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delta is a network of autonomous execution environments that are connected via a decentralized, censorship resistant base layer. delta separates execution and ordering from data availability and settlement. delta provides two inalienable rights to its users — the right to self-custody and the right to exit permissionlessly.
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Analysis: Bitcoin’s Push to $80,000 Stalls, Derivatives Data Suggests Declining Market Risk Appetite
Bitcoin is facing significant resistance near the $80,000 level, while the derivatives market continues to emit risk-aversion signals. Analysts point out that the cost basis for short-term holders is concentrated around $80,000. A price break above this level could trigger profit-taking selling pressure, thereby limiting further upside potential.Meanwhile, the upcoming release of the US March PCE inflation data, coupled with rising international oil prices and climbing US Treasury yields, continues to weigh on risk assets. WTI crude oil briefly surged to $110, and restricted passage through the Strait of Hormuz has left the energy market fragile. The Federal Reserve held interest rates steady, but the meeting saw four dissenting officials, the most since 1992, further exacerbating market uncertainty.Bitwise researcher Luke Deans stated that the 180-day correlation and Beta quantiles for altcoins versus Bitcoin are near 97% and 99% respectively, implying that most tokens will behave as "highly leveraged versions of Bitcoin."Derivatives data shows that the total futures open interest (OI) across the market dropped by over 2% to $119 billion within 24 hours, while trading volume increased by 26% to $208 billion. This indicates a large number of positions being closed and capital exiting the market, signaling heightened risk aversion. During the same period, exchanges have liquidated over $500 million in leveraged positions, the majority of which were longs, reflecting a concentrated hit on bulls amid market weakness.Additionally, BTC and ETH futures OI fell by 2% and 1.7% respectively, and the cumulative volume delta (CVD) for most major tokens in the last 24 hours turned negative. This suggests stronger selling aggression from the seller side and an elevated risk of further decline. Deribit data shows that protective put options for BTC and ETH are consistently priced higher than calls. Meanwhile, the large open interest in Bitcoin call options at the $80,000 strike forms a positive gamma structure, meaning market makers may continue to sell hedges around this price level, further capping upside potential. (CoinDesk)
Bitcoin Spot ETFs See Net Inflows for 9 Consecutive Days, Total Inflows Reaching Approximately $2.1 Billion
according to data monitoring from SoSoValue, Bitcoin spot ETFs recorded net inflows for the 9th consecutive trading day on April 24, with a single-day inflow of $14.45 million. The total cumulative inflows during this continuous period amounted to approximately $2.1 billion, marking the longest net inflow streak since September 2025. Last week, ETFs saw total inflows of $823.7 million, with BlackRock's IBIT recording weekly inflows of $983 million, hitting a new high in nearly six months.CryptoQuant founder Ki Young Ju stated that the current Bitcoin market is driven by futures, with open interest continuing to rise. However, aside from ETF inflows and MicroStrategy purchases, on-chain apparent demand remains negative. The chief analyst at CEX.IO pointed out that the recent price increase has been notably driven by short squeezes. Since April 13, the total amount of short liquidations has reached approximately $2.8 billion, far exceeding the $1.8 billion in long liquidations. Part of the ETF demand may stem from basis trading strategies, specifically buying IBIT while shorting CME futures to capture the spread. This strategy is market-neutral and not purely bullish. Currently, the options market's 25-delta skew is in negative territory, indicating that investors are paying a premium to seek downside protection.