Cointelegraph

Bitcoin (BTC) slipped from near three-month highs on Thursday as attention turned to the weekly close.

Key points:

Bitcoin retraces after its latest trip to its highest levels in several months.

The upcoming weekly candle close is of particular interest as price eyes its bull market support band.

A macro lull comes ahead of a deluge of US inflation data next week.

Bitcoin bull market support band returns after six months

Data from TradingView showed BTC/USD dropping to $77,200 prior to the Wall Street open.

The pair hit $79,500 the day prior, marking its highest levels since the last day of January as the $80,000 mark remained narrowly out of reach.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

“$BTC just keeps taking out the highs, taking out short stops without following through,” trader Jelle commented on the latest price action in a post on X. 

“Been a while since we saw PA like that; usually means liquidity is being generated for a larger position. The question is, when will they step on the gas?”

BTC/USD four-hour chart. Source: Jelle/X

As Cointelegraph reported, multiple resistance levels remain in play in the current spot price zone, with the 21-week exponential moving average (EMA) proving hard to flip to support. Bitcoin last traded above that trend line in October 2025.

With that, another chart feature finally making a comeback after a six-month absence is Bitcoin’s bull market support band.

Formed by the 21-week EMA and the 20-week simple moving average (SMA), the support band was lost as support soon after Bitcoin’s latest all-time highs.

“$BTC Attempting to break back above the bull market support band,” trader Daan Crypto Trades confirmed. 

“Eyes on the weekly close this weekend, as it will be an important one. Bitcoin has not traded above its bull market support band since October 2025.”

BTC/USD one-week chart. Source: Daan Crypto Trades/X

Fed policy, oil seen as next crypto catalysts

Macro markets provided little volatility on the day, with few cues from the US-Iran war.

The coming week was due to see key US macroeconomic data prints released, along with the latest interest-rate announcement from the Federal Reserve.

As Cointelegraph previously noted, markets saw little chance of Fed easing policy until the end of 2027 as geopolitical uncertainty raised the odds of inflation making a comeback.

The latest data from CME Group’s FedWatch Tool put the chances of the Fed changing rates at next week’s meeting at practically zero.

“The cleanest tells from here are still oil and policy. Oil below $100 would support the relief case, while clearer Fed signalling would help compress the policy premium,” trading company QCP Capital wrote in its latest “Market Color” analysis on Wednesday. 

“Until then, the broader message remains the same: risk has stepped back from the brink, but the underlying macro and geopolitical overhang has not been cleared.”

Fed target rate probabilities (screenshot). Source: CME Group

Spanish police seized two crypto cold wallets containing about 400,000 euros ($467,000) during a raid on what authorities described as the country’s largest illicit Spanish-language manga distribution platform.

Police in Almería arrested three suspects and confiscated two cold wallets hidden inside a wall thermometer, seized from what authorities called the largest portal for illegal manga distribution that generated over 4 million euros ($4.6 million) over the past decade, according to Spain's Interior Ministry.

The ministry said the website had offered free access to pirated manga since 2014 and generated most of its revenue through advertising.

The raid highlights how hardware wallets are increasingly appearing in investigations far removed from crypto-native crime. Authorities did not say whether they had obtained the credentials needed to access the funds stored on the devices. The Spanish Ministry of Interior had not responded to Cointelegraph's request for comment by publication.

The investigation was launched in June 2025 after complaints from rights holders, according to the ministry.

Spanish police seized two crypto cold wallets. Source: Interior.gob.es

South Korean authorities lose seized funds from police custody

Recent cases in South Korea have also shown that seizing digital assets is only part of the challenge, with custody and post-seizure handling emerging as separate risks.

In February, South Korean authorities discovered that about 22 Bitcoin (worth $1.5 million at the time) had disappeared from the custody of the Gangnam Police Station, after being confiscated in 2021.

The missing funds were discovered during a nationwide audit of digital asset custody practices. Authorities reportedly said the 22 Bitcoin had been transferred externally, though the cold wallet storing the tokens was not stolen.

The investigation followed a prior case at the Gwangju District Prosecutors’ Office where 320 BTC (worth about $21.3 million at the time) disappeared in August 2025. Prosecutors in that case blamed a leaked password as part of a phishing attack.

In January 2026, South Korea’s Supreme Court ruled that Bitcoin held in centralized exchanges can be seized by investigators, meaning that Korean users keeping their Bitcoin on exchanges may have their holdings frozen if linked to alleged criminal investigations.

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026

The FTX bankruptcy estate sold a 5% stake in AI coding startup Cursor for $200,000 in April 2023, missing out on roughly $3 billion after the company was valued at $60 billion in a SpaceX-linked deal this week.

On Wednesday, SpaceX said it has secured the right to acquire Cursor later this year at a $60 billion valuation, or alternatively pay a $10 billion breakup fee if the transaction does not proceed.

That valuation sharply revalues FTX’s earlier position in the company, which traces back to April 2022 when Alameda Research, a quantitative trading firm also founded by Sam Bankman-Fried, invested $200,000 in Anysphere, the startup behind Cursor. The investment reportedly secured about a 5% equity stake at a $4 million valuation.

One year later, FTX had collapsed, Alameda was in bankruptcy, and the court-appointed estate moved to liquidate assets. Among those sales was the Cursor stake, which was sold for the same $200,000 originally invested. At today’s implied valuation, that same stake would be worth around $3 billion.

FTX estate faces scrutiny over early asset sales

The missed upside adds to ongoing scrutiny of how the FTX estate handled asset sales during bankruptcy proceedings. Bankman-Fried, who is currently serving a 25-year federal sentence, has repeatedly argued that the estate destroyed significant value by liquidating positions too early and at depressed prices.

“FTX was never bankrupt. I never filed for it,” Bankman-Fried wrote on X earlier this year. “The lawyers took over the company and 4 hours later, they filed a bogus bankruptcy so they could pilfer it for money,” he added.

