CryptoQuant Quicktake

If lower yields were enough to break the whole space, TVL would be rolling over everywhere. That is not what the structure shows.

From peak TVL, the damage is deep in some names. Aave v3 is still down about 43.8%. Sky Lending is down 23.7%. Ethena USDe remains the weakest, down roughly 60.7%. Morpho looks different. Its drawdown is closer to 12.3%.

The right edge matters more. Over the last 7 days, Aave is up about 5.7% and Morpho about 4.6%. Sky is down 3.2%. Ethena is still slightly negative near 0.9%.

The yield premium is fading. Capital is getting more selective 🧸 DYOR

Written by TeddyVision

Uncertainty continues to dominate, yet some investors are choosing to increase their exposure to Ethereum derivatives, particularly on Binance.

Since February, around 350,000 ETH has been added to open interest on Binance, which now accounts for approximately 37% of total market share. At current prices, this represents over $1B that has flowed into Binance.

What is paradoxical is that despite the recent price increase (+35% since the February low), the majority of investors appear to be positioning for a correction by shorting the market.

This can be observed through ETH funding rates on Binance, which have reached levels not seen since the previous bear market.

Since late January, funding rates on Binance have remained mostly negative, reflecting a clear market dynamic where investors do not believe in a potential bullish recovery.

Observing such negative levels, with funding rates dropping below -0.01%, is relatively rare and indicates a significant buildup of short positions while investors remain in disbelief.

When this level of consensus forms, it is not uncommon for the market to move against the majority, triggering liquidations of the most aggressive positions and leading to short squeeze events, like the one observed yesterday.

Within just one hour, more than $3M in short positions were liquidated twice on Binance.

This type of setup could repeat, given the accumulation of short positions on Ethereum in recent months and could further fuel this early phase of the uptrend.

However, funding rates now appear to be turning positive again, currently around +0.01% (with today’s data not yet fully complete).

If this shift persists, derivatives markets could begin to support a potential upward move, reinforcing it and making conditions increasingly difficult for late short sellers.

Written by Darkfost

Since March, the flow of Bitcoin into futures exchanges — rather than spot exchanges — has been intensifying. This pattern closely mirrors the behavior observed following the FTX collapse in December 2022

The emergence of leveraged positioning at this juncture suggests that the bear market may be drawing to a close, with the early stages of a new cycle potentially underway.

Written by crypto sunmoon

I usually watch Estimated Leverage Ratio and Funding Rate together.

Right now, Estimated Leverage Ratio is still around 0.22, which tells me leverage across the market is still pretty high. A lot of traders are still positioned pretty aggressively.

At the same time, Funding Rate is pretty deeply negative, and the funding EMA is still moving further down in negative territory. That tells me shorts are still in control and still paying longs.

When funding is this negative while market-wide leverage stays high, I lean toward the idea that the market is getting a bit over-shorted. And if we get a positive catalyst from here — for example, something constructive out of the US-Iran talks — there’s a decent chance of a short squeeze that snaps price back up.

Written by Rei Researcher

Potential sell-side pressure for XRP on Binance may be softening as the exchange’s transaction mix shifts back to levels last seen in June 2025.

The 7-day average shows withdrawal transactions rising to 53%, while deposit transactions fell to 46%.

This is the first time since June 2025 that Binance’s XRP deposit/withdrawal transaction split has returned to these levels.

This matters because falling deposit activity usually means fewer transactions are moving XRP onto the exchange, while rising withdrawals point to more coins leaving it.

When that balance shifts this way, it can reduce immediate exchange-side selling intent, especially if the move continues over several days.

In simple terms, Binance is seeing a less deposit-heavy XRP flow structure again.

That does not guarantee an immediate price reaction, but it does signal a notable change in traders behavior that traders may want to watch closely.

Written by Amr Taha

XRP data on Binance indicates a significant decline in liquidity levels recently, with the index falling to its lowest point since 2021. This suggests a clear decrease in trading activity and a reduction in liquidity flows associated with XRP.

According to the latest data, the liquidity index fell to approximately 0.053, coinciding with a 30-day trading volume of around 3.77 billion XRP, one of the lowest levels recorded in recent years. This decline reflects a clear contraction in liquidity flows on the Binance platform, indicating reduced trader activity compared to previous periods that saw significant increases in liquidity.

