Market Update: Bitcoin Holds Near $94,000 Amidst Volatility
The cryptocurrency market is experiencing a period of consolidation near the $100,000 level, with Bitcoin (BTC) hovering around $93,700. The recent surge in prices has been fueled by increased on-chain accumulation by whales and significant inflows through spot ETFs, according to Farside Investors.
Over the past three days, the 11 U.S.-listed funds have amassed almost $1.5 billion in net inflows, providing a boost to market gains. However, experts warn that a decisive catalyst is needed to push prices above $100,000.
Market internals currently suggest a consolidation phase, with Valentin Fournier, lead research analyst at BRN, projecting accumulation between $90,000 and $95,000 before a potential breakout towards $100,000 or more in the coming weeks. QCP Capital’s head of markets, Ki Young Ju, also believes that a short-term correction is possible but expects prices to rebound soon.
Stablecoin Supply on Solana Hits Record High
Stablecoin supply on Solana has reached a record high of $12.8 billion, driven by Circle minting $1.75 billion of its USDC stablecoin in recent weeks. This signals strong demand and liquidity growth in Solana’s ecosystem despite the market lull.
Derivatives Positioning Shows Bullish Sentiment
Perpetual futures open interest for major tokens such as SUI, ONDO, UNI, and HBAR has shown significant growth in the past 24 hours, indicating bullish sentiment. However, perpetual funding rates remain moderately positive, and open interest in BTC and ETH futures has flatlined.
Market Movements
BTC is currently up 0.23% from Thursday’s close at $93,701.46 (24hrs: +1.32%), while ETH is up 0.62% at $1,774.26 (24hrs: +1.92%). The CoinDesk 20 is up 0.45% at 2,750.46 (24hrs: +2.79%).
Technical Analysis
Bitcoin layer-2 protocol Stacks’ native token, STX, has crossed above the Ichimoku cloud to suggest a bullish shift in momentum. The ascending 5- and 10-day simple moving averages (SMAs) also indicate the same, with $1.05 as immediate resistance.
Crypto Equities
Strategy (MSTR), Coinbase Global (COIN), Galaxy Digital Holdings (GLXY), MARA Holdings (MARA), Riot Platforms (RIOT), Core Scientific (CORZ), CleanSpark (CLSK), and Semler Scientific (SMLR) have all shown positive movements in the past 24 hours.
ETF Flows
Spot BTC ETFs have seen a daily net flow of $442 million, while cumulative net flows stand at $38.13 billion. Total BTC holdings are around 1.14 million.
Overnight Flows
Overnight flows on April 25, 2025, show significant activity in the market, with BTC exchange balances reaching a five-year low.
Chart of the Day
The number of BTC held in wallets tied to centralized exchanges continues to slide, hitting the lowest in five years. Historically, such declines have often preceded price increases, as shown in the chart.
Other News
ARK Invest has raised its 2030 bitcoin price target to as high as $2.4M in a bullish scenario, with base and bear scenarios projecting $1.2 million and $500,000, respectively. Stacks’ STX is the week’s best performer, driven by increased adoption on the Stacks blockchain. Nvidia continues to keep crypto at arm’s length, despite continued outreach from the sector.
Global Markets
The S&P 500 closed +2.03% at 5,484.77, while the Nasdaq closed +2.74% at 17,166.04. The U.S. 10-year Treasury rate is down 2 bps at 4.3%.
