Bitcoin flatlines as inflation data looms, bittensor drama unfolds

The crypto market, as ever, is a stable boat-right until the storm hits. Right now, it’s more like a kiddie pool with the occasional ripple. Bitcoin remains locked in its sleepy little range, stubbornly sitting at $71,700. Ether is hardly putting on a show either, staying flat at $2,180. This isn’t exactly the thrilling crypto ride we’ve come to expect, but hey, who’s complaining when we’re all just waiting for the storm to break?

What to know:

Bitcoin and ether prices continue their uninspired waltz within a narrow range. And guess what? A 40% price swing might just be coming to jolt them awake.
Meanwhile, in the land of Bittensor, all is not well. A prominent developer quit, claiming the whole decentralization shtick is a façade. Oops.
On the flip side, DASH is proving to be the quiet hero, up 34%, as investors shift their attention back to privacy. Maybe they know something we don’t.

The day’s most thrilling piece of news: Bitcoin has been stuck between $63,000 and $75,000 for what feels like an eternity. According to crypto analyst Eric Crown, this quiet range typically ends in a dramatic price swing. We’re talking 40%, folks. Get your popcorn ready.

If bitcoin were to break above $75,000, expect a rush of traders trapped in short positions to frantically buy at market prices to cover their losses. Conversely, a dip below $70,000 could liquidate a cool $200 million worth of long positions, just waiting for the axe to fall. Either way, it’s not going to be boring for long.

Then, of course, there’s the U.S. Consumer Price Index (CPI) data coming out on Friday. If inflation is as high as expected (around 3.3%, thanks to sky-high energy prices), it’s likely to give the U.S. dollar a shot in the arm. Unfortunately, this might mean more pressure on riskier assets, including bitcoin. But who knows? Maybe bitcoin’s invincible-just don’t tell that to the bears.

Derivatives positioning

Bitcoin futures open interest rose by 1%, with perpetual funding rates on major exchanges hitting their highest since February. Apparently, someone’s feeling optimistic.
XRP saw some movement, ether stayed steady, and Solana was doing its thing, but the real stars are HYPE and AVAX, showing a bullish combo of growing interest and favorable funding rates. Clearly, these coins have been hitting the gym.
On the other hand, ZEC is showing an odd combination of rising interest and negative funding rates. Traders are betting on a downturn even as ZEC’s price soared to nearly $400. Classic case of “don’t trust the hype.”
Bitcoin’s volatility index? Well, it’s dropping faster than an overhyped ICO. It’s now down to 45% from 58% in late March. Maybe calm before the storm?
Maxime Seiler from STS Digital says Bitcoin’s options market is maturing into a “structurally skewed market”-basically, it’s starting to behave like traditional equities. Yawn.
As for the next six months? Get ready for a quiet spell. The implied volatility term structure is flat, rising only in September. Mark your calendars, folks.
On Deribit, BTC and ETH options are still showing put skews, but not as strongly as last week. Apparently, traders are more interested in betting on the upside now. Hmmm…

Token talk

CoinDesk’s DeFi Select Index (DFX) saw a minor 0.38% increase. Not exactly fireworks, but it’s better than a slump.
In contrast, the CoinDesk Computing Select Index (CPUS) dropped by 1.4%. It’s like the Titanic, but with crypto-because of Bittensor’s 12% fall after Covenant AI dropped the bombshell that decentralization is a lie. Ouch.
And speaking of Bittensor, Covenant AI’s Sam Dare lit the fuse by accusing the network of being a centralized sham. “The promise is a lie!” he said. Well, that’s one way to make an exit.
Meanwhile, DASH is the token everyone forgot about. It surged more than 19% overnight and now boasts a 34% increase. Turns out privacy is the new hot thing in crypto. Who could’ve guessed?

2026-04-10 13:33

What to know:

Derivatives positioning

Token talk

Read More