Meanwhile, XRP is trading near $1.33, with relatively limited price movements, which aligns with the low liquidity environment. Periods of low liquidity are typically associated with reduced volatility and quieter price action, as fewer market participants and lower trading volumes prevail.

The drop in liquidity to its lowest level since 2021 is a significant indicator of changing market dynamics, potentially reflecting a period of investor caution, reduced trading activity, and anticipation of new market catalysts. Periods of low liquidity often precede more pronounced price movements, particularly when liquidity returns to the market.

this decline reflects a state of relative calm and investor anticipation at present, though conditions could shift if liquidity flows return to the market.

Written by Arab Chain

Recent market data highlights a significant divergence between Bitcoin’s price action and its Open Interest on Binance. While Bitcoin has been riding a short-term bullish channel, with its price climbing from 63000 USD on February 5th to a peak near 73200 USD on February 14th, the derivatives market is painting a contrasting picture. During this exact same timeframe, the 30-day Simple Moving Average of Binance Open Interest for BTC-USD has experienced a sharp decline, dropping from 1.9B down to 1.19B.

Analysis and Takeaway:

This specific divergence (rising prices coupled with declining open interest) is a crucial indicator of the underlying market dynamics. It suggests that the recent upward price momentum is primarily driven by spot market accumulation rather than leveraged trading in the futures market. Furthermore, a dropping Open Interest during a price rally often points to a short covering scenario, where short sellers are forced to close their positions, inadvertently adding buying pressure and pushing the price higher.

Overall, this can be viewed as a fundamentally healthy macro signal. A price rally built on low leverage significantly reduces the risk of sudden, severe liquidation cascades. However, for this bullish momentum to sustain itself aggressively over the longer term, we would eventually need to see fresh capital re-entering the derivatives market (a rising Open Interest) to confirm the trend’s enduring strength.

Written by CryptoOnchain

With BTC quoted at US$72,403.83 (24h%: +1.75%), the market finds itself facing a scenario of massive accumulation in the over-the-counter (OTC) market and an imminent risk of a supply shock. As a main strategy, the investor's focus at this moment is to completely step away from the short-term price noise and monitor the validation of scarcity and the breaking point of derivatives.

DERIVATIVES

The spot market is like the surface of an iceberg: its calm, especially in periods of low volatility, as observed at this moment, is merely apparent. Derivatives occupy the submerged and agitated part. It is there that the vital signs of momentum emerge. Tracking them is indispensable, acting as a radar for hidden pressures that anticipate liquidations and trend reversals.

SHORT SQUEEZE

Deluded by the lethargy of the spot market, retail bet on the fall. With the indicators Bitcoin: Funding Rates – All Exchanges (-0.009%) and Bitcoin: Funding Rates – Binance (-0.007%) being negative, what is exposed is the fear of the herd and the excess of leverage in short positions, amid the news about the war in the Middle East.

However, our highlighted indicator, Bitcoin: Long & Short Liquidations (USD) – Binance, proves that reality is brutal and reveals who bled the most in the last 24 hours. There were US$5.25 million in annihilated shorts against US$2.01 million in longs — a significant result for a moment of low volatility, even more considering that it occurred in just one exchange.

CONCLUSION

With the spot supply scarce, any slight upward movement pulls the trigger on liquidations, feeding a Short Squeeze. Looking only at the surface at this moment is accepting the shipwreck.

Written by GugaOnChain

Over the past two days, Coinbase Premium Index data for Ethereum shows a significant increase in the premium on Coinbase compared to Binance. The index reached approximately 0.055, its highest level since October 2025, before subsequently retreating to around 0.006. This suggests a decline in the premium and a slowdown in buying momentum following a surge in strong institutional demand.

The Coinbase Premium Index is a key indicator of institutional demand. When Ethereum trades at a higher premium on Coinbase compared to Binance, it typically signals increased demand from institutional investors, particularly in the U.S. market.

Recently, the index’s rise to 0.055 reflected a significant influx of institutional liquidity. Ethereum traded at a higher price on Coinbase than on Binance, indicating increased institutional investor activity and stronger demand for Ethereum during this period.

