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Bitcoin’s price structure has continued to divide the market, with some saying the leading cryptocurrency has already peaked for this cycle, and others saying there is room for more rallies. Price has moved strongly at different points, and sentiment has flipped back and forth, but one important macro signal does not line up with the idea of a completed top.

This indicator is the Bitcoin PMI, which is still sitting below where every true previous cycle peak has formed.

PMI Below 50 Has Never Marked A Bitcoin Peak

The PMI is a monthly economic indicator that measures the level of activity across both the manufacturing and services sectors. The PMI may seem disconnected from the Bitcoin price, but the foundation of this analysis comes down to a simple historical pattern with the two metrics. BTC has never printed a true all-time high at any point when the PMI was below 50, and that has held consistently across every past cycle. 

As shown in the chart below, each red-shaded zone represents extended periods where PMI was under the 50 threshold. These zones have consistently coincided with phases of consolidation and early trend development in the BTC price. On the other hand, major Bitcoin price tops have always formed after PMI breaks above 50 and enters expansion territory.

What makes the current cycle stand out is how long Bitcoin has been trading with the PMI indicator below 50. Even during the July to October 2025 period, when the Bitcoin price climbed to new highs and printed strong rallies, the PMI stayed below 50. This creates a disconnect between the current price action and a long-standing signal.

Calling The Top Now Could Be Premature

At the time of writing, Bitcoin is trading at $69,043, which places it about 45% below its all-time high of $126,080 on October 6, 2025. There have been various reasons to believe that the Bitcoin price has already reached a peak for this cycle. 

These theories rely heavily on price-based signals and changes in sentiment, but the PMI model introduces a much larger context based on the activity in the manufacturing and services sectors.

According to a crypto analyst with the pseudonym Crypto Tice on the social media platform X, the people calling this the top are making the same mistake they made in 2019 and 2020. 

In that sense, what many are calling a top may instead be a lengthy accumulation period. If historical trends continue, the real cycle peak would only come once PMI moves above 50.

The Bitcoin-PMI chart above also shows how previous sub-50 periods ended. Each time, Bitcoin transitioned from these zones into stronger bullish phases once liquidity conditions improved. Those who interpreted the consolidation as a top ended up missing the best part of the rallies.

As the blockchain sector gradually goes worldwide, the Ethereum Network is turning up as the top contender for blockchain infrastructure across the sector. Currently, the ETH network is the settlement layer for many stablecoins and real-world applications in the crypto space.

Euro Stablecoin Plans Eye Ethereum

A new chapter in blockchain adoption may be unfolding, and the Ethereum network is at the center of this transition as countries across the globe adopt the blockchain. Amid the shift, Ethereum is increasingly being considered as the settlement layer for a potential euro-denominated stablecoin.

Crypto Tice, a market expert and investor, took to the social media platform X to share the development, which has triggered a frenzy in the ETH community. The action demonstrates the increasing interest of politicians and financial institutions in utilizing Ethereum’s well-established infrastructure for practical financial applications. 

According to the expert, this move is not a pilot or a sandbox test, as blockchain solutions are being incorporated into Europe’s changing digital banking environment. Rather, it is Europe evaluating real infrastructure in the financial sector. By acting as the foundation for such a project, the network could be crucial in integrating traditional finance with decentralized technology.

Furthermore, the expert has offered insights into why this move matters for the network and the blockchain sector. The first reason is that public blockchains are being increasingly assessed for sovereign-grade settlement infrastructure.

Based on the risks associated with finance, this move would offer transparency, uptime, and security, which are now policy considerations. ETH being considered as a settlement layer for a Euro stablecoin implies that crypt rails are moving from markets, especially from the institutional level, to the governmental stage. 

Crypto Tice has debunked every speculation of hype around the move, claiming that this is about who settles money in the future. “Public blockchains just entered the sovereign conversation,” the expert added.

Stablecoin Market To Get A Boost?

In the meantime, the stablecoin market has slowed down. CW, a crypto investor and data analyst at CryptoQuant, highlighted that the stablecoin market cap has recently stalled at a certain level since October last year. Once this move is confirmed, the news is likely to bolster interest and demand for stablecoins, causing a wave of fresh capital into the market.

However, the growth of the stablecoin market cap is largely linked to the impending CLARITY Act, as the bill will trigger an explosive inflow of funds. In that scenario, the increase in the market cap will lead to a rally in the broader cryptocurrency market.

On crypto exchanges, stablecoin reserves are growing, with Binance experiencing a jump from $45.5 billion following a $2.5 billion March inflow. This jump comes after 3 months of persistent outflows. Darkfost stated that this turnaround is somewhat surprising considering the macroeconomic context. 

Despite the escalating geopolitical tensions and unfavorable conditions in March, liquidity flows have started to return to the crypto market. April is already moving in alignment with the pattern, recording more than $1 billion in net stablecoin inflows since the month began.

The altcoin market is struggling. Volatility is high. Uncertainty is higher. And on April 2nd, something happened on Binance that had not happened in nearly three months — and it happened nowhere else.

A report from analyst Maartunn has identified a transaction spike that stands out precisely because of where it did not appear. On April 2nd, altcoin inflow transactions to Binance jumped to approximately 34,000, the highest reading in two and a half to three months.

In isolation, a spike of that magnitude would suggest a broad return of altcoin activity across the derivatives and spot landscape. It would show up on Bybit. On Coinbase. On OKX. When traders return to altcoins at scale, the signal appears across venues simultaneously.

It did not. The spike was almost entirely contained within Binance. The other major exchanges registered no comparable activity on the same day. That isolation is not a data artifact — it is a signal. Something specific pulled traders to Binance on April 2nd, and it was not a generalized return of altcoin demand.

What changed on Binance the day before that spike is the question the data is already answering — and the answer is not what most altcoin watchers would expect.

The Answer Was Launched the Day Before the Spike

Maartunn’s explanation for the isolated Binance concentration is precise and structurally significant. The day before the April 2nd inflow spike, Binance rolled out new futures contracts tied to commodities — natural gas and WTI crude oil joining an instrument suite that already includes gold, silver, and multiple other traditional finance tickers. Those TradFi pairs are not peripheral additions. They are already appearing in Binance’s top volume pairs, sitting alongside Bitcoin and Ethereum in the platform’s most actively traded instruments.

