CryptoQuant Quicktake

On Tuesday, short-term holders sold over 65k BTC. They dumped their bags after the price rose above $75k. They stifled the upward momentum as the apex coin retraced, shedding the previous gains.

However, there's a larger development that's gone under the radar. Of the total sellers, the 0d-1d cohort dumped over 41k. Interestingly, a group known for selling small quantities at a time went ballistic. The 12m-18m holders have sold an average of fewer than 100 units per day since January. They broke character and dumped over 6k BTC.

The move will have dire consequences for Bitcoin. Prices will retrace below $70k as the 12m-18m CB loses demand concentration.

Written by APTRekt

When LTH is high, prices tend to rise.

Written by Crypto_Lion

When US indicators are strong, there has been a high correlation in the past.

This strength continues to be observed now. In this case, it's Coinbase.

Written by Crypto_Lion

Stablecoins are not as strong as they were last year.

Written by Crypto_Lion

• As shown, Bitcoin demand began to contract sharply before it directly affected price:

1) Last higher low in Apparent Demand Growth (ADG) before its latest peak. BTC: $118K.

2) BTC price ATH ($126K) and ADG’s latest peak (1M BTC).

3) ADG closed below the previous higher low. First sign of weakness: Apparent Demand Growth began to contract. BTC: $123K.

4) The first lower low formed after ADG’s latest peak. BTC: $114K.

5) The last lower high before the big decline. BTC: $101K.

6) Bitcoin’s price closed at $94K (Nov 16), below the SMA50 ($102K) on the weekly timeframe. The SMA50 had already flattened and lost its positive slope. All of this was a strong sign of weakness in price action.

• If you want to know why Apparent Demand Growth is displayed using Candlesticks, check the link below ↓

Written by _OnChain

Bitcoin’s internal network reveals a silent "tug-of-war" of gigantic proportions. Indicator "Bitcoin: Global Network Accumulation vs. Distribution by All Cohorts (30D)", megawhales (entities with >10,000 BTC) started aggressive distribution, realizing -13,157 BTC in 30 days. This is contested by the 1,000–10,000 BTC cohort, which absorbed +19,440 BTC lately. Friction creates a saturation point where institutional supply tests the resilience of buying demand.

PRICE ACTION

This dispute translates precisely into recent Price Action. After the strong rejection on 04/14, touching US$ 76,000 resistance and closing "Shooting Star" pattern, today’s session (04/15) presents a "Spinning Top" around US$ 74,187. This small-bodied candle with balanced shadows signals paralysis: the market lost momentum to break highs after prior exhaustion, awaiting a catalyst to define whether US$ 73,526 support will hold.

NVT RATIO AND LIQUIDITY

Difficulty in resuming the uptrend finds structural explanation in the shortage of fuel at major hubs. The on-chain indicator "BTC: Network Price-to-Earnings - Binance", specifically the NVT Ratio (SMA-14) at 966.44, shows Bitcoin entered a "Distribution Watch" zone, where market value is "stretched" relative to organic transaction volume. This exhaustion is validated by USDT Reserves on Binance falling to US$ 2.82 billion — a US$ 650 million deficit versus the 14-day average. Without this "dry powder" to absorb megawhale selling, liquidity becomes shallow, leaving price vulnerable to sharp corrections.

CONCLUSION

Bitcoin faces a technical and fundamental moment of truth. The divergence between >10k whale dumping and 1k–10k absorption, plus stagnant stablecoin liquidity, suggests the path of least resistance is downward. If the "Spinning Top" resolves lower, US$ 70,000 region becomes the natural magnetic target, where the market will seek a new support base to clear excess leverage before any legitimate attempt to break the US$ 76,000 barrier.

Written by GugaOnChain

• As shown, Bitcoin demand began to contract sharply before it directly affected price.

• If you want to know why Apparent Demand Growth is displayed using Renko Chart, check the link below ↓

Written by _OnChain

ETH’s Exchange Supply Ratio has dropped to historical lows since 2016, indicating that the amount of $ETH held on exchanges is gradually shrinking. This often reflects that potential sell pressure is no longer as high as before. When more ETH is moved onto exchanges, it usually signals potential supply ready to be sold.

Price has not shown a clear reaction yet, but on-chain data is often a useful indicator to watch ahead of price movements. If demand improves, ETH could see notable movement from this zone.

Written by Rei Researcher

• At the moment demand began to contract, the price closed at $121K on the daily timeframe.