However, the index later retreated to around 0.006, indicating a relative slowdown in institutional demand during the current period. This decline reflects a narrowing price gap between Coinbase and Binance, suggesting reduced buying momentum from institutional investors following the previous surge.

Written by Arab Chain

Bitcoin is still seeing selling. But not from a position of strength. aSOPR has spent 22 of the last 30 days below 1.0 and is back under break-even at 0.995. This is not a market distributing from a wide profit cushion. That cushion is already gone.

LTH-SOPR/STH-SOPR says the same. Over the last 30 days, the ratio averaged 0.99, with 24 of those days below 1.0. Long-term holders are not realizing profit at a clear premium to short-term participants. Selling is there. But it looks reactive.

There was a sharp spike in the ratio on Apr 5. It did not hold. In the next 7 sessions, the ratio moved back below 1.0 on 6 of them before rebounding to 1.27. What matters is what did not happen. The market did not move into clean long-term holder distribution.

That keeps Bitcoin in a compressed structure. Stress is still there. Profit is not. Selling is real. But it still does not look like broad, confident distribution from the strongest cohort 🧸 DYOR

Written by TeddyVision

Bitcoin is still seeing selling. But not from a position of strength. aSOPR has spent 22 of the last 30 days below 1.0 and is back under break-even at 0.995. This is not a market distributing from a wide profit cushion. That cushion is already gone.

LTH-SOPR/STH-SOPR says the same. Over the last 30 days, the ratio averaged 0.99, with 24 of those days below 1.0. Long-term holders are not realizing profit at a clear premium to short-term participants. Selling is there. But it looks reactive.

There was a sharp spike in the ratio on Apr 5. It did not hold. In the next 7 sessions, the ratio moved back below 1.0 on 6 of them before rebounding to 1.27. What matters is what did not happen. The market did not move into clean long-term holder distribution.

That keeps Bitcoin in a compressed structure. Stress is still there. Profit is not. Selling is real. But it still does not look like broad, confident distribution from the strongest cohort 🧸 DYOR

Written by TeddyVision

The CryptoQuant Bull-Bear Market Cycle Indicator remains below the neutral threshold (0), confirming that the market is still operating within a broader bear phase.

The indicator is derived from a composite P&L Index combining MVRV, NUPL, and SOPR, measuring the deviation from its 365-day average and reflecting the underlying profitability-driven momentum of the market.

Historically, the deepest accumulation phases emerged when the indicator entered the Extreme Bear zone, marking periods of maximum stress and forced selling.

In contrast, the indicator currently remains below 0 but has not yet entered the Extreme Bear phase observed during prior cycle bottoms.

This distinction is critical: while the market is in a bearish regime, the level of stress has not reached the extremes historically associated with major accumulation zones.

As a result, the current structure reflects a bear phase without full capitulation, rather than a completed bottom formation.

Source: CryptoQuant

Written by Zizcrypto

1. Trend: Supply-Demand Battle and Overheating Resolution

In January, the exchange whale ratio was low but saw extreme selling in February and March (Jan 10: 0.345, Feb 21: 0.845, Mar 14: 0.835). April reverted to January levels, though some days remain higher (Apr 4: 0.734, Apr 8: 0.521).

Exchange netflows show massive inflows and outflows crossing since January, proving a fierce supply-demand battle (Jan 14: -6889, Jan 31: 12991, Mar 16: -18933). This volatility continues in April (Apr 6: 4157, Apr 10: -5407).

Massive long liquidations significantly resolved overheated leverage. Despite price drops, the short-term holder realized price never broke and remains a firm support line.

2. Micro Trend: Short-Term Anxiety and Sentiment Recovery

The perpetual-spot price gap consistently recorded minus figures, showing lingering bearish anxiety (Apr 4: -29.42, Apr 10: -45.3).

However, the short-term holder SOPR recovered to 1 or above in April, halting panic selling and stabilizing sentiment (Apr 8: 1.011, Apr 11: 1.011). The adjusted SOPR also re-entered the profit zone (Apr 8: 1.008).