The implication Maartunn draws from that sequence is the one that altcoin participants should sit with. The traders who arrived at Binance on April 2nd were not necessarily arriving for altcoins. They were arriving for oil. For gold. For the commodity futures that Binance had just made accessible on a platform, they already knew how to use. The altcoin inflow spike was not a signal of renewed altcoin demand — it was the footprint of a different migration entirely.

That migration has a name: the same pool of speculative capital that once rotated through altcoins is now finding new instruments to trade on the same venue. The liquidity did not leave crypto. It shifted within it — away from altcoins and toward assets that respond to the geopolitical and macroeconomic forces currently dominating global markets.

For altcoins, that shift is not neutral. Every trader who moves from an altcoin pair to a commodity futures contract is a trader who is no longer providing the bid-side liquidity that prices depend on. The migration may be gradual. The direction is clear.

Altcoin Market Cap Weakens as Lower High Structure Persists

The total crypto market cap excluding the top 10 is currently holding near $172 billion, but the broader structure reflects a weakening trend. On the weekly chart, price has formed a clear lower high after failing to sustain momentum above the $300 billion region, marking a shift from expansion to distribution.

The rejection from mid-2025 highs triggered a sustained decline, with the altcoin market cap breaking below the 50-week moving average and briefly testing the 200-week average. While the recent bounce from the $150 billion zone suggests some demand at lower levels, it has not been strong enough to reclaim the 100-week moving average with conviction.

All three key moving averages are now flattening or trending downward, with price trading beneath or around them. This alignment indicates a loss of trend strength and a transition into a range-bound or corrective phase rather than a renewed bullish cycle.

Volume patterns reinforce this view. Selling pressure has been more aggressive during downturns, while recovery attempts show weaker participation. That asymmetry suggests capital rotation away from smaller assets rather than broad-based accumulation.

If the $160–$170 billion range fails, downside toward $130 billion becomes likely. A sustained reclaim above $200 billion would be required to signal that altcoins are regaining structural strength.

Featured image from ChatGPT, chart from TradingView.com 

Michael Saylor, the founder and executive chairman of Strategy, has declared that Bitcoin’s (BTC) traditional four-year halving cycle is over, viewing this shift as an ultimately positive step for the cryptocurrency’s price. He argued that BTC has now achieved global acceptance, and this transition marks a more mature phase that could support stronger, more consistent price appreciation for the flagship cryptocurrency. 

Why Bitcoin’s 4-Year Cycle Close Could Boost Price

In an X post dated April 4, Saylor announced that “Bitcoin has won,” suggesting that the cryptocurrency has officially secured its dominant position in the global financial system. He explained that the world now widely accepts BTC as a form of digital capital, reflecting the cryptocurrency’s deep integration as a means of payment and investment for everyday users. 

The Strategy founder further argued that Bitcoin’s four-year market cycle has ended, and that price movements are now guided by the inflows and outflows of capital from institutions and investors. This shift seems to be gradually moving BTC away from the sharp bull-and-bear market patterns tied to past halving cycles. 

Saylor also added that Bitcoin’s growth in the coming years will largely depend on traditional bank credit and emerging digital lending channels. These funding sources are expected to play a bigger role in shaping how quickly and how far Bitcoin’s value could expand in the future. Moreover, the adoption of established financial instruments could help stabilize BTC’s price trajectory, which is often influenced by speculation and volatility. 

Concluding his post, Saylor warned that the greatest risks come from having poor ideas that lead to unnecessary or damaging changes to the Bitcoin protocol. He cautioned that such misguided updates could harm the network if allowed to take root. Essentially, the Strategy founder is urging developers and users to protect the protocol from ill-advised alterations to preserve continued growth and success.  

BTC Critic Fires Back At Saylor’s Remarks

Responding directly to Saylor’s post, global economist and Bitcoin critic Peter Schiff pushed back against the remarks. He argued that any claimed consensus about BTC’s status as digital capital exists only in Saylor’s mind. However, Schiff did agree that capital flows will ultimately determine Bitcoin’s price direction. 

The critic warned that when capital eventually flows out of BTC, the price will be driven significantly lower. His comments reflect a prolonged skepticism over Bitcoin’s long-term outlook and its status as “digital gold” or a store of value. 

While Saylor remains a strong advocate for BTC, consistently accumulating the cryptocurrency through Strategy, Schiff continues to criticize the asset, often comparing it to gold. In one of his latest posts, the economist noted that Bitcoin recently climbed above $70,000 but was immediately hit with a wave of selling pressure, leading to a major pullback. He emphasized that, at present, BTC’s upside potential appears limited while its downside risk remains significant—an outlook he believes is the direct opposite of gold.

While the broader cryptocurrency market reeks of heightened volatility, the price of XRP appears to be stuck below the $1.5 mark, which is now considered one of its major resistance levels. With the persistent downside price performance, the percentage of supply in loss has risen sharply, demonstrating the impact of the bearish action on the market.

More XRP Holders Fall Into Loss Territory

After a sharp decline in its price, the market dynamics of XRP are starting to experience a critical change as investors’ pain steadily increases. This trend is being reflected in the amount of XRP at a loss in the market. BankXRP, a researcher and investor, has reported that a growing portion of the leading altcoin is slipping into the loss zone as price momentum continues to fade. This development indicates that many holders are now underwater, which points to mounting pressure across the market.

In the post shared on X, the expert highlighted that over 60% of the entire supply, which represents about 36.8 billion XRP, is now in loss territory. The figure is valued at more than $50 billion in unrealized losses.

When a massive portion of supply is sitting in losses, this shift often suggests that confidence is fading. This is because a persistent period of stagnation or decline reduces profitability for recent buyers. This development is likely to play a key role in shaping the next direction of the price in the short term.

For those who bought the altcoin at a price higher than its current value of $1.35, their breakeven point is positioned at the $1.44 level. Whether the price drops below the current price or pushes beyond the breakeven point is up to this trend. 

Addressing potential future outcomes, the expert stated that selling pressure could emerge close to the $1.44 level as holders exit at the breakeven point in the near term. Meanwhile, for the long term, XRP might clear the bull run, resulting in less resistance and a classic cycle.

A Fading Liquidity On Crypto Exchanges

During the weakening price momentum, XRP liquidity on cryptocurrency exchanges is starting to flip negative, marked by thinning order books. As shared by Arthur, the CIO of Royal Peak Cap, the declining liquidity is particularly evident on Binance, the world’s largest trading platform, which has completely collapsed. 