FTX creditors have since been repaid in dollar terms under the restructuring plan, receiving their claim values plus interest.

Bankman-Fried was convicted on multiple federal charges including fraud and conspiracy after prosecutors argued he orchestrated one of the largest financial frauds in US history. He was found guilty of misappropriating billions of dollars in customer funds from FTX by funneling them to Alameda Research, making risky investments, political donations and personal expenditures.

FTX missed $114 billion in potential value

An analysis from financial research platform Bull Theory estimates that key positions sold early by the FTX estate could now be worth about $114 billion if they had been held through recent market cycles.

AI startup Anthropic tops the list, where an 8% stake purchased for $500 million would now be worth over $80 billion following a 165x increase. Moreover, SpaceX is estimated to account for a $15 billion valuation impact from early liquidations, alongside Solana at $5.1 billion after a reported 27x move, Robinhood at $4.9 billion and Genesis Digital at $3.5 billion.

“SBF was a genius at picking generational winners and a criminal at managing their money,” Bull Theory wrote on X, noting the estate ultimately recovered about $18 billion for users despite leaving significant upside on the table.

Magazine: How to fix suspected insider trading on Polymarket and Kalshi

Cryptocurrency exchange OKX is accelerating its push into the United States by rolling out off-exchange settlement for its US institutional clients.

OKX has integrated the Off-Exchange Settlement (OES) platform by publicly listed digital asset custodian BitGo, the company said Thursday in an announcement shared with Cointelegraph.

The integration enables institutional clients to trade on OKX while keeping assets secured in BitGo’s cold custody, aiming to eliminate pre-funding requirements and improve capital efficiency.

“Institutional capital entering crypto requires capital to be protected and to be put to work,” OKX US CEO Roshan Robert told Cointelegraph. “Our proprietary custody infrastructure has been proven at scale, and our partnership with BitGo gives clients flexibility in how they protect assets while freeing capital to work harder,” he said.

The development marks a broader industry push to improve security and liquidity access by raising custody standards and securing partnerships with major custodians.

OKX’s first US steps after ICE took stake in the exchange

The integration with BitGo is among OKX’s first US institutional infrastructure steps since Intercontinental Exchange invested in the company at a $25 billion valuation in early March, with ICE executives taking a board seat at the exchange.

OKX Global CEO Star Xu then said the partnership would shape the platform’s approach to the US, adding that the company viewed its local presence as a “blank sheet of paper.”

The investment came about a year after OKX officially reentered the US in April 2025, alongside the appointment of former Barclays director Roshan Robert as its US CEO.

Addressing the BitGo integration, Xu emphasized that safeguarding customer assets has always been a foundation to OKX. “At the same time, we've expanded our custody partnerships with trusted leaders like BitGo to give clients greater flexibility and choice in how they secure their assets,” he added.

BitGo has disclosed risks tied to its off-exchange settlement platform

BitGo has operated its off-exchange settlement platform for at least a couple of years, acting as custodian and settlement facilitator for digital asset transactions executed on third-party exchanges.

Despite the operational efficiencies provided by its OES platform, BitGo said it still faces multiple categories of risk, including operational, regulatory and counterparty risks.

“Operational risks associated with our OES services include potential errors in processing trade data, delays or failures in asset transfers, employee or insider misconduct, cybersecurity incidents, technological disruptions and reconciliation errors,” the company said in its IPO filing in January.

Magazine: How to fix suspected insider trading on Polymarket and Kalshi

The exploiter behind the roughly $293 million Kelp DAO hack appears to have laundered nearly all of the unfrozen Ether stolen in the attack, narrowing recovery efforts to the tranche Arbitrum’s security council managed to freeze.

The Kelp Dao hacker appears to have laundered nearly all of the 75,700 Ether (ETH) stolen from the protocol on Saturday. The hacker primarily used the THORChain to swap the Ether for Bitcoin (BTC), generating about $910,000 in fee revenue for the protocol, according to blockchain analyst EmberCN in a Thursday X post.

The attacker began moving the funds on Tuesday, sending roughly 75,700 ETH, worth about $175 million at the time, into newly created wallets before routing the assets through THORChain and privacy protocol Umbra. Arkham data showed the attacker’s tagged main wallet had been largely emptied by Thursday.

Transferring the funds through Thorchain makes them more difficult to trace, reducing the chances of recovery. The transaction patterns signal that the “attackers are executing an exit strategy rather than sitting on the proceeds,” Arkham said in a Tuesday report.

Arbitrum’s security council separately froze 30,766 ETH tied to the exploit and moved the funds into an intermediary wallet that can now be accessed only through further governance action.

The attacker laundered the remaining funds just five days after they drained about 116,500 restaked Ether (rsETH), worth roughly $290 million to $293 million at the time, from Kelp DAO’s LayerZero-powered rsETH bridge on Saturday.

Source: EmberCN

Aave and Kelp working towards a resolution to contain the fallout

The exploit sent shockwaves across decentralized finance (DeFi) applications, including Aave, where the hacker used the stolen funds as collateral to borrow against the protocol and created about $195 million of bad debt, according to early estimates. 

Aave is now working with affected protocols to find a resolution that reduces the exploit’s contagion effect, according to Aave founder and CEO, Stani Kulechov. He wrote in a Wednesday X post:

“Our priority is our users, and every decision we are making is aimed at an orderly return to normal market conditions and the best possible outcome for everyone involved.”

In a Thursday X post, Kelp DAO also said that they are making progress towards a “suitable resolution,” adding that their efforts are directed towards “safeguarding our users and strengthening the protocol.” 

On Monday, Aave’s risk provider outlined two potential outcomes: roughly $123.7 million in bad debt under one scenario and about $230.1 million under another.  

The first scenario would spread losses across all rsETH holders on Ethereum mainnet and layer–2s, shrinking the bad debt on Aave but risking a 15% depeg in rsETH relative to Ether. The second would spread the entire loss across rsETH holders on Ethereum layer-2s, leaving Aave with $230 million in bad debt.