• If you want to know why Apparent Demand Growth is displayed using Renko Chart, check the link below ↓

Written by _OnChain

• The last time NUPL closed at a similar level after an ATH was in May 2022.

• If you want to know why NUPL is displayed using Renko Chart, check the link below ↓

Written by _OnChain

Yesterday, as $BTC was testing the $75,000 level, STHs significantly increased their BTC flows to exchanges.

Within just 24 hours, more than 65,000 BTC were sent to exchanges by STHs, highlighting a strong reactivation of short-term supply.

For now, any price bounce is being treated as an exit opportunity, whether in profit or at a loss. This reflects a lack of confidence in the sustainability of the move, with participants preferring to reduce exposure rather than hold through volatility.

Yesterday, profit-taking clearly dominated, with 61,000 BTC transferred to exchanges in profit, suggesting that many recent buyers took advantage of the move to lock in gains.

At this stage, STHs remain highly reactive and price-driven, reinforcing a market structure where upside moves are still being sold into rather than supported.

Written by Darkfost

• Despite Bitcoin’s move to $75K, the 5K Renko chart of the Realized Price UTXO Age Band 0d-1d indicates that the broader macro trend remains bearish.

• If you want to know why this Realized Price is displayed using Renko Chart, check the link below ↓

Written by _OnChain

The Bitcoin Bull Score Index indicates a significant improvement in market conditions recently, with the index reaching nearly 40 points, its highest level since October 2025, coinciding with Bitcoin's price trading near $74,000. While this reading remains within neutral territory, it reflects a gradual recovery after a period of relatively weak momentum.

Over the past few months, the index has moved within a volatile range, with intermittent periods of decline before gradually stabilizing at current levels. This behavior reflects a balance between supply and demand forces; the market is no longer experiencing a strong uptrend, but it is also not showing clear signs of weakness.

On the other hand, the current BSI reading shows that the market is still far from the area of strong optimism (above 60), which typically indicates strong bullish conditions, while also remaining above the zone of extreme pessimism (clearly below 40). This places the market in a transitional phase, as investors await new catalysts to determine the next direction.

The Bull Score indicator reflects a state of relative stability in the Bitcoin market, with weaker momentum compared to the peak reached since October 2025. If the indicator continues to improve gradually, it may signal a potential return of upward momentum, especially if higher levels are reclaimed in the coming period.

Written by Arab Chain

Historically, periods when the majority of market participants exit the market, reduce risk exposure, and prioritize Bitcoin trading over altcoins have tended to coincide with conditions near market cycle lows.

(Volume : Bitcoin > Altcoins)

Over the past approximately two months, Bitcoin trading volume has persistently exceeded altcoin trading volume. However, altcoin volume has recently begun to recover, suggesting a potential shift in market participation dynamics.

Crypto market appears poised to exhibit bullish conditions in the near term.

Written by crypto sunmoon

Mid-size trader inflow to Binance has fallen to 725 BTC, the lowest reading since January 2023 and the first drop below 1,000 BTC in more than two years.

From a market-structure perspective, this suggests that a key group of Bitcoin holders is sending less BTC to Binance, potentially pointing to easing sell-side pressure.

Since exchange inflows often represent coins that are more readily available for sale, a drop of this size may indicate that mid-sized traders are becoming less aggressive in distributing supply at current prices.

While price direction still depends on broader market conditions, the latest reading stands out as a notable sign that exchange-bound supply from this cohort has weakened materially.

Written by Amr Taha

Exchange reserves have declined by about 63,000 BTC over the past month, signaling continued structural accumulation, while OI has surged near $25B and funding rates remain negative, indicating rising short-term volatility.

Reserves stand at 2,687,836 BTC as of April 15, the lowest since June 2025, suggesting ongoing accumulation by long-term holders and institutions, leading to supply compression.

Exchange Netflow saw three consecutive days of large outflows before shifting to a modest +472 BTC inflow, indicating a slowdown in outflow momentum but not yet a clear trend reversal.

Open Interest peaked at $25.28B and slightly declined to $24.70B, reflecting rapid leverage buildup followed by partial liquidations or position unwinding.

Funding rates have stayed negative for 13 days, showing a bearish bias, though the magnitude has narrowed, suggesting some easing of short crowding.

This combination keeps short squeeze potential open, as elevated OI and crowded shorts could trigger cascading liquidations on a small price move upward.

At the same time, inflow conversion, slight OI decline, and reduced negative funding suggest a short-term consolidation phase, with possible sideways movement over the next few days.

If inflows continue and OI remains high, downside pressure could reappear, especially if funding turns more negative again.

