- Bitcoin dipped below $85K and Ether under $3K as thin liquidity amplified sell-offs and leveraged positions unwound.
- Over $1.4B in liquidations hit markets last week, with derivatives driving sharp intraday price swings.
- Bitcoin dominance rose as institutions favored BTC and ETH, while retail traders rotated away from altcoins.
Crypto markets faced sharp pressure last week as prices fell, liquidations surged and liquidity thinned ahead of the holidays. According to Wintermute, Bitcoin dropped below $85,000 midweek, while Ether slipped under $3,000 during global trading sessions. Leveraged positions unwound, driven by selling pressure and thin order books.
Price Swings and Liquidation Pressure
At the start of the week, selling intensified across major cryptocurrencies. Notably, Bitcoin fell below $85,000 by midweek before stabilizing. Ether followed a similar path, dropping under $3,000 during the same period. As prices declined, liquidations accelerated sharply.
Wintermute reported roughly $600 million in liquidations on Monday. Subsequently, another $400 million occurred on both Wednesday and Thursday. However, by week’s end, volatility eased slightly. Bitcoin gradually climbed back toward $90,000 as trading activity slowed.
Flow Data and Market Structure Shifts
As prices fluctuated, broader market structure continued to tighten. Notably, Bitcoin dominance increased again, extending a trend seen throughout the second half of the year. Meanwhile, altcoins lagged, weighed down by supply overhangs and scheduled token unlocks.
According to Wintermute’s internal flow data, buying pressure persisted in major assets. Bitcoin maintained sustained inflows, while Ether showed renewed buying interest near year-end. Institutional flows remained consistent since summer, while retail traders rotated away from altcoins toward Bitcoin and Ether.
Derivatives, Positioning and Year-End Conditions
Despite steady spot buying, derivatives continued to drive price discovery. As a result, sharp intraday drops emerged when leveraged positions unwound quickly. This dynamic appeared in positioning data, with funding rates and basis remaining compressed during the sell-off.
Meanwhile, options markets priced wide outcomes, with implied volatility elevated. Traders positioned for both a decline toward the mid-$80,000 range and a rebound toward recent highs. Looking ahead, Wintermute noted lighter activity into year-end, as liquidity stayed thin and desks wound down.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
The New York Times reignites the “Satoshi identity mystery”; after Adam Back was targeted, he quickly clarified
Author: Nancy, PANews
Satoshi Nakamoto’s real identity remains the mystery that has continued for 17 years in the crypto world. Guesses surrounding this pseudonym have never stopped—candidates ranging from cryptographers to company founders have come and gone, yet there has always been a lack of decisive evidence.
Recently, The New York Times published a 10,000-plus-word investigation. Based on multiple comparisons drawn from language style, technical paths, and historical context, it ranked Blockstream CEO Adam Back as the strongest candidate for Satoshi Nakamoto. However, this claim was quickly and explicitly denied by Back himself, and the relevant arguments were widely questioned by the industry as difficult to substantiate.
Satoshi Nakamoto identity controversy flares up again; the 10,000-plus-word investigation targets Adam Back
In this investigation, New York Times reporter John Carreyrou spent more than a year deeply sorting through decades of archives and the cypherpunk email mailing lists to
区块客44m ago
Morgan Stanley Bitcoin ETF Drives 3-Fold Impact as 16,000 Advisors Open Path to Multi-Billion Demand
Bitcoin demand is set to expand rapidly as Morgan Stanley deploys its 16,000 advisors and launches a low-cost ETF, driving institutional inflows and strengthening crypto’s position in mainstream portfolios.
Key Takeaways:
Morgan Stanley’s 16,000 advisors unlock major bitcoin demand, driving
Coinpedia5h ago
DWF Labs Co-Founder: The current market is boring, but it hasn’t disappeared—builders or investors still have a lot to do.
DWF Labs co-founder Andrei Grachev said the market is currently in a “boring” phase, with many important activities quietly underway. He advised investors to stay patient and look for a better timing. He emphasized that opportunities still exist in the market—such as holding Bitcoin or participating in altcoins—and urged retail investors to keep learning and remain optimistic.
GateNews5h ago
Researchers propose a transaction scheme for quantum-resistant Bitcoin without needing a fork
Gate News message, on April 12, a researcher proposed a transaction scheme that enables quantum-resilient protection for Bitcoin without requiring a fork. At present, the quantum computing threat to Bitcoin is still at the theoretical level. Meanwhile, tech companies such as Google and Cloudflare have already begun preparing countermeasures and set a target timeline to complete the migration of quantum cryptography after 2029.
GateNews6h ago
Contract whale “sets 10 big targets first” — the short position is up $3.21 million; the BTC short opening price is $71,554.61.
Gate News message, April 12, according to on-chain analyst Ai Yi (@ai_9684xtpa) statistics, the short positions of the contract whale “first set 10 big targets” (@Jason60704294) are currently up $3.21 million. Of this, the BTC short positions are 2,567.49 BTC, with an opening price of $71,554.61, and an unrealized profit of $1.19M; the ETH short positions are 38,465.22 ETH, with an opening price of $2,248.74, and an unrealized profit of $2.03M.
GateNews6h ago