On the 30-day liquidity index, there has been a drop to historically low levels near zero (0). This positioning is a result of the declining trading volume from over $200 billion in January 2025 to almost nothing today, which can simply amplify uncertainty among traders. 

Such a reading is capable of creating a classic double-edged situation. A bullish view would mean that long-term holders are not selling, and supply on the exchange is extremely thin. Thus, any real buying pressure would probably trigger sharp upward moves. 

A cautious view would be shaped by traders’ fading interest, with the market in a wait-and-see mode. Historically, periods of extremely low liquidity have usually led to major price moves in both directions.

On-chain data shows the Bitcoin network activity has seen a sudden rebound after months of staying down, with transactions hitting 615,000.

Bitcoin Transaction Count Has Reached The Highest Level Since November 2024

In a new thread on X, on-chain analytics firm CryptoQuant has discussed the revival that the Bitcoin network activity has witnessed recently. CryptoQuant has cited its “Network Activity Index” to showcase the rebound. This index combines the data related to different metrics like active addresses and transactions to provide an overview of the blockchain.

From the above chart, it’s visible that the Bitcoin Network Activity Index plunged below its 365-day moving average (MA) back in late 2024 and remained in a downtrend during 2025. The trajectory continued into the first quarter of 2026, but since the onset of the second quarter, fates appear to have flipped for the indicator.

Not only has the Network Activity Index managed to break past its 365-day MA, it has done so in a sharp manner, with its value shooting up. The reversal in the indicator has come alongside a sharp surge in the total number of transactions occurring on the Bitcoin network.

As displayed in the graph, the 7-day simple moving average (SMA) of the Bitcoin transaction count was muted earlier, but a recent sharp revival has meant that its value has reached a high of 615,000. This is the most amount of transfers on the BTC blockchain since November 2024, when the activity decline began.

Interestingly, while transactions have shot up, the total fees that Bitcoin miners are earning on the network have stayed at low levels.

The transaction fees can correlate with the demand for using the network that exists among users. The BTC blockchain only has a limited capacity to handle transfers, so in periods of network congestion, the average fees can blow up as senders compete against each other to get transfers through first. In contrast, when there isn’t much demand for getting moves through quickly, the fees can stay at low levels.

The Network Activity Index suggests that the Bitcoin network has observed a spike in usage, but the fees staying low could imply that the source may not entirely be organic demand, but rather a result of exchanges, custodians, and large holders taking advantage of the current low fee competition environment to make operational moves like UTXO management and wallet reshuffling.

BTC Price

Bitcoin recovered above $70,000 on Monday, but the coin has since retraced back to $69,000.

Crypto analyst KrissPax has provided a bullish case for the Dogecoin price, explaining why the foremost meme coin could soon see gains. This comes as DOGE struggles to reclaim the psychological $0.10 level, with the risk of further declines. 

The Dogecoin Price Could Soon See Gains

In an X post, KrissPax stated that the Dogecoin price has been tightening within a symmetrical triangle for two months, with strong support at $0.09. He added that with crypto market sentiment and trading volume both low, he could see big gains, though he warned they could quickly reverse. On the other hand, he said that any quick drops will get bought up. 

His accompanying chart showed that the Dogecoin price could target the $0.10 level in the short term. Crypto analyst CW also indicated that DOGE could soon see a bullish move. In an X post, he said that DOGE is approaching the end of its descending channel and that a breakout would signal a trend reversal. He added that market participants will be able to see the start of an uptrend for the leading meme coin this week. 

Meanwhile, crypto analyst The Composite Trader stated that a big move is coming for the Dogecoin price, although he suggested that the move could end up being to the downside. He noted that price has been compressing for 60 days straight, building higher lows and creating sellside liquidity, while also building lower highs and creating buyside liquidity. 

The analyst mentioned that, from a higher-timeframe perspective, the first move will most likely be a fake move, but ideally, he will look to profit from that first higher-timeframe move. He added that he is closely monitoring the lower timeframes to find an entry to derisk and leave run for HTF targets.

The Bear Market May Soon Be Over For DOGE

Crypto analyst Kevin Capital has suggested that the bear market may soon be over for the Dogecoin price. In an X post, he stated that the market is very likely in the latter half of the crypto bear market, possibly even slightly further along. He explained that nearly every momentum, money flow, and strength indicator, along with on-chain data, supports this view. 

As such, the analyst advised that it may be time to shift one’s mindset from a cautious doomer to an opportunity hunter, especially for those who have been sitting on a lot of cash since last year. It is worth noting that DOGE could also see a rebound soon amid reports of a ceasefire between the U.S. and Iran. 

At the time of writing, the Dogecoin price is trading at around $0.09061, down over 2% in the last 24 hours, according to data from CoinMarketCap.

Morgan Stanley is poised to become the first major US bank to launch a spot Bitcoin ETF, according to filings and market notices that indicate an April 8 debut. 

The $1.9 trillion Wall Street firm’s entry would arrive more than two years after the US Securities and Exchange Commission (SEC) approved the first Bitcoin ETF back in January 2024.

Morgan Stanley’s Bitcoin ETF Push 

The new fund, expected to trade under the ticker “MSBT” on the New York Stock Exchange (NYSE), carries an annual fee of 14 basis points. That price undercuts the current market leader, BlackRock’s IBIT, by 11 basis points — a sizable discount that Bloomberg expert Eric Balchunas called “semi‑shock.” 

By Balchunas’s account, Morgan Stanley’s lower fee makes the product more palatable for the firm’s advisors and increases its chances of attracting outside assets. 

Compared with many mainstream equity-index ETFs, which typically charge between 3 and 10 basis points, the bank’s fee positions its Bitcoin exposure closer to a commodity‑like pricing structure, the expert noted.

Roy Kashi, CEO of FalconEdge, suggested the move is intended to “blow the competition out of the water,” adding that Morgan Stanley’s low fee both legitimizes Bitcoin ETFs further and demonstrates the bank’s appetite to capture market share. 

ETF Launch Anticipated To Spur Fee Competition

Experts such as Balchunas expect the NYSE Arca listing notice to make the fund effective on April 8, at which point trading could begin. The expert has previously indicated that projections for first‑year assets under management will surface after the listing and further analysis. 

However, if Morgan Stanley’s MSBT attracts significant inflows, it is anticipated that fee competition among issuers may increase, forcing other issuers to adjust their pricing, distribution, or product features.

