News linked to both this project and an event.
According to Cointelegraph, JP Richardson, CEO of Exodus, stated that financial institutions have accelerated their participation in the cryptocurrency market this year—including stablecoin market capitalization reaching an all-time high, Morgan Stanley launching a Bitcoin ETF, Schwab opening a waitlist for spot Bitcoin trading, Franklin Templeton establishing a cryptocurrency division, and Fannie Mae accepting Bitcoin as collateral for loans. Unlike previous cycles, institutional investors have stood out during this bull run, while retail participation has declined sharply. Data from CryptoQuant analyst Darkfost shows that inflows into small accounts holding less than 1 BTC on Binance have hit a record low, with retail activity dropping to its lowest level in nine years. Some retail investors have shifted toward equities and commodities markets. Analysts attribute the absence of retail investors primarily to the cost-of-living crisis and inflationary pressures.
According to CoinDesk, against the backdrop of the ongoing U.S.-Iran geopolitical conflict—now lasting approximately six weeks—the Bitcoin market is clearly bifurcating into two camps: “passive buyers,” represented by Strategy and spot ETFs, continue accumulating BTC, while whales, mining companies, and certain sovereign holders are shifting toward selling. The selling pressure is evident: whale addresses holding 1,000–10,000 BTC have shifted from net buying to substantial net selling, with their year-to-date holdings changing from roughly +200,000 BTC to –188,000 BTC; publicly listed mining firms, under mounting cost pressures, have also concentrated their selling—offloading over 19,000 BTC in a single week. Additionally, sovereign holders such as Bhutan have sold approximately 70% of their Bitcoin reserves since October 2024. Analysis suggests that although market sentiment briefly plunged into the “extreme fear” zone, Bitcoin’s price has remained range-bound between $65,000 and $73,000, indicating that this “floor” is primarily propped up by a narrow base of institutional buying. Currently, the buyer base continues to contract, and the market’s next directional move will hinge on whether institutional inflows can sustain momentum and break through key resistance levels.
According to options analyst [email protected] (@BTC__options), on April 10, a total of 27,000 BTC options expired, with a Put/Call Ratio of 0.71, a max pain level at $69,000, and a notional value of $1.94 billion; meanwhile, 151,000 ETH options expired, with a Put/Call Ratio of 0.77, a max pain level at $2,050, and a notional value of $330 million. Market-wise, spurred by news of a U.S.-Iran ceasefire this week, BTC surged past $72,000—breaking out of its recent consolidation range. BTC options’ market share has consistently exceeded 80%, with open interest concentrated in late April and late June expiries; trading activity is dominated by the current-month (late-April) expiry. In terms of volatility, BTC’s implied volatility (IV) across major tenors dropped sharply to around 40%, while ETH’s IV across major tenors also declined to approximately 60%. Skew continues rising, albeit modestly. Analysts note that BTC’s performance this year has been weak both in price and market热度 (heat). Although this week’s sustained rebound is rare, indicators such as fund flows suggest the crypto market remains driven by broader markets, with most of its own metrics pointing to bearish characteristics.
According to CoinDesk, Bitcoin is currently trading at approximately $71,200, while Ethereum trades at $2,185; the broader market remains range-bound. Bloomberg analyst Mike McGlone warned that if Bitcoin fails to reclaim $75,000, it risks falling as low as $10,000; conversely, Fundstrat founder Tom Lee believes the market bottom has already been established. In derivatives markets, Bitcoin futures open interest rose to 726,000 BTC, with the 24-hour Cumulative Volume Delta (CVD) remaining positive for two consecutive days and funding rates slightly above zero—indicating an overall bullish bias. In contrast, CVD and funding rates for ETH, XRP, and Solana are marginally negative. The volatility index continues to decline, with the market anticipating price swings of only about 2.5% around Friday’s inflation data release. Among altcoins, MANA and AERO each rose roughly 6%; however, MANA’s gain coincided with a 25% surge in open interest, suggesting leveraged trading drove much of the move. Market participants are closely watching whether Bitcoin can decisively break above and hold $75,000—if achieved, it could trigger capital rotation into oversold altcoin sectors.