Bitcoin is currently trading near $75,000, encountering a significant supply barrier despite consistent institutional demand. The options market reflects a cautious sentiment, with traders favoring downside hedges.
Derivatives data indicates rising open interest and subdued liquidations, suggesting traders are accumulating positions discreetly. This calm in trading activity, coupled with low implied volatility, points to a market on edge, with options skewed towards protecting against potential price drops.
Onchain data reveals that Bitcoin supply tends to surface when prices approach key cost-basis levels for short-term holders, identified around $76,800. This level may serve as resistance as investors consider cashing out at break-even points.
In a separate incident, decentralized exchange aggregator CoW Swap experienced a DNS hijacking attack on April 14. This attack redirected users to a fraudulent clone site, resulting in the draining of at least $1 million from affected wallets. The COW token saw a significant drop following the news.