{"id":25067,"date":"2026-04-04T11:35:58","date_gmt":"2026-04-04T11:35:58","guid":{"rendered":"https:\/\/bitunikey.com\/news\/bitcoins-price-holds-but-on-chain-data-flashes-warning\/"},"modified":"2026-04-04T11:36:04","modified_gmt":"2026-04-04T11:36:04","slug":"bitcoins-price-holds-but-on-chain-data-flashes-warning","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/bitcoins-price-holds-but-on-chain-data-flashes-warning\/","title":{"rendered":"Bitcoin\u2019s price holds, but on-chain data flashes warning"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p><strong>Bitcoin (<\/strong><strong>BTC<\/strong><strong>) stayed near $67,000 on April 4 as two CryptoQuant analysts pointed to a split market structure.\u00a0<\/strong><\/p>\n<div id=\"cn-block-summary-block_dd56e8c43bb0db2cbb0f236646b329eb\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Bitcoin spot volume dropped faster than open interest, showing derivatives still carried more market weight.<\/li>\n<li>Exchange reserves fell by 66,300 BTC as OTC flows pointed to continued institutional accumulation recently.<\/li>\n<li>Negative funding and nearby downside liquidity kept short-term liquidation risk elevated for Bitcoin traders.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>CryptoQuant analyst Carmelo_Alem\u00e1n said Bitcoin daily spot volume fell from 42,026 BTC on March 17 to 35,590 BTC on April 2. That marked a 15.31% drop in spot activity over the period. At the same time, open interest fell from $23.33 billion to $21.26 billion, a smaller 8.87% decline.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>He also said the <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/quicktake\/69d041f6167f9f518f9594b7-Bitcoin-Is-Changing-Internally-Less-Spot-More-Derivatives-and-Rising-Liquidation\" target=\"_blank\" rel=\"nofollow\">estimated<\/a> leverage ratio rose from 0.2207 to about 0.225. In his view, Bitcoin is becoming \u201cless dependent on real buying and selling\u201d and more tied to leveraged positions. The same note said funding rates stayed mostly negative, showing stronger short positioning in perpetual futures.<\/p>\n<h1 class=\"wp-block-heading\"><strong>Liquidation risk remains in focus<\/strong><\/h1>\n<p>Carmelo_Alem\u00e1n said liquidity below the market sits closer than the larger liquidity zones above. That setup, according to his note, leaves Bitcoin open to a short-term move driven by long liquidations before any stronger recovery attempt.<\/p>\n<p>CryptoQuant research published this week also said Bitcoin spot demand remains in deep contraction even as institutional buying continues through ETFs and Strategy purchases. That supports the view that price action has relied more on derivatives and large buyers than on broad spot demand.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Exchange reserves fall as institutions absorb supply<\/strong><\/h2>\n<p>In a separate note, CryptoQuant analyst GugaOnChain <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/quicktake\/69d024fe483f34125678d58e-Bitcoin-On-chain-Scarcity-vs-Macroeconomic-Fragility\" target=\"_blank\" rel=\"nofollow\">said<\/a> Bitcoin exchange reserves dropped by 66.3K BTC over the past 30 days. The post added that OTC absorption made up 92.1% of recent flow, compared with 7.9% on regular 24-hour market volume.<\/p>\n<p>GugaOnChain said that pattern points to ongoing institutional accumulation. However, the analyst also warned that on-chain scarcity is facing a \u201ccloudy macroeconomic scenario,\u201d with geopolitical shocks still able to force fast moves back to exchange liquidity.<\/p>\n<p>According to crypto.news data, Bitcoin traded around $67,150 at press time, with a market cap near $1.34 trillion.\u00a0<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<div class=\"cn-block-disclaimer\">\n<div class=\"cn-block-disclaimer__icon\">\n            <svg class=\"icon icon-info\" aria-hidden=\"true\"><use xlink:href=\"#icon-info\"><\/use> <\/svg>        <\/div>\n<p class=\"cn-block-disclaimer__content\">\n            Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.        <\/p>\n<\/p><\/div>\n<p><!-- .cn-block-disclaimer --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) stayed near $67,000 on April 4 as two CryptoQuant analysts pointed to a split market structure.\u00a0 Summary Bitcoin spot volume dropped faster than open interest, showing derivatives still&hellip;<\/p>\n","protected":false},"author":1,"featured_media":15741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-25067","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/25067","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=25067"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/25067\/revisions"}],"predecessor-version":[{"id":25068,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/25067\/revisions\/25068"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/15741"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=25067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=25067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=25067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}