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According to CryptoQuant, as Bitcoin price crosses $90,000, there is a clear difference between the behavior of long-term and short-term investors. Long-term holders are increasing their positions, while short-term holders are selling their assets. This pattern is usually a precursor to a broader market recovery. At the same time, activity in the futures market has increased and significant liquidity has entered the market. Bitcoin long positions have increased by 33%, while short positions have decreased by 27.5%. Macroeconomic factors, such as the easing of US-China trade tensions, have also contributed to Bitcoin’s recent growth. Technical indicators are also positive, indicating a shift in market sentiment towards optimism.
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Bitcoin has surpassed major companies like Google and Amazon to become the world’s fifth-largest asset, with a market cap of $1.86 trillion. This achievement came just one day after Bitcoin hit $94,000. Despite this impressive progress, Bitcoin still has a long way to go to catch up with tech giants like Nvidia, Microsoft, and Apple. Gold remains on top with a market cap of $22.4 trillion. Katie Wood, CEO of ARK Invest, predicts that Bitcoin will one day surpass gold. Recently, the price of gold hit a new record of $3,900, while Bitcoin hit a monthly high of $87,570.
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Bitcoin price continues its upward trend by breaking through the psychological resistance level of $90,000. The last time Bitcoin traded at this level was on March 7, about 6 weeks ago. The cryptocurrency has grown by 3.3% in the past 24 hours and by 7.3% in the past week. According to data from CoinGecko, Bitcoin’s market dominance has reached 61.6%, indicating its better performance compared to altcoins. This dominance has reached a 4-year high, indicating strong investor confidence in this cryptocurrency. Most altcoins are also in an upward trajectory. Ethereum is up 1.5%, Ripple is up 1%, and Solana and Dogecoin are up about 4% each. The upward movement has increased liquid positions in the derivatives market to about $320 million, mainly consisting of short positions worth $190 million.
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In April, the number of addresses holding more than 1,000 bitcoins increased significantly. Since early March, more than 60 new wallets with more than 1,000 bitcoins have appeared, indicating increased whale activity. According to Glassnode data, the number of such wallets increased from 2,037 in late February to 2,107 on April 15, the highest number in four months. This increase has brought the number of whale wallets back to the levels seen in November and December. The number of addresses holding more than 100 bitcoins has also increased slightly this year, reaching 18,026 on April 20. Meanwhile, the price of Bitcoin has broken out of the sideways channel that began in early March and reached $87,400 on April 21. Analysts believe that this breakdown of the downtrend could propel Bitcoin into the six-digit range by May.
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Meooooow! Happy 10,000 hodlers, all @farcaster active users are eligible to claim 10,000 $CAT and let's follow @casteragents.🐾🐈
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Renowned cryptocurrency analyst Michaël van de Poppe believes that Bitcoin will reach new highs after two important issues become clear. He announced on Twitter that Bitcoin will quickly move towards new highs after Donald Trump’s tariff policies and the Federal Reserve’s interest rate cut plans become clear. Van de Poppe also predicted that Bitcoin will outperform gold over the next 12 months and that if he had an extra $1,000, he would prefer to invest it in Ethereum. He believes that Bitcoin’s upward trend will surprise many, because everyone is worried about a recession.
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According to the CryptoQuant analytics platform, around 170,000 Bitcoins held by short-term investors (3-6 months) are being moved, which could lead to significant price fluctuations. This is the largest volume of movement since late 2021. Short-term investors are sending an average of 930 Bitcoins to exchanges per day, indicating selling pressure from this group of holders. Analysts have described the event as a “classic shock” and believe that the price correction is not caused by the exit of smart investors, but rather a reaction from worried short- and medium-term holders. Given the sideways movement of the Bitcoin price and the decrease in volatility, these movements are expected to lead to increased price fluctuations in the coming days.
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Binance CEO Richard Teng confirmed in a recent interview with the Financial Times that the exchange has been approached by several governments and sovereign wealth funds to help develop their own digital currency reserves. Teng said Binance has been consulted by a significant number of countries to help develop their own regulatory frameworks for digital currencies. He also noted that the discussions have included the possible development of a national strategic reserve of Bitcoin (BTC). The process has accelerated following President Trump’s order in March to create a strategic reserve of Bitcoin in the United States.
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Ethereum co-founder Vitalik Buterin has stressed in a new note that privacy should be a top priority for Ethereum developers. He warned that assumptions about transparency and good faith in global politics are overly optimistic. Buterin argued that privacy is essential to preserving individual freedom and protecting against the growing power of governments and corporations. He criticized the idea of ​​increasing transparency as inherently beneficial, saying it rests on assumptions about human nature that are no longer valid. Buterin proposed solutions based primarily on zero-knowledge proofs (ZK-proofs), as they allow for “fine-grained control over who can see what information.” He also mentioned systems such as zero-knowledge proof-of-personhood, privacy pools, and on-device anti-fraud scanning. The note follows Buterin’s recent roadmap for privacy on Ethereum.
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Bhutan, a small Buddhist kingdom in the eastern Himalayas, appears to be investing in Bitcoin mining as a way to alleviate its economic woes. In an interview with Al Jazeera, Bhutanese Prime Minister Tshering Tobgay called Bitcoin mining a “strategic choice” that governments must make. Bhutan is grappling with economic problems such as youth unemployment and the exodus of skilled workers. The government is reportedly selling $100 million in digital currency in 2024 to boost civil servants’ salaries. Bhutan’s Bitcoin reserves are estimated to be worth more than $600 million, equivalent to 30 percent of the country’s GDP. The head of Bhutan’s state-owned holding company has stressed the importance of harnessing the country’s green energy for Bitcoin mining. With abundant hydroelectric resources and cool temperatures, Bhutan could benefit from Bitcoin mining.