ERC20 reserve is defending its level, but TRC20 reserve is trending downward from its peaks, indicating partially reduced buying capacity.

3. Conclusion

This is a healthy correction phase rather than a dead cat bounce. The market is consolidating its bottom after shaking off extreme leverage and whale selling pressure amid a massive supply-demand battle since January.

The core support line is defended, and short-term investor sentiment is recovering. Lingering short betting in the derivatives market could act as fuel for a short squeeze if spot market dynamics stay positive.

Written by Easy On Chain

Data from the Bitcoin Realized Volatility Index on Binance indicates a significant decrease in market volatility recently, with the index falling to its lowest level since the beginning of 2026. This suggests that Bitcoin is entering a period of relative calm and price stability.

According to the latest data, the 30-day VVI stands at approximately 0.38, a low level compared to previous periods that witnessed significant increases in volatility, particularly during strong upward trends. This decline reflects a clear reduction in sharp price movements, with the market shifting toward a more stable trading range.

Meanwhile, Bitcoin is trading near $71,000, reinforcing the idea that the market is experiencing a period of relative consolidation following earlier strong movements. Low volatility levels typically indicate a decrease in short-term speculative activity, as investors tend to wait before taking new positions, resulting in less volatile price swings.

The index falling to its lowest level since the beginning of 2026 reflects a state of relative stability in the Bitcoin market, alongside reduced speculative activity and fewer sharp price movements. This environment may pave the way for a new phase of price action in the coming period.

Written by Arab Chain

ETH Exchange Reserve (supply on exchanges) has declined from around 35M ETH to 14.9M ETH → a drop of nearly 57%.

Traders are currently showing more of a holding tendency rather than sending ETH to exchanges to take profit or cut losses. The remaining ETH supply on exchanges is now significantly lower compared to the 2020–2021 period.

ETH Inflow to exchanges has increased recently, but the scale is still clearly lower than the peaks seen in 2021–2022 (the previous cycle top).

Past spikes approached the 10M–20M ETH range, while recent clusters are notably smaller compared to those previous cycle peaks.

Based on the data:

ETH Reserve dropping sharply = less ETH readily available for selling on exchanges

Inflow not surging like previous cycles = no signs of extreme deposit pressure (panic selling)

These two charts suggest that ETH’s supply structure on exchanges remains relatively tight:

reserves have dropped significantly, while inflows have not returned to extreme levels seen during prior major distribution phases. Price is currently moving near the lows of previous correction ranges. This may be considered a constructive signal under current conditions.

Written by Rei Researcher

• Japanese charting methods became the global standard for financial market visualization. The majority of professional traders on Wall Street use them. I recommend reading the following:

• This dashboard demonstrates, through empirical examples, for the first time that Japanese charting methods, with more than 200 years of history and part of the CMT body of knowledge, a designation recognized by FINRA and the SEC, are applied directly to numerical data that do not represent raw price (many professional indicators), and can be used for trading.

• For the first time as well, I used them to represent network data.

• Includes the history of Candlesticks, Heikin-Ashi, Renko, Anchored VWAP, and Realized Cap/Price, their different forms of use, and reference links for further exploration (31 links included).

• All the trading material shared here comes from authors whose work has been vetted and promoted by the CMT (Chartered Market Technician).

• The CMT Association was founded in 1973 by Ralph Acampora, John Brooks, and John Greeley, growing from informal meetings of technical analysts that began in New York in 1967. Over the following decades, Acampora and the association worked to legitimize the discipline (it was finally recognized by FINRA and the SEC). Today, the CMT represents the highest professional standard in technical analysis. Acampora himself evolved to advocate for what he calls "fusion analysis", the integration of technical and fundamental approaches, as the most complete way to analyze markets.

• The path of technical analysis toward institutional recognition is quite similar to Bitcoin’s. Both faced years of skepticism before regulators (SEC) acknowledged their legitimacy.

• Check the link below ↓

Written by _OnChain

• Japanese charting methods became the global standard for financial market visualization. The majority of professional traders on Wall Street use them. I recommend reading the following:

• This dashboard demonstrates, through empirical examples, for the first time that Japanese charting methods, with more than 200 years of history and part of the CMT body of knowledge, a designation recognized by FINRA and the SEC, are applied directly to numerical data that do not represent raw price (many professional indicators), and can be used for trading.

