Bitcoin is currently holding near the $67,000 mark during the long Easter weekend, trading at $66,871 with a 0.34% gain over the past 24 hours. Ethereum fell 0.54% to trade at $2,050.16, while XRP was up 0.16% to $1.3137. According to WazirX Market's Desk, the global crypto market capitalisation went up 0.36% to $2.31 trillion. Among major altcoins, Solana was up 0.03%, Cardano fell 0.41%, and BNB rose 0.77%, while Dogecoin lost 0.39% and $TRUMP shed 0.22%. The market remains subdued with low liquidity during the holiday period, as both Bitcoin and Ethereum traded largely sideways amid complex geopolitical developments.
The primary headwind for Bitcoin this week has been the shifting rhetoric regarding the conflict in Iran, creating significant market volatility. After a brief rally on Wednesday fueled by hopes of a quick exit from the war, prices tumbled on Thursday alongside global equities. Bitcoin dropped roughly 2.8% from its midweek highs, slipping below $66,300 on Thursday amid a return to the 'risk-off' environment before stabilizing during the holiday lull. The sell-off was triggered by President Trump's televised warning that the U.S. would hit Iran 'extremely hard' over the next two to three weeks. This sector is currently 'poised for a big, beautiful year' according to Truist, despite the current volatility from geopolitical tensions and the closure of the Strait of Hormuz continuing to stoke global inflation fears.
From a technical perspective, sellers would need to push prices below $65K to open the door for a deeper decline toward $60K, while any meaningful recovery would require a move above $69K, according to Piyush Walke, Derivatives Research Analyst at Delta Exchange. As reported by WazirX Market's Desk, Bitcoin traded within the $66,000–$67,000 range, holding key levels despite earlier macro pressure. The crypto market remained stable this week with reduced volatility and improving sentiment, though implied volatilities continued to bottom out, often followed by a period of heightened volatility ahead. Key levels remain $65K on the downside and $69K on the upside, even as institutional inflows and sentiment show early improvement, with the market currently digesting a complex mix of 'fentanyl diplomacy,' regulatory breakthroughs, and an escalation in Middle East tensions.
Bitcoin ETFs recorded their first inflows since October as prices stabilised, indicating renewed institutional demand, according to WazirX Market's Desk. According to Binance Weekly Market Research, Bitcoin's correlation with the Global Easing Breadth Index (GCBI) has turned negative post-ETF (2024–2026), signalling growing market maturity as the market prices macro trends ahead rather than reacts to them. The report suggests this reflects a shift in marginal price-setting from retail to institutions after ETFs, as institutions process macro information earlier (often 6–12 months ahead of policy moves), positioning can lead the rate cycle rather than lag it. Bitcoin may have evolved from a macro 'lagging receiver' to a 'leading pricer', with crypto-native drivers such as policy progress and institutional flows mattering more than the direction of monetary easing itself.
The long-term institutional case received a major boost on Thursday with Coinbase Global Inc (NASDAQ:COIN) announcing conditional approval from the Office of the Comptroller of the Currency (OCC) for a national trust company charter. This move would allow Coinbase to operate as a federally regulated custodian, and is seen as a cornerstone for 'federal regulatory uniformity.' Coinbase clarified it is not becoming a commercial bank, but the charter is expected to pave the way for more sophisticated payment products and institutional-grade custody services. However, beneath the surface of the price action, a battle is brewing between big holders and institutional infrastructure, as apparent demand for Bitcoin remains negative according to recent Bloomberg report citing CryptoQuant data. Large holders, or 'whales,' who accumulated nearly 200,000 BTC during the 2024 bull run, have transitioned into net sellers, with the distribution by existing holders currently more than offsetting the incremental buying from spot ETFs and corporate treasuries.