The timing of Morgan Stanley’s drive also aligns with a changing regulatory and legislative landscape. Several major financial organizations have accelerated plans for direct Bitcoin exposure and infrastructure as a result of the Trump administration’s renewed stance toward clearer frameworks for digital assets.

As such, major financial firms, including Charles Schwab, have announced plans to expand their Bitcoin capabilities. This signals a growing interest among wealth managers, broker-dealers, and hedge funds, as noted in a social media post by Phong Le, CEO of Strategy.

Featured image from OpenArt, chart from TradingView.com 

The Solana Foundation has unveiled new security initiatives framed as a “new wave” of ecosystem security.

Solana Attempts To Rebuild The Trust

This Monday, the Solana Foundation announced on a blog post the launching, in collaboration with Asymmetric Research, of the STRIDE (Solana Trust, Resilience and Infrastructure for DeFi Enterprises) program. STRIDE is an organized framework designed to continuously assess and oversee the security of projects built on the ecosystem.

According to Assymetric Research’s own blog post, STRIDE works as an eight‑pillar security framework that will carry out independent reviews of ecosystem protocols to verify they comply with it. The results of these assessments will be released publicly, giving users and investors clear visibility into the safety of the platforms they use.

In parallel to STRIDE, the foundation also released the Solana Incident Response Network (SIRN), a member‑driven coalition of security companies and researchers focused exclusively on the Solana ecosystem. According to the blog post, founding participants of the membership-based network include Asymmetric Research, OtterSec, Neodyme, Squads, and ZeroShadow. SIRN is the “war room”, sharing threat intel and coordinating live hack responses across the ecosystem.

The new initiatives sit on top of existing tools like Hypernative, Range, Riverguard, Sec3, and AuditWare, which are offered free to builders to harden code from day one. This is a core shift away from one‑off audits toward continuous, foundation‑funded monitoring, public security reports and coordinated incident response.

A Shift In Security Protocols, But A Shift In Sentiment?

These moves directly follow the April 1st $286 million attack on the Solana-based Drift Protocol that ended up being attributed to North Korean hackers.

The blog post, however, makes no mention of the attack. Despite that, it does spell out the need to strengthen the security services the foundation offers.

Solana was built for security. And as the ecosystem scales, the stakes scale with it (…) Solana Foundation has a long history of dedicating resources to ensure that security services and tools are available to the ecosystem.

While it is true that security headlines and follow‑through on STRIDE/SIRN may help repair sentiment after the Drift shock, any new exploit on an unevaluated protocol could be punished harder.

Cover image from Perplexity. SOLUSD chart from Tradingview.

A market commentator has presented a long-term outlook suggesting that Bitcoin could climb to roughly $300,757 even without the kind of explosive rally typically associated with a full bull run. The argument centers on a structured price channel that has historically guided Bitcoin’s broader trend, with a key midpoint acting as the dividing line between ordinary growth phases and a bull run.

The Long-Term Channel Behind The $300,757 Bitcoin Target

According to a recent analysis shared on X by @CoinvoTrading, Bitcoin’s current position inside its long-term channel implies that a move toward the midline alone could send the asset into the $300,000 range, provided the long-term structure remains intact.

The model referenced by the analyst is built around a broad ascending channel that tracks Bitcoin’s historical price action across multiple market cycles. The lower boundary of this structure represents long-term support, while the upper boundary reflects the outer limit of previous bull market expansions.

Between these two boundaries sits a central resistance line that functions as the most critical level in the framework. Historically, Bitcoin’s behavior around this midpoint has helped define the nature of each market phase.

When Bitcoin moves upward but fails to break above the middle resistance, the market tends to remain in a steady uptrend. However, when the asset decisively pushes through this midpoint, previous cycles have seen the market push into a bull run.

The chart accompanying the commentary places the midpoint of this channel at approximately $300,757. A projected timeline marker near that level indicates April 23, 2028, as a potential period where price could align with that resistance if the current trajectory continues.

At the same time, the broader channel outlines the wider range of possibilities within the structure. The lower boundary of the trend channel sits near $106,712, while the upper extreme extends toward roughly $973,197. These figures illustrate the scale of the long-term corridor within which Bitcoin has historically fluctuated.

Why $300,000 Could Arrive Without A Full Bull Market

The central point of the analyst’s argument is that reaching the midpoint of the channel does not require the type of rapid, euphoric price expansion seen in previous bull cycles. Instead, the chart suggests that a consistent upward trend could gradually guide Bitcoin to $300,757. In this scenario, the market would simply continue respecting the structure of the long-term channel without entering a parabolic phase.

Past market behavior forms the basis of this claim. Earlier cycles displayed similar patterns where Bitcoin climbed along the lower portion of the channel before eventually approaching the midpoint during extended uptrends.

Within this context, the $300,757 level represents a structural milestone. Only a decisive move above that midline would historically signal the transition into a more aggressive bull market phase. Until such a breakout occurs, the analyst’s model frames the $300,000 region as a potential destination driven by steady long-term momentum.

XRP is struggling below $1.35. Selling pressure is present. Uncertainty is higher. And the largest participants in the market have quietly stepped back from the exchange in a way that changes the overhead supply picture entirely.

A CryptoQuant analysis tracking whale activity on Binance has identified a behavioral shift that sits directly beneath the current price weakness. Daily whale inflows to Binance have fallen to approximately 12.60 million XRP — a fraction of the hundreds of millions that characterized the most active distribution periods earlier in the cycle. The 30-day cumulative flow indicator has dropped to approximately 1.44 billion XRP, one of its lowest readings since the start of 2026.

The significance is structural. Whale inflows to exchanges are the market’s primary mechanism for large-scale distribution — coins arriving at venues where they can be immediately sold into available liquidity. When those inflows collapse to multi-year lows, the pipeline of large-holder selling that has been weighing on XRP’s price has narrowed considerably.

XRP below $1.35 looks like a market under pressure. The whale data describes something more specific: a market where the heaviest sellers have reduced their activity to near-silence — and the price has not yet responded to their absence.

The Selling Infrastructure Has Pulled Back

The report’s behavioral interpretation of the whale inflow decline is where the data becomes most consequential. When large holders move XRP to Binance, the intent is rarely ambiguous — exchanges are selling venues, not storage facilities.

High whale inflows historically precede selling pressure because they represent large holders positioning their coins where they can act on them immediately. The reverse is equally readable: when whale inflows fall to multi-year lows, it reflects a deliberate decision by large participants to keep their XRP off the exchange and away from the immediate sell side.