• For the first time as well, I used them to represent network data.

• Includes the history of Candlesticks, Heikin-Ashi, Renko, Anchored VWAP, and Realized Cap/Price, their different forms of use, and reference links for further exploration (31 links included).

• All the trading material shared here comes from authors whose work has been vetted and promoted by the CMT (Chartered Market Technician).

• The CMT Association was founded in 1973 by Ralph Acampora, John Brooks, and John Greeley, growing from informal meetings of technical analysts that began in New York in 1967. Over the following decades, Acampora and the association worked to legitimize the discipline (it was finally recognized by FINRA and the SEC). Today, the CMT represents the highest professional standard in technical analysis. Acampora himself evolved to advocate for what he calls "fusion analysis", the integration of technical and fundamental approaches, as the most complete way to analyze markets.

• The path of technical analysis toward institutional recognition is quite similar to Bitcoin’s. Both faced years of skepticism before regulators (SEC) acknowledged their legitimacy.

• Check the link below ↓

Written by _OnChain

• Japanese charting methods became the global standard for financial market visualization. The majority of professional traders on Wall Street use them. I recommend reading the following:

• This dashboard demonstrates, through empirical examples, for the first time that Japanese charting methods, with more than 200 years of history and part of the CMT body of knowledge, a designation recognized by FINRA and the SEC, are applied directly to numerical data that do not represent raw price (many professional indicators), and can be used for trading.

• For the first time as well, I used them to represent network data.

• Includes the history of Candlesticks, Heikin-Ashi, Renko, Anchored VWAP, and Realized Cap/Price, their different forms of use, and reference links for further exploration (31 links included).

• All the trading material shared here comes from authors whose work has been vetted and promoted by the CMT (Chartered Market Technician).

• The CMT Association was founded in 1973 by Ralph Acampora, John Brooks, and John Greeley, growing from informal meetings of technical analysts that began in New York in 1967. Over the following decades, Acampora and the association worked to legitimize the discipline (it was finally recognized by FINRA and the SEC). Today, the CMT represents the highest professional standard in technical analysis. Acampora himself evolved to advocate for what he calls "fusion analysis", the integration of technical and fundamental approaches, as the most complete way to analyze markets.

• The path of technical analysis toward institutional recognition is quite similar to Bitcoin’s. Both faced years of skepticism before regulators (SEC) acknowledged their legitimacy.

• Check the link below ↓

https://cryptoquant.com/community/dashboard/69706233a662164c84864d2c

Written by _OnChain

- Open Interest has dropped sharply from a peak of around $43 billion at the end of 2025 to about $22–23 billion and is now at its lowest level in many months. The decline in OI while BTC price has moved only slightly shows that the total amount of leverage in the market has decreased significantly.

- Along with that, the Funding Rate is currently negative, indicating that pressure from sellers is higher than from longs. This is also the lowest level seen in many months, reflecting cautious sentiment and a lack of momentum from leveraged traders.

- In recent weeks, the market has been going through a deleveraging phase. Falling OI together with a negative funding rate is a signal that leveraged positions are being adjusted significantly. BTC is still maintaining within the 70.6k price range. Historically, declining OI and a negative funding rate could very likely be the foundation for a new recovery rally. However, we still need to monitor further geopolitical developments, as they may continue to have a major impact on the market.

Written by Rei Researcher

Bitcoin’s derivatives market remains in a defensive phase, with negative funding rates dominating since February and fresh open interest losses hitting several major exchanges at once.

On April 12, daily open interest change fell to -$406M on Binance, -$308M on Gate.io, and -$243M on Bybit, extending the deleveraging wave seen on April 7.

The repeated cross-exchange decline suggests that leverage is still being reduced across the market.

Funding rates tell the same story.

After a long stretch of mostly positive funding between July 2025 and January 2026 — a period that was followed by a Bitcoin price decline of more than 45% — the market has now shifted into a phase where negative funding dominates most major derivatives platforms.

That combination points to weaker speculative demand, lighter long exposure, and a derivatives market that remains under short-term pressure.

Written by Amr Taha