Magazine: 53 DeFi projects infiltrated, 50M NEO tokens could be ‘given back’: Asia Express 

Flying Tulip, a decentralized finance (DeFi) platform founded by DeFi developer Andre Cronje, has added a circuit breaker that can delay or queue withdrawals during abnormal outflows, as April DeFi losses climbed amid a string of major exploits. 

According to Flying Tulip’s documentation, the mechanism is designed to slow funds leaving the protocol if outflow capacity is exceeded, giving the team time to investigate suspicious activity and limiting how much an attacker could drain in a worst-case scenario.

Flying Tulip said the circuit breaker works differently across products. In the first version of the circuit breaker, used in its Perpetual PUT product, withdrawals can revert and users must retry later. In the second version, used in Flying Tulip’s stable asset and settlement currency, ftUSD, withdrawals are queued and become claimable after a delay instead of being rejected outright.

Flying Tulip said the circuit breaker is built with a “fail-open” design, meaning transactions would still be allowed if the safety mechanism itself were to malfunction. The platform said users can track the feature through a dedicated status page. 

The design adds a new layer of protection for the DeFi platform as recent industry exploits exposed risks that extend beyond smart contract code. 

Circuit breaker definition. Source: Flying Tulip

Recent exploits put broader security failures in focus

The added attention to outflow controls comes as recent exploits underscored vulnerabilities tied to signers, infrastructure and collateral design rather than only smart contract bugs. 

Amir Hajian, a digital assets researcher at trading firm Keyrock, said the biggest failures in April were increasingly linked to operational and infrastructure weaknesses, including compromised multisigs, configuration flaws and key leaks. 

The new mechanism deployed by Flying Tulip is designed to slow abnormal outflows and give the protocol time to respond when losses stem from failures outside of the smart contract itself. 

Hajian highlighted April's DeFi losses, which reached over $600 million in the first 18 days of the month, with two incidents accounting for 95% of the damage. 

On April 2, Solana-based decentralized exchange Drift Protocol suffered an exploit, with estimated losses at about $280 million. On April 19, liquid restaking platform Kelp was exploited for about $293 million, prompting lending protocol Aave to freeze rsETH markets on V3 and V4. 

Magazine: 53 DeFi projects infiltrated, 50M NEO tokens could be ‘given back’: Asia Express

US-listed spot Bitcoin exchange-traded funds (ETFs) have been gaining momentum amid Bitcoin’s price recovery, showing steady inflows since mid-April.

Spot Bitcoin (BTC) ETFs logged $335.8 million in inflows on Wednesday, marking the seventh consecutive day of inflows, according to Farside data.

During the inflow streak, the ETFs drew around $1.9 billion in total inflows, surpassing the previous seven-day inflow streak in March, which totaled $1.2 billion.

According to Wallet Pilot data, Bitcoin ETFs hold a combined 1.3 million Bitcoin in assets under management, worth around $103 billion.

The steady inflows to Bitcoin ETFs were accompanied by a rising BTC price, which has surged 11% over the past 30 days. BTC briefly rose above $79,000 on Wednesday, its first time reaching that level since late January, according to CoinGecko.

BlackRock leads inflows at $1.4 billion as Morgan Stanley fund adds to streak

Out of $1.9 billion in the latest inflow streak, BlackRock’s iShares Bitcoin Trust ETF (IBIT) accounted for more than 73% of all the inflows at $1.4 billion. The fund holds 809,870 Bitcoin, accounting for 62% of total AUM in US-listed spot Bitcoin ETFs.

The Morgan Stanley Bitcoin Trust (MSBT) strongly contributed to the momentum, posting $95 million within the total streak. Notably, the fund itself has not yet seen a single day of outflows, generating $163 million since launch on April 8.

Daily spot Bitcoin ETF inflows since April 14. Source: Farside.co.uk

Still, several funds have clocked losses during the past seven trading sessions. The Grayscale Bitcoin Trust ETF (GBTC) led redemptions during the period, with net outflows of around $100 million.

Ether (ETH), the second-largest crypto asset by market capitalization, has also been gaining traction in US-listed spot ETFs, with these funds posting a 10-day inflow streak totaling $633.6 million, according to Farside.

Last week, broader ETH investment products recorded their strongest week since January, finally flipping to positive flows year-to-date, according to CoinShares.

The ongoing recovery in spot markets came as the Crypto Fear & Greed Index surged to 46 for the first time since late January. Still, the index remains in “fear” territory, as Bitcoin remains down about 11% year-to-date

Magazine: Adam Back says current demand is ‘almost’ enough to send Bitcoin to $1M

MetaMask co-founder Dan Finlay is stepping down from ConsenSys after more than a decade working on the popular self-custody wallet, citing burnout and a desire to spend more time with his family.

In a Thursday post on X, Finlay announced his decision and said that he wishes the MetaMask team “the best,” and believes they “have an amazing road ahead of them.” 

Finlay has been one of the most visible faces of MetaMask since its early days as a browser extension in the 2010s, helping the wallet grow into a default gateway to Ethereum (ETH) and other Ethereum Virtual Machine (EVM)-compatible networks.

Over that period, MetaMask became a key piece of infrastructure for decentralized finance (DeFi), non-fungible token (NFT) trading and token launches, and Finlay became one of the wallet industry’s most recognizable public voices.

Finlay’s departure sparked a flurry of comments from followers and colleagues, such as Uniswap founder Hayden Adams, who wrote, “appreciate all you've done for the space, good luck in whats next!”

His exit also comes as MetaMask moves further into smart accounts and advanced permissioning, a shift aimed at making onchain activity safer and more flexible for mainstream users. 

Finlay’s resignation part of broader tech pattern

Finlay is not alone. As crypto infrastructure becomes more institutional and product roadmaps extend over multiple years, some of the industry’s earliest public faces are shifting away from front-line positions.