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As Bitcoin’s price has recovered above $84,000, call options with a target price of $100,000 have become the most popular option in the market. Data from the Deribit exchange shows that the open interest in these contracts has reached about $1.2 billion. Analysts say that the Trump administration’s withdrawal from some trade tariffs and the easing of concerns in the bond market have led to a resurgence in demand for bullish positions. The Skew index, which measures market sentiment through the difference in demand between call and put options, has also returned to balance, indicating a decrease in traders’ fear. Currently, the largest concentration of open interest is in the $95,000 to $120,000 range.
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Ki Young Ju, CEO of blockchain analytics platform CryptoQuant, believes that Bitcoin is not yet considered digital gold, contrary to popular belief. The view comes as investors react to trade tensions between the United States and other countries. Contrary to experts’ expectations that investors would flock to Bitcoin in an unstable economic environment, the cryptocurrency has fluctuated and fallen along with the stock market, while gold will continue to perform well in 2025. Ju believes that Bitcoin has entered a bearish phase, but remains optimistic about its long-term potential. He predicts that Bitcoin’s market cap will eventually surpass gold’s $20 trillion, although it is currently only $1.6 trillion. Ju also warned that investors should expect a bearish or volatile trend for 6 to 12 months.
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Markus Thielen, head of research at 10x Research, warned that Bitcoin (BTC) market participants’ optimism about the impact of the recession on the cryptocurrency’s price may be premature. Thielen said that the widening credit gap indicates that recession concerns are penetrating the economy more deeply. While a recession could benefit Bitcoin in the long term due to the Federal Reserve’s expansionary monetary policies, the cryptocurrency will face downside pressures in the short term.
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Dave the Wave, a popular social media cryptocurrency analyst and strategist who predicted a Bitcoin market crash in 2021, believes the cryptocurrency is still on track to reach new highs this year. The pseudonymous analyst tells his followers on Platform X that Bitcoin is poised to repeat its late 2023-early 2024 rally, during which it gained about 180%. He predicts that Bitcoin will reach $200,000 by November of this year. Despite the uncertain macroeconomic conditions, the analyst says that investors will turn to Bitcoin as a safe haven. He also stated that he will maintain his bullish view as long as the price of Bitcoin remains above $74,000.
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Where do you rank on The Leaderboard?
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Despite the turmoil caused by Donald Trump’s tariffs in both digital and traditional currency markets, Bernstein analysts believe that Bitcoin’s resilience has been impressive. Citing historical data, they noted that the leading cryptocurrency has experienced 50-70% declines in previous periods of crisis, such as the Covid-induced market panic and interest rate shocks. But the current price action, a 26% decline, indicates strong demand for Bitcoin. The analysts argue that Bitcoin will serve as a long-term store of value in the digital world. They described Bitcoin as “potential gold” on a time scale, adding that it “trades like a more volatile and liquid version of gold.” Bitcoin is currently trading just above $79,000.
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A major Ethereum investor in decentralized lending platform Sky lost more than $100 million as the price of Ethereum plummeted. The Ethereum whale lost 67,570 Ether, worth about $106 million, when the asset’s price fell by about 14% on April 6. This liquidated his collateralized debt position in Sky. The Sky protocol, which was renamed Maker in August, is used by DeFi participants to create collateralized debt positions by offering cryptocurrency, in this case Ethereum, to borrow the stablecoin Dai. The liquidation occurred when the collateral-to-debt ratio reached 144% as the price of Ethereum plummeted.
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Robbie Mitchnick, head of digital assets at BlackRock, believes that the current price of Bitcoin is still far from its true value, despite the growth in institutional demand. In an interview with Yahoo Finance, he emphasized that features such as scarcity, decentralization and independence from the traditional financial system make Bitcoin a suitable tool for dealing with an economic downturn. According to Mitchnick, a possible recession in the US economy could be an important driver for Bitcoin’s resurgence. He also added that the recent decline in Bitcoin’s price was largely due to the outflow of short-term investors and arbitrage trading, while institutional investors continue to accumulate it. Mitchnick welcomed President Trump’s move to create a strategic reserve of Bitcoin, but considered the lack of transparency in how the plan will be implemented to be a factor in the uncertainty in the market.
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Arthur Hayes, founder of Bitmex exchange, has hinted in a new tweet that if Bitcoin can hold above $76,500, the cryptocurrency market will likely emerge from its current crisis. He noted that if Bitcoin can overcome this current situation and continue to grow, we can hope that the market will reach equilibrium and we will not see any more sharp drops. Hayes also predicted that the US tax announcement on April 15 will have a significant impact on the market and may greatly aggravate the current situation. In addition, the new tariffs that the Trump administration is imposing on foreign goods, especially Chinese goods, will put additional economic pressure on the market. These tariffs could affect inflation rates and other economic factors, which may indirectly affect the price of cryptocurrencies.
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Heath Tarbert, the president of Circle and former chairman of the Commodity Futures Trading Commission (CFTC), said the world is waiting for the US to regulate cryptocurrencies and stablecoins so they can follow suit. According to Tarbert, other countries are asking, “When are you going to finalize your regulations? We’re eager to see it.” He emphasized that regulating stablecoins is relatively simple and should have three key elements: a reputable issuer, high-quality, liquid reserves, and transparency in reserves.
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