The March comparison gives the current reading its full weight. At the peak of whale activity, the 30-day cumulative flow reached approximately 2.6 billion XRP — a level that represented sustained, large-scale movement of holdings toward Binance. Since then, the gradual retreat has been consistent and directional, bringing the cumulative figure down to approximately 1.44 billion — a reduction of nearly half in the primary distribution metric.

What has been removed from the market is not trivial. The infrastructure for large-scale selling — the pipeline of coins moving toward the exchange sell side — has contracted significantly since March. That contraction does not guarantee price recovery. It removes one of the most consistent structural arguments against it.

The heaviest sellers have stepped back. The price has not yet noticed.

XRP Tests Structural Support as Weekly Momentum Breaks Down

XRP is trading near $1.30 on the weekly timeframe, and the structure is clearly transitioning from expansion to correction. The rejection from the $3.00–$3.50 region established a decisive lower high, breaking the prior bullish sequence and shifting momentum to the downside.

Since that peak, the price has moved steadily lower, losing the 50-week moving average and now testing the 100-week average as support. The 200-week moving average remains below, near the $1.00 region, and represents the next major structural level if current support fails.

What stands out is the speed and cleanliness of the decline. The breakdown from above $2.00 occurred with strong directional movement, followed by only weak and short-lived bounces. This suggests that demand has not returned with enough strength to absorb selling pressure at higher levels.

Volume confirms this imbalance. Selling phases have been accompanied by higher participation, while recoveries show declining interest. That asymmetry typically reflects distribution rather than accumulation.

The key level is the current $1.25–$1.30 zone. A sustained break below it would likely accelerate downside toward the 200-week average. On the upside, reclaiming $1.80 is necessary to stabilize the structure, but a true trend shift would require a move back above $2.20.

Featured image from ChatGPT, chart from TradingView.com 

Financial economist and CEO of Real Vision, Raoul Pal, has shared his outlook on when Bitcoin (BTC) could reach a peak in this cycle. Despite recent market headwinds and fluctuating prices, he remains strongly bullish on BTC’s long-term prospects. While many analysts warn of deeper price corrections based on the traditional four-year cycle theory, Pal challenges this view. He argued that Bitcoin is currently in a five-year supercycle and could be positioning for a move toward a new all-time high. 

Pal Reveals When Bitcoin Could Hit A Peak

Lately, the crypto market has been in a fierce downturn, with Bitcoin showing renewed signs of weakness after its price slipped slightly below $69,000 again. Although many analysts believe Bitcoin is currently in a cyclical bear market, recent commentary from Pal suggests the cryptocurrency’s bull cycle may still be in play. 

Notably, market analyst Crypto Tice shared a video of Pal on X, where the Real Vision CEO explained why he believes Bitcoin could still climb to a new all-time high during this cycle. Pal emphasized that the Bitcoin top is not yet in, projecting that the flagship cryptocurrency could hit its ultimate cycle peak in the second quarter of 2026. 

Earlier, in October 2025, Bitcoin surged to a peak above $126,000, driven by many bullish factors, including strong demand for Spot Bitcoin ETFs and heightened market enthusiasm. However, since reaching that milestone, the cryptocurrency has trended downward, as heavy liquidations, market manipulation, and selling pressure crushed expectations of higher highs.  

According to Pal, BTC could still stage another rally to a new peak because the cryptocurrency’s current bull cycle has been extended to a five-year supercycle. Unlike the four-year cycle theory, which holds that a bear phase typically resets the market and lays the foundation for a new bull cycle, Pal’s argument suggests that BTC’s true bear market may not have begun yet. This leaves room for the cryptocurrency to resume its previous uptrend and target new all-time highs. 

To support his thesis, Pal pointed to Bitcoin’s price behavior, noting that it appears to be tracking the global business cycle. He explained that this cycle has been prolonged due to reduced liquidity across the financial system. Because of this extension, the Real Vision CEO maintains that BTC’s bull market is not yet over. 

BTC Price Projected To Reach $140,000

In a recent post on X, market expert Merlijn The Trader referenced a video featuring Pal, in which the Real Vision CEO explained that Bitcoin is currently trading at a discount due to tight liquidity conditions across the market. Based on this outlook, Pal forecasted that BTC could climb to at least $140,000, establishing a new peak. 

At the time of writing, BTC is trading above $68,500, meaning a surge to this bull target would represent a more than 100% increase. Moreover, when measured against its current October ATH, such an advance would reflect a gain of over 10%.   

Post-quantum cryptography could make Bitcoin’s signature sizes balloon by as much as 125 times — a technical reality now fueling a sharp debate over how fast the network should act.

Mow Calls Out The Rush

Samson Mow, founder of Bitcoin firm Jan3, went public over the weekend with a pointed warning: moving too fast on quantum security could leave Bitcoin more exposed, not less.

His comments came after Coinbase CEO Brian Armstrong and the company’s chief security officer, Philip Martin, called on the industry to start acting now against quantum computing threats.

Mow pushed back hard. A rushed transition to post-quantum cryptography, he said, risks opening up fresh vulnerabilities — including compatibility breakdowns and a sharp drop in how many transactions the network can handle at once.

“Simply put: make Bitcoin safe against quantum computers just to get pwned by normal computers,” Mow wrote on X.

It’s been almost 10 years since the Blocksize Wars ended and Brian hasn’t changed at all.

He still carries the exact same complete lack of humility and understanding. Brian forms the opinion first, along with a prescribed course of action and timeframe, instead of starting by… https://t.co/Ti7QV63e7P

— Samson Mow (@Excellion) April 4, 2026

A Ghost From Bitcoin’s Past

At the center of his concern is block size — the cap on how much transaction data fits inside a single Bitcoin block. Larger post-quantum signatures mean more data per transaction, which means fewer transactions per block, which means a slower and more congested network.

Former Bitcoin developer Jonas Schnelli put numbers to it, and Mow cited them directly. The implications go beyond speed. Block size has been a flashpoint before.

Between 2015 and 2017, a bitter community dispute over whether to expand Bitcoin’s block size tore the ecosystem apart and ultimately led to a chain split.

That fight raised deep questions about decentralization, network security, and who really gets to decide Bitcoin’s direction. Mow is warning the same battle could be coming back — what he’s calling “Blocksize Wars 2.0.”