Dan Finlay steps down from ConsenSys. Source: Dan Finlay

On Wednesday, Bitcoin (BTC) advocate, podcaster and investor Preston Pysh told followers he is stepping back from public work, including his podcast, social media presence and venture investing, to focus on his wife and children.

Pysh, known for years of commentary on Bitcoin’s macro case and for helping translate the asset to traditional value investing audiences, framed the move as a personal decision after years of public work, and thanked listeners and readers for “a blessing you all have been.” 

Like Finlay, he did not signal any loss of faith in the sector itself, but a rebalancing of priorities after years in the spotlight.

Their decisions echo a broader pattern across tech, where long-serving executives at companies such as Apple and GitHub have handed over day-to-day responsibilities after lengthy runs in senior roles. 

At Apple, long-time chief operating officer Jeff Williams, seen for years as Tim Cook’s likely successor, decided to retire in 2025 after more than a quarter-century at the company, triggering a broader leadership reshuffle. 

At GitHub, CEO Thomas Dohmke announced in August 2025 that he would step down by the end of the year to “become a founder again” after almost four years running the Microsoft-owned developer platform through the launch of GitHub Copilot.

Magazine: How to fix suspected insider trading on Polymarket and Kalshi

Nejlepší festival v oboru přivítá 20 000 účastníků, a spojí silnou integraci tradičního financování s nepřekonatelným nočním životem v Miami.

MIAMI, FL, 23. DUBNA 2026, Tisková zpráva – Od 5. do 7. května se Consensus Miami – nejdéle trvající a nejvlivnější setkání pro digitální aktiva – sejde 20 000 účastníků z více než 100 zemí, včetně zástupců z více než 200 firem Fortune 500. Akce také znamená návrat Solana Accelerate do USA, spojující více než 3 000 tvůrců, výkonných pracovníků a politiků. Poháněno obrovskou institucionální dynamikou a vysoce očekávaným návratem do USA, se akce formuje jako jedno z nejvýznamnějších globálních setkání, jaké industrie dosud viděla.

Bitcoin (BTC) rallied past $79,000 during the New York trading session on Wednesday as buying pressure strengthened. Meanwhile, BTC supply on exchanges continues to drop, reducing sell-pressure, a new analysis said.

Key takeaways:

Bitcoin price taps $79,000 as onchain data shows signs of returning demand. 

Bitcoin supply on exchanges continues to drop as long-term holders accumulate.

Bitcoin buyers on Binance are back

Bitcoin’s cumulative net taker volume suggests buyers are stepping in as demand for BTC derivatives on Binance returned, data from CryptoQuant shows.

Cumulative net taker volume, a metric that measures the running total of the difference between aggressive buyer and seller volume in Bitcoin futures, has risen to $9.2 billion on Binance, its highest level since February.

In other words, buyers are once again “stepping in aggressively and absorbing available sell-side liquidity,” CryptoQuant analyst Amr Taha said in a Wednesday QuickTake note.

This positive regime coincided with the latest BTC price rally above $79,000, indicating that demand has returned across derivatives markets. 

“When aggressive buying returns to this kind of level, it usually points to renewed conviction from market participants,” Taha said, adding:

“As long as this demand profile remains firm, buyer control on Binance continues to support the broader bullish structure.”

Bitcoin: Binance Cumulative Net taker volume. Source: CryptoQuant

The 90-day Futures Taker cumulative volume delta (CVD), a metric that measures the difference between buy and sell volume over a three-month period, further reinforces this picture. 

It has been increasing steadily since late March, as shown in the chart below.

“This sustained rise confirms that aggressive market participants are consistently hitting the ‘Ask’, ” CryptoQuant analyst Abdullah Zia said, adding:

“This is a high-conviction signal showing that demand is actively absorbing any available sell-side liquidity in the futures market.”

Bitcoin futures taker CVD. Source: CryptoQuant

Meanwhile, demand for spot Bitcoin exchange-traded funds (ETFs) continues, with these investment products recording seven consecutive days of inflows, totaling $1.9 billion.

Spot Bitcoin ETF flows TABLE. Source: Farside Investors

As Cointelegraph reported, several Bitcoin metrics are turning bullish, including the bull score index hitting six-month highs, indicating a possible beginning of BTC’s new bull market.

Bitcoin supply on exchanges tightens

CryptoQuant’s exchange reserve data highlighted signs of supply tightening, as BTC balance on Binance “continues to decrease significantly.”

The chart below shows that the Bitcoin supply on Binance has dropped to about 618,300 BTC from around 675,000 in early January. 

Such low levels have historically marked BTC macro bottoms as seen in late 2022, early 2024 and mid-2025.

When the supply on exchanges contracts at market bottom levels, it could mean “investors holding onto Bitcoin instead of selling and transferring it to personal wallets for storage, making the market more scarce,” CryptoQuant analyst Rei Researcher said in a QuickTake note on Wednesday, adding:

“This often leads to a sharp price increase in the next bullish cycle.”

Bitcoin supply on Binance. Source: CryptoQuant

Additional data also reflects accumulation phase conditions, as long-term holders (LTHs), investors who have held Bitcoin for more than 155 days, ramped up buying.

The LTH net position change has been positive since March 1, with about 130,000 BTC bought over the past 30 days.

Bitcoin LTH net position change. Source: Glassnode

If this trend continues, the market could be entering another phase where constrained supply and “higher demand drives up the value of BTC,” the analyst added.

Ether (ETH) futures on Binance have risen to a near two-month high as aggressive buyers stepped into the market over the past week. Buy-taker volume rose above $5 billion, and the current setup suggests the ETH rally is poised to continue. 

On Binance, the 24-hour cumulative net taker volume reached $5.5 billion, rising 72% from $3.2 billion earlier in the month. The metric tracks the difference between market buy and sell orders, indicating who is driving price action.