Written by CoinNiel

Wholecoiners, meaning investors holding at least 1 full BTC, are becoming increasingly rare over time, largely due to the continuous appreciation of Bitcoin’s price.

As a result, there has been a decline in the number of transactions above 1 BTC being sent to exchanges.

On Binance, the monthly average of these flows now stands around 6,000 BTC, a level comparable to 2018 and far below the 15,400 BTC recorded in 2021.

At a global level, the trend is even more pronounced. Transfers of at least 1 BTC to exchanges have dropped to around 27,500 BTC, compared to 80,000 BTC at the 2018 peak, nearly three times lower.

➤While rising prices partly explain this trend making it increasingly difficult to hold a full BTC it also reflects a broader structural shift in the market.

➤ There are now more ways than ever to gain exposure to BTC, notably through the expansion of trading platforms and the introduction of ETFs in 2024, which allow investors to gain exposure to Bitcoin without directly holding it.

➤ Finally, a portion of investors appears to favor long-term holding strategies, further reducing transfers to exchanges.

This decline in active wholecoiners on exchanges reflects both reduced selling pressure and a gradual transformation of market structure, with a growing share of supply becoming increasingly illiquid over time.

Written by Darkfost

• Despite Bitcoin’s move to $75K, the 5K Renko chart of the Realized Price UTXO Age Band 0d-1d indicates that the broader macro trend remains bearish.

• Renko is a Japanese charting method from the 19th century, introduced to the Western world by Steve Nison in his book Beyond Candlesticks (1994). His work was later continued by Prashant Shah, CMT and CFTe. The key distinction is dimensional: candlesticks are two-dimensional, as they use both time and value. Renko is one-dimensional. It only plots a new brick when value moves by a defined amount, removing time from the equation entirely. This makes it a "noiseless" chart.

• 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.

• Steve Nison, who was among the first to receive the CMT designation, is a renowned author and speaker who claims the distinction of pioneering candlestick charts to the Western world. Steve has authored three books, including the widely-known Japanese Candlestick Charting Technique. He is also an expert on Western technical analysis with over 30 years of real-world experience.

• Regarded as one of the foremost technical analysts in the world, Steve’s client list includes Fidelity, J.P. Morgan, Goldman Sachs, Morgan Stanley, NYSE and NASDAQ market makers, hedge funds and money managers.

Written by _OnChain

In mid-April 2026, Ethereum is entering a structurally bullish phase beyond a simple price rebound. ETH surged 8–9% in 24 hours, outperforming Bitcoin, driven by simultaneous improvements in regulation, capital flows, and network activity.

A key catalyst is the April 13 SEC staff statement on DeFi. It clarified that certain user interfaces—such as DeFi front-ends and wallet-based apps—may operate without broker-dealer registration if they meet conditions like no custody, no investment advice, no execution involvement, neutral fee structures, and no discretion. This signals that DeFi can be treated as a neutral technology layer, reducing regulatory risk and providing a structural tailwind for Ethereum.

On-chain data supports this shift. Active addresses are trending upward, indicating renewed network usage. Meanwhile, the Coinbase Premium Gap is improving, suggesting a recovery in U.S.-driven demand, often linked to institutional flows.

ETF inflows are also strengthening, with three consecutive days of net inflows and the highest weekly levels of 2026. This reflects sustained, portfolio-level allocation rather than short-term trading.

At the corporate level, accumulation is accelerating. Bitmine now holds approximately 4.8 million ETH (over 4% of total supply), adding more than 70,000 ETH in the past week. This mirrors the strategic accumulation previously seen in Bitcoin.

Overall, this rally reflects a structural shift rather than a leverage-driven bounce. With regulatory clarity, institutional inflows, and rising network activity aligning, Ethereum is transitioning toward a “DeFi infrastructure asset.” The key is not why price rose, but what is fundamentally changing.

Written by XWIN Research Japan

Bitcoin may be entering its first clear profit-taking wave after reclaiming the $75,000 level.

On April 14, short-term holder profit sent to exchanges rose to 54,000 BTC, the highest reading since January 14, when it reached 44,800 BTC.

That suggests recent buyers are beginning to lock in gains as price pushes higher.

The move is also showing up on Binance flows.

On the same day, the 1D–1W holder cohort sent nearly 2,000 BTC to Binance, indicating that freshly accumulated coins are starting to return to exchanges.

Together, the two signals suggest the rally is still intact, but it is now meeting its first meaningful round of short-term distribution.

Written by Amr Taha