Where Mow Draws The Line

Mow isn’t saying quantum threats should be ignored. His argument is about timing, not priority. Research on potential solutions is already underway, he said, and that work should continue.

But quantum computers capable of cracking Bitcoin’s encryption, he argued, are still a decade or two away at minimum. Rushing a fix for a threat that doesn’t yet exist, he said, creates real risks today in exchange for protection against something hypothetical tomorrow.

The debate is gaining urgency as new research from Google and the California Institute of Technology has stoked fresh concern about how quickly quantum computing may develop.

Armstrong and Martin flagged those findings as reason enough to move the timeline up. Mow’s position: the cure could be worse than the disease, at least for now.

Featured image from Trade Brains, chart from TradingView

After an explosive two years between 2023 and 2024, the Solana price began to retrace, and that retracement has lasted into the year 2026. For the first time in more than a year, the Solana price has been consistently trading below the $100 mark as sell-offs ravage the cryptocurrency. However, with the new month, there might be some light at the end of the tunnel for SOL investors if April plays out as expected.

April Could Be A Green Month For The Solana Price

The prediction algorithm on the CoinCodex website has gone bullish in favor of the Solana price as the market ushered in the new month. Instead of following the set trend over the last few months and continuing to decline, it seems the Solana price might be headed for some respite.

The algorithm takes into account various indicators for a digital asset and uses that to predict a likely outcome for the asset. For Solana, the verdict is that the cryptocurrency might end up seeing a double-digit rally that would put it above the $100 level again.

In total, it predicts that the Solana price will rise by 30% to reach $103.76 by the time the month is over. On the medium-term (3-month timeframe), the algorithm predicts that the Solana price will rise by 63% to reach $130. This would mean that the third quarter is expected to be bullish for the price.

April Is An Historically Bullish Month

Looking at historical performance, the month of April has turned out to be more bullish than not for the Solana price. In cases where the month has ended in the red, the gains from the green months have outpaced those dominated by losses.

According to data from the CryptoRank website, in the last five years, Solana has ended a total of three months of April in the green, with the lowest return of these being +23.2% and the highest at +60.8%. Meanwhile for the years that the month ended in the red, the highest losses has been -15.7% and the lowest at -3.25%.

This brings the overall average for the month well into the positive, with the website’s data showing an average return of +18.7& and a median return of +10.8%. However, the second quarter of the year remains a mixed bag with as many red closes as there are green closes. So, it remains to be seen how the Solana price will perform in Q2.

Bitcoin treasury firm Strategy has resumed its buying spree after a two-week gap with a new $329.9 million acquisition of the cryptocurrency.

Strategy Has Added 4,871 Tokens To Its Bitcoin Treasury

In a new post on X, Strategy co-founder and chairman Michael Saylor has shared details related to the company’s latest Bitcoin acquisition. In total, the firm has added 4,871 BTC for $329.9 million or $67,718 per token with this purchase.

Strategy has had a consistent routine of announcing acquisitions on Monday, but the firm had a rare skip last week. Saylor’s post from Sunday foreshadowed the return to buying ways this week, as the chairman shared the company’s BTC portfolio tracker with the caption: “₿ack to Work.”

According to the filing with US Securities and Exchange Commission (SEC), Strategy bought its latest tokens between April 1st and 5th. The firm funded the purchase using sales of its STRC and MSTR at-the-market (ATM) stock offerings.

In the past, Strategy has often shown a tendency to buy local price tops, with its tokens already dipping into losses by the time it reveals the purchase. This time around, however, the latest Bitcoin spot price is still trading above the buy’s cost basis, meaning that the tokens are in the green.

Though, the firm’s holdings as a whole have continued to be underwater recently. Following the new purchase, Strategy’s cost basis is sitting at $75,644, putting its Bitcoin reserves in a loss of about 8.1% at the current spot price. The company first fell underwater with the price crash at the start of February and with the market staying down since then amid uncertainty like the Iran war, BTC hasn’t been able to reclaim its break-even level.

A milestone that Strategy has cleared with the latest acquisition is that its total investment into the asset has broken past the $58 billion mark. With a total of 766,970 tokens in its wallets, Saylor’s firm occupies a network supply share of 3.83%, by far the highest among corporate treasury holders of Bitcoin.

Just like how Strategy regularly announces purchases on Monday, Ethereum’s largest treasury company, Bitmine, has made a habit of doing the same. This Monday has been no different, with Bitmine’s regular press release going up with information related to the firm’s latest ETH accumulation.

Over the past week, Bitmine added 71,252 ETH to its wallets, the largest weekly buying spree since December 2025. Thomas “Tom” Lee, the company’s chariman, said:

Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case ETH is in the final stages of the ‘mini-crypto winter.’

The Ethereum treasury firm now holds a total of 4,803,334 ETH, equivalent to 3.98% of the cryptocurrency’s total supply in circulation.

BTC Price

At the time of writing, Bitcoin is trading around $69,200, up 3.5% over the last 24 hours.

The crypto market is trying to hold above current price levels. Bitcoin and Ethereum are facing volatility. And beneath the price action, four separate data points are pulling in four separate directions — which is precisely why this moment is more complicated than it looks.

A CryptoQuant report has identified a market structure that defies simple characterization. Exchange netflows have turned positive for two consecutive days — shifting from -1,275 BTC to +682 BTC and then +428 BTC — meaning short-term sell-side supply is returning to exchanges after a period of net outflows. Simultaneously, open interest has climbed from $21.22 billion to $22.60 billion across three sessions, confirming that derivatives traders are rebuilding positions at scale.

Both of those developments would normally signal growing bullish conviction. The funding rate data refuses that interpretation. Funding has flipped from positive to negative and held there for two days — meaning the derivatives market is not overheated with aggressive longs but is instead reflecting cautious, two-sided positioning. Traders are opening positions without committing to a direction.

The market is not confused. It is hedged. That distinction matters because a hedged market does not move on sentiment alone — it moves when one side of the hedge is forced to cover. The data does not yet indicate which side breaks first.

Crypto Leverage Is Back

The report’s most consequential finding is the one that prevents a bullish reading of the open interest rebound. The 60-day USDT market cap change remains below zero — meaning that the stablecoin liquidity that fuels sustained price trends has not returned to the market in any meaningful quantity. Derivatives positioning is increasing. Spot demand is not confirming it. That divergence is the defining condition of the current environment.