ETH cumulative net taker volume on Binance. Source: CryptoQuant

The 30-day average has stayed positive since March 1, returning to levels last seen in July 2022. The positive readings point to consistent buyer aggression.

ETH: net taker volume. Source: CryptoQuant

Crypto analyst Amr Taha explained that when the buying spikes near local highs, it signals stronger conviction from participants. The sustained demand of this kind often keeps buyers in control of the short-term price direction.

Related: The quantum gap: Why Bitcoin and Ethereum are taking different paths on security

Ether’s $2,400 resistance hits a liquidity gap

The ETH price is compressing under the $2,400 level, a resistance that has been tested three times since Feb. 6. Each rejection has reduced the density of the overhead sell orders. A clean move above this level exposes the $2,475–$2,634 range, where a daily fair-value gap lies.

The gap formed during February’s sell-off marks an area where price moved quickly, leaving unfilled orders. ETH's price may revisit these zones to rebalance flows as the momentum builds.

ETH/USDT on the one-day chart. Source: Cointelegraph/TradingView

Ether is also attempting to reclaim the 100-day exponential moving average (EMA), a level associated with trend-continuation phases. The stability above this trend would reinforce the upward rally. The 200-day EMA is drifting toward the upper end of the imbalance zone near $2,634, creating a technical overlap with liquidity.

The derivatives positioning adds context. The futures cumulative volume delta (CVD) continues to climb toward $12.6 billion, while funding rates remain near neutral.

This indicates leverage has not expanded aggressively alongside price. The balance between buyers’ demand and measured leverage keeps the $2,475–$2,634 zone in focus as a near-term liquidity cluster.

Ether price, funding rate and futures CVD. Source: velo.chart

Related: Singapore’s OCBC launches tokenized gold fund on Ethereum and Solana

Key takeaways:

US government bailout plans and currency swap lines with the UAE are easing global liquidity fears and lowering credit crisis risks.

Record Bitcoin ETF inflows and rising BTC miner profits suggest strong bullish momentum despite the ongoing war in Iran.

The total cryptocurrency market capitalization surged to an 11-week high on Wednesday as Bitcoin (BTC) climbed to $79,000 and Ether (ETH) reached $2,400. The bullish momentum occurred as investors grew more confident that immediate US recession risks were fading, despite sustained high oil prices resulting from the war in Iran.

Traders are now weighing whether Bitcoin and Ether are destined for further gains or if a short-term correction is imminent given that economic recession risks persist.

Nasdaq 100 futures (left) vs. Total crypto market capitalization, USD (right). Source: TradingView

The tech-heavy Nasdaq-100 index reached a record high on Wednesday as traders awaited Tesla (TSLA US) quarterly earnings. Brent crude prices rose 9% over two days after reports indicated Iran targeted two vessels in the Strait of Hormuz. Elevated energy costs increase the likelihood of economic stimulus, providing a temporary buffer for risk assets.

US liquidity plans and Bitcoin ETF inflows may offset recession fears

US President Donald Trump reportedly stated during a CNBC interview that “the federal government should help” Spirit Airlines, a budget carrier that has experienced bankruptcy twice since 2025. The Trump administration previously provided capital to chipmaker Intel (INTC US), utility Southern Company (SO US) and defense contractor L3Harris (LHX US).

Direct US government intervention in private firms and the US Treasury signals that credit lines for allies have eased liquidity concerns. US Treasury Secretary Scott Bessent noted Wednesday that both the US and the United Arab Emirates would benefit from a currency swap line intended to “maintain order in the dollar funding markets.”

US allies are facing pressure to sell US bonds to raise dollars for local defense, imports and liquidity amid the collapse of oil revenue and disruptions in the Strait of Hormuz. Potential currency swaps ease these dollar shortages, preventing a spike in US Treasury yields. The overall impact includes lower borrowing costs and a reduced risk of an immediate credit crisis.

Six consecutive days of inflows into US-listed Bitcoin exchange-traded funds (ETFs), totaling $1.54 billion, have likely boosted sentiment. The successful launch of the Morgan Stanley Bitcoin Trust (MSBT US), which reached $145 million in total net assets in under three weeks, improved Bitcoin’s risk perception despite global socio-economic uncertainty.

US-listed spot Bitcoin ETFs daily net flows, USD. Source: SoSoValue

Bitcoin miner profitability eases short-term sell pressure

As Bitcoin price neared $79,000, miner profitability hit its highest level since January, according to Luxor’s Hashprice Index. 

Bitcoin miner daily expected earnings per terahash, USD. Source: HashRateIndex

Miners recently gained attention as firms sold significant Bitcoin holdings to fund investments in data centers and AI infrastructure. Examples include MARA Holdings (MARA US), Riot Platforms (RIOT US), Core Scientific (CORZ US) and Cango (CANG US). While higher profitability does not guarantee reduced selling pressure from miners, the bullish momentum creates an incentive to accumulate. 

Ultimately, a short-term correlation with US stock markets continues to dictate cryptocurrency trends; therefore, the war in Iran and tech earnings remain decisive for trader sentiment.

As the US government signals that stimulus measures will be used to secure liquidity and address credit concerns, Bitcoin and Ether appear primed to sustain their upward momentum.

Bitcoin (BTC) reached a monthly high of $79,472 on Wednesday, marking its strongest 28-day return since April 2025. The rally aligns with a shift in a market positioning metric and a surge in leverage use. 

A combined view of the market positioning metric and open interest shows new positions are being added, potentially influencing BTC’s push toward new highs.

BTC positioning builds with rising leverage

Bitcoin researcher Axel Adler Jr. said that the Bitcoin positioning index has turned higher, with its 30-day average rising to 4.5 from -10.9 in February. The indicator blends net taker flow direction, open interest trends, funding and the exchange balance into a single metric. 

Bitcoin positioning index. Source: CryptoQuant

Its steady climb since late March, from 0.4 to current levels, shows a consistent improvement without breaking the price trend.

