Bitcoin Price Turns Positive Year-to-Date Amid Market Volatility
Bitcoin (BTC) experienced minimal change on Monday, with a rise of 0.75% amid escalating trade tensions and geopolitical instability between India and Pakistan. This uptick positions Bitcoin positively year-to-date, diverging from traditional risk assets as concerns grow about the U.S.'s financial stability.
- CoinDesk 20 index increased by 2.2%.
- U.S. stock-index futures indicate a slight drop, while gold fell over 1% after a significant rally this year.
- Bitcoin's correlation with U.S. equities remains high in the long term, but short-term trends are shifting towards a status as a non-sovereign safe haven asset.
- Options and futures data suggest Bitcoin's recent rally is in early stages, with positive funding rates for offshore swaps.
- Since President Trump's "Liberation Day," Bitcoin has outperformed U.S. Treasuries, the Swiss franc, and gold.
- Equity, bond, and currency volatility measures have risen recently, expected to remain elevated.
- Macro events are primary flow drivers, with traders focusing on June targets for Bitcoin.
Upcoming Economic Reports
- April 28: Mexico's March unemployment data.
- April 29: European Central Bank M3 money supply data.
- April 30: U.S. GDP growth and consumer income reports.
Token Events
- April 28: Enjin Relaychain expands validator slots.
- April 30: ProShares to launch XRP ETFs providing leveraged exposure.
- April 30: Gnosis Chain activates its Pectra hard fork.
Market Movements
- BTC up 0.5% at $95,077.
- ETH up 0.51% at $1,812.79.
- CoinDesk 20 index up 1.2% at 2,800.46.
Technical Analysis
- Bitcoin rallied 10.1% last week, reaching $93,778.
- A daily close above $94,970 needed to confirm strength.
Derivatives Positioning
- Global open interest totals $119 billion.
- Liquidation clusters noted at price levels of $95,124 and $95,691.
Crypto Equities
- MSTR closed at $368.71 (+5.24%).
- COIN closed at $209.64 (+2.83%).
- RIOT closed at $7.77 (-0.26%).
ETF Flows
- Spot BTC ETFs daily net flow: $380 million.
- Total BTC holdings ~ 1.11 million.
News Highlights
- ProShares secures SEC approval for three XRP ETFs launching April 30.
- Bitcoin is distancing itself from tech stocks, resembling a safe-haven asset.
- Loopscale hack returns most of stolen funds after negotiation with attackers.