The practical consequence is direct. When leverage rebuilds without liquidity support, price recoveries tend to be shallow and volatile rather than sustained and directional. The fuel for a trend continuation — fresh capital entering through stablecoins, new spot demand absorbing sell-side supply — is absent. What exists instead is a derivatives market rebuilding positions on top of a spot market that has not yet decided to participate.

The report translates this into a probability framework that deserves to be taken seriously rather than dismissed as false precision. Forty percent range-bound or neutral. Thirty-five percent short-term upside attempt. Twenty-five percent downside pressure. That distribution is not a forecast — it is a structured representation of what the four competing signals currently support.

The resolution conditions are equally specific. Upside confirmation requires exchange inflows to slow or reverse alongside a recovery in funding rates toward neutral. Downside risk escalates if inflows continue expanding while open interest rises and volatility increases. Neither condition has been met. The market is coiled between them — and this is not the moment to assume which way it uncoils.

Total Crypto Market Cap Stabilizes Between Key Averages

The total crypto market cap is showing early signs of stabilization, but the weekly structure still reflects a market that has lost momentum after a strong expansion phase. Price is currently holding near $2.3 trillion, sitting between the 100-week and 200-week moving averages — a zone that often acts as a transitional range rather than a clear trend environment.

The rejection from the $3.8–$4.0 trillion region marked a decisive lower high, breaking the prior bullish sequence. Since then, the market has retraced sharply, losing the 50-week moving average and briefly testing the 200-week average before bouncing. That reaction confirms the 200-week as structural support, at least for now.

However, the recovery lacks conviction. The crypto market has not been able to reclaim the 100-week moving average decisively, and the 50-week average is beginning to slope downward, signaling weakening trend strength. Volume patterns reinforce this interpretation — large spikes during sell-offs, followed by relatively muted participation on rebounds.

This creates a fragile equilibrium. If the market cap reclaims the $2.6–$2.8 trillion region, it would signal renewed strength and open the path toward previous highs. Failure to do so keeps the structure range-bound, with downside risk toward the $2.0 trillion level if the 200-week support fails to hold.

Featured image from ChatGPT, chart from TradingView.com 

After multiple attempts over the past few days, the price of Bitcoin has failed to reclaim and break past the $70,000 mark as volatility continues to overshadow the market. Since the waning price action, the activity of retail BTC holders and whale investors across the market seems to have been slowly diverging. 

BTC Whales And Retailers Activity Diverge

With ongoing volatility, Bitcoin has remained compressed within the $65,000 and $70,000 range, and investors are starting to demonstrate their reaction. A notable shift is unfolding in the structure of BTC as large holders or whales and retail holders are moving in a different direction.

According to CW, a crypto market expert and investor, retail holders have been leaving the market, possibly linked to the ongoing sideways price action of BTC. Meanwhile, whale investors are entering the market, allowing them to take full control of the market and capitalize on its future moves.

Following his analysis of the Bitcoin Whale Exchange Ratio, the expert highlighted that the key metric has surpassed 60%, which shows that the market is sitting comfortably in the hands of high-net-worth players. It is worth noting that this figure marks its highest level in the past 10 years.

This transition is changing market dynamics to a period where BTC’s price performance is becoming more influenced by the choices of a small group of players. When this divergence occurs, it is considered a key indicator in determining volatility, liquidity, and Bitcoin’s next major move.

CW stated that retail investors left the market swiftly after the Bitcoin price fell to the $60,000 level. This level holds historical and psychological importance in the BTC market. As seen in the chart, this point at which the exchange whale ratio reached its peak is the starting point of every bullish rally in the past decade.

Are Large Holders Positioning For A Bitcoin Rally?

Despite the bearish price action, large investors’ sentiment is becoming evidently strong and is currently expanding. In another post on the X platform, CW shared that BTC whales are steadily increasing their balances at a tremendous rate at current price levels.

When large investors accumulate at such a pace, it often points to robust conviction in the coin in spite of broader market uncertainty. In some cases, this powerful buying spree transitions into a period of sustained upward pressure, which raises the speculation of whether BTC could be set to surge again.

This ongoing accumulation is not just extremely fast, it is also unprecedented in the history of BTC. Whale investors are pushing the pace to its maximum, while BTC retail holders have exited the market as the asset continues to consolidate. These holders are unfazed by BTC’s current price trend as they scooped up massive amounts of BTC without experiencing any decrease.

Strategy purchased about 89,599 Bitcoin in the first quarter of 2026, its second-largest quarterly accumulation on record, doing so while Bitcoin traded in a downtrend and sentiment across the crypto market was pessimistic.

According to crypto expert Adam Livingston, the market still is not fully valuing what that pace of accumulation could mean over time.

Q1 2026 Changed How The Market Reads Weakness

According to numbers from its Bitcoin purchases page, Strategy bought a total of 89,599 BTC in the first quarter of 2026, taking its total holdings to 762,099 BTC. This was the second-largest accumulation range period, and only the fourth quarter of 2024 was larger.

According to Livingston, if Strategy were to sustain Q1’s acquisition pace for three consecutive years, its holdings would reach 1.84 million Bitcoin by April 2029, equivalent to roughly 2.4 times its current holdings of 762,099 BTC. That projection, he notes, assumes no improvement in capital market conditions and no expansion in demand for STRC, Strategy’s variable-rate perpetual preferred stock. It is, in other words, a floor estimate built on the worst-case scenario.

The chart that accompanied Livingston’s post shows Strategy bought 340,983 BTC in regimes above $90,000, compared with 161,326 BTC in sub-$50,000 regimes, a high-to-low accumulation ratio of 2.11x. 

The largest single band on the chart is the $90,000 to $110,000 range, where disclosed purchases totaled 297,102 BTC across 30 events, accounting for 39.0% of all buys. The $70,000 to $90,000 band comes next with 162,805 BTC, then the sub-$30,000 band with 99,030 BTC. 

These buying bands show something important: Strategy has not been most extreme in its buys when Bitcoin looked cheap. It has been at its most extreme when Bitcoin was already expensive and still rising.

Bitcoin Itself Is Still Undervalued

Livingston ties the Q1 accumulation story to a much larger Bitcoin thesis and how it relates to Strategy’s accumulations. Even if Strategy were to trade at a flat 1.0 multiple to net asset value, generating zero BTC yield premium, Livingston calculates the company’s 1x mNAV price at $288 per share by that point. The actual outcome, however, will be considerably higher because the model assumes a static Bitcoin price.

