Bitcoin’s price holds, but on-chain data flashes warning

cryptonews04-04 19:26

Bitcoin (BTC) stayed near $67,000 on April 4 as two CryptoQuant analysts pointed to a split market structure. Summary Bitcoin spot volume dropped faster than open interest, showing derivatives ...

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In his view, Bitcoin is becoming “less dependent on real buying and selling” and more tied to leveraged positions. The same note said funding rates stayed mostly negative, showing stronger short positioning in perpetual futures.Carmelo_Alemán said liquidity below the market sits closer than the larger liquidity zones above. That setup, according to his note, leaves Bitcoin open to a short-term move driven by long liquidations before any stronger recovery attempt.CryptoQuant research published this week also said Bitcoin spot demand remains in deep contraction even as institutional buying continues through ETFs and Strategy purchases. That supports the view that price action has relied more on derivatives","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"83042":"华夏比特币-R","BEGS":"RAREVIEW 2X BULL CRYPTOCURRENCY & PRECIOUS METALS ETF","STCE":"Schwab Crypto Thematic ETF","BTFX":"比特币期货ETF-CoinShares","BRRR":"比特币ETF-CoinShares","BITO":"比特币期货ETF-ProShares","BK4585":"ETF&股票定投概念","BK1611":"加密货币现货ETF","BTCI":"NEOS Bitcoin High Income ETF","BTGD":"STKD Bitcoin & Gold ETF","BTCL":"T-REX 2X LONG BITCOIN DAILY TARGET ETF","YBIT":"YieldMax Bitcoin Option Income ETF","MAXI":"比特币期货ETF-Simplify","BK4588":"碎股","BK4594":"比特币ETF概念","BTCZ":"T-Rex 2X Inverse Bitcoin Daily Target ETF","BITX":"2倍比特币期货ETF-Volatility Shares","YBTC":"比特币看涨期权ETF-Roundhill","BK4601":"加密货币现货ETF"},"translate_title":"比特币价格保持不变，但链上数据发出警告","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"83042":0.6,"BTFX":0.62,"BTCL":0.62,"YBIT":0.62,"BTCI":0.62,"BTCmain":0.62,"BRRR":0.62,"BTCZ":0.62,"BITO":0.6,"BITX":0.62,"STCE":0.62,"BTGD":0.62,"XBTmain":0.62,"BEGS":0.62,"MAXI":0.62,"YBTC":0.62},"content_text":"Bitcoin (BTC) stayed near $67,000 on April 4 as two CryptoQuant analysts pointed to a split market structure. \n\n\nSummary\n\n\n\nBitcoin spot volume dropped faster than open interest, showing derivatives still carried more market weight.\nExchange reserves fell by 66,300 BTC as OTC flows pointed to continued institutional accumulation recently.\nNegative funding and nearby downside liquidity kept short-term liquidation risk elevated for Bitcoin traders.\n\n\n\nCryptoQuant analyst Carmelo_Alemán said Bitcoin daily spot volume fell from 42,026 BTC on March 17 to 35,590 BTC on April 2. That marked a 15.31% drop in spot activity over the period. At the same time, open interest fell from $23.33 billion to $21.26 billion, a smaller 8.87% decline.\nHe also said the estimated leverage ratio rose from 0.2207 to about 0.225. In his view, Bitcoin is becoming “less dependent on real buying and selling” and more tied to leveraged positions. The same note said funding rates stayed mostly negative, showing stronger short positioning in perpetual futures.\nLiquidation risk remains in focus\nCarmelo_Alemán said liquidity below the market sits closer than the larger liquidity zones above. That setup, according to his note, leaves Bitcoin open to a short-term move driven by long liquidations before any stronger recovery attempt.\nCryptoQuant research published this week also said Bitcoin spot demand remains in deep contraction even as institutional buying continues through ETFs and Strategy purchases. That supports the view that price action has relied more on derivatives and large buyers than on broad spot demand.\nExchange reserves fall as institutions absorb supply\nIn a separate note, CryptoQuant analyst GugaOnChain said Bitcoin exchange reserves dropped by 66.3K BTC over the past 30 days. The post added that OTC absorption made up 92.1% of recent flow, compared with 7.9% on regular 24-hour market volume.\nGugaOnChain said that pattern points to ongoing institutional accumulation. However, the analyst also warned that on-chain scarcity is facing a “cloudy macroeconomic scenario,” with geopolitical shocks still able to force fast moves back to exchange liquidity.\nAccording to crypto.news data, Bitcoin traded around $67,150 at press time, with a market cap near $1.34 trillion. \n\n\n\n\n\n                Read more:\n            \n\n                CLARITY Act Stablecoin Yield Compromise Language Now Under Industry Review            \n\n\n\n  \n\n            Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.39.0","shortVersion":"4.39.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2624697495","isCrawlerRequest":true}