The growth in open interest confirms the same trend. The 30-day change stands at +14.5%, with 23 of the past 30 sessions closing positive. The rising positioning alongside expanding open interest signals new capital entering derivatives markets.

BTC open interest 30D change. Source: CryptoQuant

Over the past 24 hours, aggregated open interest rose 6.7% to 260,000 BTC, while leverage declined by 10.7% over the weekend, suggesting recent deleveraging before the latest positioning build.

Related: Bitcoin Bull Score hits six-month high as 2022 bear-market fears linger

Key BTC levels to watch

Bitcoin has moved above a descending trendline dating back to the October 2025 peak near $126,000 and has reclaimed the 100-day exponential moving average (EMA). This indicates a strong shift in trend from bearish to neutral-to-bullish on the higher time frame. 

The $81,000 level now serves as the first test area, with a small fair-value gap indicating a liquidity imbalance, where a price hold would signal that buyers are accepting higher prices.

BTC/USDT on the daily chart. Source: Cointelegraph/TradingView

Above that, $88,000 stands as the supply zone tied to prior distribution. The $88,000–$91,000 range stands out as a key supply zone, shaped by a prior distribution phase when large volumes of Bitcoin last changed hands. 

Many of those holders are now sitting near break-even or in slight profit, which typically increases activity when the price revisits that area.

Adding to this, the realized price of the three–to-six–month holder cohort sits at $91,600, further reinforcing this zone as a major decision point.

A sustained move through this range would signal strong demand, showing that buyers are absorbing overhead supply and setting the stage for Bitcoin price to move higher.

Crypto analyst Crazzyblockk highlighted a tight range, with the $72,000–$75,000 zone acting as a floor, supported by clusters of realized prices from mid-term holders. A break below this band would push more supply into loss, increasing the risk of reactive selling.

BTC: age-band realized price distribution. Source: CryptoQuant

On the upside, the $83,000–$85,000 marks a profit-taking zone for recent short-term holders. Price strength through this range would signal that buyers are absorbing the supply, allowing momentum to build.

Related: ‘Powerful move’ looms for Bitcoin price, says Bollinger Bands indicator

Cryptocurrency exchange OKX is accelerating its push into the United States by rolling out off-exchange settlement for its US institutional clients.

OKX has integrated the Off-Exchange Settlement (OES) platform by publicly listed digital asset custodian BitGo, the company said Thursday in an announcement shared with Cointelegraph.

The integration enables institutional clients to trade on OKX while keeping assets secured in BitGo’s cold custody, aiming to eliminate pre-funding requirements and improve capital efficiency.

“Institutional capital entering crypto requires capital to be protected and to be put to work,” OKX US CEO Roshan Robert told Cointelegraph. “Our proprietary custody infrastructure has been proven at scale, and our partnership with BitGo gives clients flexibility in how they protect assets while freeing capital to work harder,” he said.

The development marks a broader industry push to improve security and liquidity access by raising custody standards and securing partnerships with major custodians.

OKX’s first US steps after ICE took stake in the exchange

The integration with BitGo is among OKX’s first US institutional infrastructure steps since Intercontinental Exchange invested in the company at a $25 billion valuation in early March, with ICE executives taking a board seat at the exchange.

OKX Global CEO Star Xu then said the partnership would shape the platform’s approach to the US, adding that the company viewed its local presence as a “blank sheet of paper.”

The investment came about a year after OKX officially reentered the US in April 2025, alongside the appointment of former Barclays director Roshan Robert as its US CEO.

Addressing the BitGo integration, Xu emphasized that safeguarding customer assets has always been a foundation to OKX. “At the same time, we've expanded our custody partnerships with trusted leaders like BitGo to give clients greater flexibility and choice in how they secure their assets,” he added.

BitGo has disclosed risks tied to its off-exchange settlement platform

BitGo has operated its off-exchange settlement platform for at least a couple of years, acting as custodian and settlement facilitator for digital asset transactions executed on third-party exchanges.

Despite the operational efficiencies provided by its OES platform, BitGo said it still faces multiple categories of risk, including operational, regulatory and counterparty risks.

“Operational risks associated with our OES services include potential errors in processing trade data, delays or failures in asset transfers, employee or insider misconduct, cybersecurity incidents, technological disruptions and reconciliation errors,” the company said in its IPO filing in January.

Magazine: How to fix suspected insider trading on Polymarket and Kalshi

The exploiter behind the roughly $293 million Kelp DAO hack appears to have laundered nearly all of the unfrozen Ether stolen in the attack, narrowing recovery efforts to the tranche Arbitrum’s security council managed to freeze.

The Kelp Dao hacker appears to have laundered nearly all of the 75,700 Ether (ETH) stolen from the protocol on Saturday. The hacker primarily used the THORChain to swap the Ether for Bitcoin (BTC), generating about $910,000 in fee revenue for the protocol, according to blockchain analyst EmberCN in a Thursday X post.

The attacker began moving the funds on Tuesday, sending roughly 75,700 ETH, worth about $175 million at the time, into newly created wallets before routing the assets through THORChain and privacy protocol Umbra. Arkham data showed the attacker’s tagged main wallet had been largely emptied by Thursday.

Transferring the funds through Thorchain makes them more difficult to trace, reducing the chances of recovery. The transaction patterns signal that the “attackers are executing an exit strategy rather than sitting on the proceeds,” Arkham said in a Tuesday report.

Arbitrum’s security council separately froze 30,766 ETH tied to the exploit and moved the funds into an intermediary wallet that can now be accessed only through further governance action.

The attacker laundered the remaining funds just five days after they drained about 116,500 restaked Ether (rsETH), worth roughly $290 million to $293 million at the time, from Kelp DAO’s LayerZero-powered rsETH bridge on Saturday.