If Bitcoin simply reverts to its long-term power law trend, which places the leading cryptocurrency’s price at a target range near $360,000 by the end of 2028, then the entire crypto industry is badly underestimating both Strategy’s future balance sheet and the knock-on effect on Bitcoin’s own valuation.

A company that can accumulate nearly 90,000 BTC in a single difficult quarter and that is incentivized to buy harder as prices rise is a huge demand force. If such large-scale corporate accumulation continues even in weak quarters and even increases when prices recover, then the supply available to the broader market may keep reducing at a faster pace than many traders are modeling.

Bitcoin is trying to reclaim $70,000. The market is preparing for a decisive move. And a publicly listed company just removed another 5,075 Bitcoin from the available supply — without announcing a ceiling on how many more it intends to buy.

Top analyst Maartunn has highlighted a corporate treasury move that deserves more attention than a standard acquisition announcement typically receives: Metaplanet has purchased an additional 5,075 BTC, adding to a position that now places the company among the largest Bitcoin-holding publicly listed entities in the world. The transaction was not a one-time allocation. It is the latest step in a deliberate, escalating accumulation strategy that has been building for months.

The timing is not incidental. Bitcoin attempting to reclaim $70,000 while a major corporate holder continues to absorb supply at scale is not the same market as Bitcoin attempting $70,000 without that demand. Every BTC that enters Metaplanet’s treasury is a BTC that leaves the liquid float — unavailable for immediate sale, removed from the overhead supply that has been capping recoveries.

The price is trying to break higher. The corporate buyers are not waiting for it to succeed before they act. That sequence — institutional accumulation preceding price confirmation — is worth paying attention to.

Third in the World. And Still Buying

Maartunn’s data places Metaplanet’s current position in the corporate Bitcoin hierarchy with precision. At 40,177 BTC, the company now ranks third among publicly listed Bitcoin holders globally — behind only Strategy, whose 762,099 BTC position remains the dominant benchmark by an enormous margin, and Twenty One Capital, which holds 43,514 BTC and sits just ahead of Metaplanet in the rankings. The gap between the second and the third is narrow. The gap between first and everyone else is a different conversation entirely.

What makes the ranking less important than the trajectory is Metaplanet’s stated long-term target: 210,000 Bitcoin. That figure is not an aspirational range or a soft commitment. It represents approximately 1% of the total Bitcoin supply that will ever exist — a fixed, finite number that every purchase brings closer to being concentrated in a single corporate treasury.

To put that ambition in context: Metaplanet currently holds 40,177 BTC. Its target is 210,000. It has acquired roughly 19% of its goal. The remaining 81% represents a sustained, structural source of demand that does not respond to short-term price movements, does not pause during corrections, and does not reduce its target because the market is uncertain.

At $70,000, Bitcoin is trying to break higher. Metaplanet is trying to own 1% of it. Both things are happening simultaneously — and one of them is not waiting for the other to resolve first.

Bitcoin Presses $70K Resistance as Downtrend Structure Holds

Bitcoin is attempting to reclaim the $70,000 level, but the daily structure still reflects a market in recovery rather than trend continuation. Price is currently trading just below that threshold after bouncing from the February capitulation low near $60,000. That rebound established a short-term range between roughly $65,000 and $72,000, where the price has been compressing for several weeks.

The broader context remains bearish. Bitcoin is still trading below the 50, 100, and 200-day moving averages, all of which are sloping downward and stacked above price. This alignment confirms that sellers continue to control the higher timeframe trend, and each rally into these averages has been rejected.

What has changed is volatility. The sharp sell-off in February was accompanied by a clear spike in volume, signaling forced liquidation and aggressive selling. Since then, volume has normalized, and price action has become more orderly. That typically marks a transition phase — not a reversal, but a pause where the market rebuilds positioning.

The key level remains $70,000. A clean break above it, followed by acceptance, would shift short-term momentum and open the path toward $75,000–$78,000. Failure to reclaim it keeps Bitcoin range-bound, with $65,000 acting as the lower boundary and a critical level to monitor for renewed downside pressure.

Featured image from ChatGPT, chart from TradingView.com 

Ethereum’s price being positioned above the $2,000 level now may be heavily attributed to the massive activity on the Futures market front. While the spot market has slowed down, the futures market is growing at an extremely high rate compared to spot, reshaping the market dynamics of ETH.

Futures Lead The Way In The Ethereum Market

As the week begins, Ethereum, the leading altcoin, is exhibiting a key development in its market dynamics. Even with broader market volatility, the derivatives activity of ETH is at the top of its game, snatching volumes at a notable rate.

Darkfost, an author at CryptoQuant and market expert, has outlined a strong divergence between BTC futures and the spot market. Looking at both markets, ETH futures volumes are running higher than those of spot markets. With traders primarily relying on leveraged positions rather than outright asset ownership, this imbalance suggests that the market is becoming more dominated by speculation.

The expert shared that the spot-to-futures volume ratio on Binance has recently dropped to the 0.13 level, marking the lowest annual level ever recorded for Ethereum. From a practical standpoint, this pattern implies that future volumes are 7 times larger than spot volumes. To put another way, almost $7 passes through futures contracts for every $1 traded on the spot market. 

This dynamic implies that Ethereum price changes are currently being driven by speculation. While this pattern remains difficult to interpret, it is generally not a good sign for markets. Excessive leverage can increase volatility through position changes or liquidation events and does not offer a solid structural foundation.

At the same time, current uncertainty, both geopolitical and economic, is powering a large share of investors to remain cautious. However, another key portion of this trend is that it does not appear to apply to the most speculative participants. 

The derivatives market on ETH remains highly active, with Open Interest gradually demonstrating signs of a rebound since reaching 5 million ETH. However, on-chain data shows that the open interest is now sitting at 6.4 million ETH, which is not far away from its previous all-time high of 7.8 million ETH, achieved in July 2025. 

Binance is at the forefront of this rising open interest, solely accounting for 2.3 million ETH, representing roughly 36% dominance in the ETH derivatives market. 

ETH Withdrawal From Crypto Exchanges Expands

Ethereum’s exchange outflows do not seem to slow down. According to Nexo, ETH on crypto exchanges has declined to its lowest level since 2016, and it’s not coming back quickly.

During this massive exchange withdrawal, staking queues were backed up for nearly 50 days, while the exit queue has almost finished. Next, it is noted that supply is locked in by design. At this point, the price is particularly vulnerable to any significant increase in demand when there is less ETH available on exchanges.