to react to the macroeconomic meltdown sweeping through global markets over the weekend, with one analyst forecasting more volatility is ahead.

"I expect implied volatility to be sustained at an elevated level in the cryptocurrency markets until the macro side calms down," Bohan Jiang, Abra's Head of OTC Options Trading, told The Block.

Jiang added that the majority of the options market participants were not prepared for the latest macroeconomic downturn.

"There had not been any demand for downside protection in the options market in recent weeks, with traders mainly focused on bullish catalysts: the market was positioned in topside calls, with bitcoin implied volatility going up to the high 60s ahead of Trump’s Bitcoin Nashville speech, and ether …