Source: EmberCN

Aave and Kelp working towards a resolution to contain the fallout

The exploit sent shockwaves across decentralized finance (DeFi) applications, including Aave, where the hacker used the stolen funds as collateral to borrow against the protocol and created about $195 million of bad debt, according to early estimates. 

Aave is now working with affected protocols to find a resolution that reduces the exploit’s contagion effect, according to Aave founder and CEO, Stani Kulechov. He wrote in a Wednesday X post:

“Our priority is our users, and every decision we are making is aimed at an orderly return to normal market conditions and the best possible outcome for everyone involved.”

In a Thursday X post, Kelp DAO also said that they are making progress towards a “suitable resolution,” adding that their efforts are directed towards “safeguarding our users and strengthening the protocol.” 

On Monday, Aave’s risk provider outlined two potential outcomes: roughly $123.7 million in bad debt under one scenario and about $230.1 million under another.  

The first scenario would spread losses across all rsETH holders on Ethereum mainnet and layer–2s, shrinking the bad debt on Aave but risking a 15% depeg in rsETH relative to Ether. The second would spread the entire loss across rsETH holders on Ethereum layer-2s, leaving Aave with $230 million in bad debt.

Magazine: 53 DeFi projects infiltrated, 50M NEO tokens could be ‘given back’: Asia Express 

Flying Tulip, decentralizovaná platforma pro finance (DeFi), kterou založil DeFi vývojář Andre Cronje, přidala circuit breaker, který může zpozdit nebo zařadit výběry během abnormálních odlivů, zatímco v dubnu ztráty DeFi vzrostly v důsledku řady velkých exploitů.

Podle dokumentace Flying Tulip je mechanismus navržen tak, aby zpomalil odliv prostředků z protokolu, pokud je překročena kapacita odtoku, což dává týmu čas na vyšetření podezřelé aktivity a omezuje, kolik může útočník vybrat v nejhorším scénáři.

US-listed spot Bitcoin exchange-traded funds (ETFs) have been gaining momentum amid Bitcoin’s price recovery, showing steady inflows since mid-April.

Spot Bitcoin (BTC) ETFs logged $335.8 million in inflows on Wednesday, marking the seventh consecutive day of inflows, according to Farside data.

During the inflow streak, the ETFs drew around $1.9 billion in total inflows, surpassing the previous seven-day inflow streak in March, which totaled $1.2 billion.

According to Wallet Pilot data, Bitcoin ETFs hold a combined 1.3 million Bitcoin in assets under management, worth around $103 billion.

The steady inflows to Bitcoin ETFs were accompanied by a rising BTC price, which has surged 11% over the past 30 days. BTC briefly rose above $79,000 on Wednesday, its first time reaching that level since late January, according to CoinGecko.

BlackRock leads inflows at $1.4 billion as Morgan Stanley fund adds to streak

Out of $1.9 billion in the latest inflow streak, BlackRock’s iShares Bitcoin Trust ETF (IBIT) accounted for more than 73% of all the inflows at $1.4 billion. The fund holds 809,870 Bitcoin, accounting for 62% of total AUM in US-listed spot Bitcoin ETFs.

The Morgan Stanley Bitcoin Trust (MSBT) strongly contributed to the momentum, posting $95 million within the total streak. Notably, the fund itself has not yet seen a single day of outflows, generating $163 million since launch on April 8.

Daily spot Bitcoin ETF inflows since April 14. Source: Farside.co.uk

Still, several funds have clocked losses during the past seven trading sessions. The Grayscale Bitcoin Trust ETF (GBTC) led redemptions during the period, with net outflows of around $100 million.

Ether (ETH), the second-largest crypto asset by market capitalization, has also been gaining traction in US-listed spot ETFs, with these funds posting a 10-day inflow streak totaling $633.6 million, according to Farside.

Last week, broader ETH investment products recorded their strongest week since January, finally flipping to positive flows year-to-date, according to CoinShares.

The ongoing recovery in spot markets came as the Crypto Fear & Greed Index surged to 46 for the first time since late January. Still, the index remains in “fear” territory, as Bitcoin remains down about 11% year-to-date

Magazine: Adam Back says current demand is ‘almost’ enough to send Bitcoin to $1M

MetaMask co-founder Dan Finlay is stepping down from ConsenSys after more than a decade working on the popular self-custody wallet, citing burnout and a desire to spend more time with his family.

In a Thursday post on X, Finlay announced his decision and said that he wishes the MetaMask team “the best,” and believes they “have an amazing road ahead of them.” 

Finlay has been one of the most visible faces of MetaMask since its early days as a browser extension in the 2010s, helping the wallet grow into a default gateway to Ethereum (ETH) and other Ethereum Virtual Machine (EVM)-compatible networks.

Over that period, MetaMask became a key piece of infrastructure for decentralized finance (DeFi), non-fungible token (NFT) trading and token launches, and Finlay became one of the wallet industry’s most recognizable public voices.

Finlay’s departure sparked a flurry of comments from followers and colleagues, such as Uniswap founder Hayden Adams, who wrote, “appreciate all you've done for the space, good luck in whats next!”

His exit also comes as MetaMask moves further into smart accounts and advanced permissioning, a shift aimed at making onchain activity safer and more flexible for mainstream users. 

Finlay’s resignation part of broader tech pattern

Finlay is not alone. As crypto infrastructure becomes more institutional and product roadmaps extend over multiple years, some of the industry’s earliest public faces are shifting away from front-line positions.

Dan Finlay steps down from ConsenSys. Source: Dan Finlay

On Wednesday, Bitcoin (BTC) advocate, podcaster and investor Preston Pysh told followers he is stepping back from public work, including his podcast, social media presence and venture investing, to focus on his wife and children.

Pysh, known for years of commentary on Bitcoin’s macro case and for helping translate the asset to traditional value investing audiences, framed the move as a personal decision after years of public work, and thanked listeners and readers for “a blessing you all have been.” 

Like Finlay, he did not signal any loss of faith in the sector itself, but a rebalancing of priorities after years in the spotlight.

Their decisions echo a broader pattern across tech, where long-serving executives at companies such as Apple and GitHub have handed over day-to-day responsibilities after lengthy runs in senior roles. 

At Apple, long-time chief operating officer Jeff Williams, seen for years as Tim Cook’s likely successor, decided to retire in 2025 after more than a quarter-century at the company, triggering a broader leadership reshuffle. 

At GitHub, CEO Thomas Dohmke announced in August 2025 that he would step down by the end of the year to “become a founder again” after almost four years running the Microsoft-owned developer platform through the launch of GitHub Copilot.

Magazine: How to fix suspected insider trading on Polymarket and Kalshi

Bitcoin (BTC) rallied past $79,000 during the New York trading session on Wednesday as buying pressure strengthened. Meanwhile, BTC supply on exchanges continues to drop, reducing sell-pressure, a new analysis said.

Key takeaways:

Bitcoin price taps $79,000 as onchain data shows signs of returning demand. 

Bitcoin supply on exchanges continues to drop as long-term holders accumulate.

Bitcoin buyers on Binance are back

Bitcoin’s cumulative net taker volume suggests buyers are stepping in as demand for BTC derivatives on Binance returned, data from CryptoQuant shows.

Cumulative net taker volume, a metric that measures the running total of the difference between aggressive buyer and seller volume in Bitcoin futures, has risen to $9.2 billion on Binance, its highest level since February.

In other words, buyers are once again “stepping in aggressively and absorbing available sell-side liquidity,” CryptoQuant analyst Amr Taha said in a Wednesday QuickTake note.

This positive regime coincided with the latest BTC price rally above $79,000, indicating that demand has returned across derivatives markets. 

“When aggressive buying returns to this kind of level, it usually points to renewed conviction from market participants,” Taha said, adding:

“As long as this demand profile remains firm, buyer control on Binance continues to support the broader bullish structure.”

Bitcoin: Binance Cumulative Net taker volume. Source: CryptoQuant

The 90-day Futures Taker cumulative volume delta (CVD), a metric that measures the difference between buy and sell volume over a three-month period, further reinforces this picture. 

It has been increasing steadily since late March, as shown in the chart below.

“This sustained rise confirms that aggressive market participants are consistently hitting the ‘Ask’, ” CryptoQuant analyst Abdullah Zia said, adding:

“This is a high-conviction signal showing that demand is actively absorbing any available sell-side liquidity in the futures market.”

Bitcoin futures taker CVD. Source: CryptoQuant

Meanwhile, demand for spot Bitcoin exchange-traded funds (ETFs) continues, with these investment products recording seven consecutive days of inflows, totaling $1.9 billion.

Spot Bitcoin ETF flows TABLE. Source: Farside Investors

As Cointelegraph reported, several Bitcoin metrics are turning bullish, including the bull score index hitting six-month highs, indicating a possible beginning of BTC’s new bull market.

Bitcoin supply on exchanges tightens

CryptoQuant’s exchange reserve data highlighted signs of supply tightening, as BTC balance on Binance “continues to decrease significantly.”

The chart below shows that the Bitcoin supply on Binance has dropped to about 618,300 BTC from around 675,000 in early January. 

Such low levels have historically marked BTC macro bottoms as seen in late 2022, early 2024 and mid-2025.

When the supply on exchanges contracts at market bottom levels, it could mean “investors holding onto Bitcoin instead of selling and transferring it to personal wallets for storage, making the market more scarce,” CryptoQuant analyst Rei Researcher said in a QuickTake note on Wednesday, adding:

“This often leads to a sharp price increase in the next bullish cycle.”

Bitcoin supply on Binance. Source: CryptoQuant

Additional data also reflects accumulation phase conditions, as long-term holders (LTHs), investors who have held Bitcoin for more than 155 days, ramped up buying.

The LTH net position change has been positive since March 1, with about 130,000 BTC bought over the past 30 days.

Bitcoin LTH net position change. Source: Glassnode

If this trend continues, the market could be entering another phase where constrained supply and “higher demand drives up the value of BTC,” the analyst added.

Two Polymarket accounts have attracted suspicion after making $37,000 betting correctly on two unusual temperature readings of a weather station located in a major airport in France.

The two weather-focused prediction markets focused on the highest temperature in Paris on April 6 and 15, using the highest temperature recorded at the Charles de Gaulle Airport Station in degrees Celsius, according to Polymarket.

French media outlet BFMTV reported on Monday that the temperature suddenly climbed to over 21 degrees Celsius on April 6, before dropping again immediately. The market resolved with the winner taking over $16,000. The winning account is under 30 days old.

Meanwhile, blockchain analytics tool Bubblemaps reported a similar glitch for the April 15 market. The weather station showed 18 degrees Celsius most of the day, then suddenly spiked to 22 degrees Celsius before dropping back.

Some have questioned whether foul play was involved. Prediction markets are already facing growing scrutiny over insider trading and possible violations of gambling laws.

Source: Bubble Maps

“That spike didn't show on nearby stations,” Bubblemaps analysts said, adding that “Just before the spike, one trader started buying NO shares on 18°C,” before exiting with over $21,000.

The winning trader account has been highly active on Polymarket with wagers on crypto and weather. However, this is the largest payout by a wide margin; the next-highest is $13.

Ruben Hallali, a meteorologist, told BFMTV the temperature glitch was unlikely to be a natural event and alleged it may have been tampered with on-site.

“Such temperature variations seem very unlikely, especially on these two dates, and over such a short period. We can imagine that an individual with a good understanding of how the sensors work intervened, resulting in temperatures rising by two degrees at the right time, to validate a bet,” he added.

Météo France, the official government weather agency of France, has reportedly made a complaint with the police unit the Roissy Air Transport Gendarmerie Brigade, for alleged tampering with the operation of its automated data processing systems.

Magazine: How to fix suspected insider trading on Polymarket and Kalshi