Key Highlights
- BTC hovers near $66,600 ahead of Good Friday, with futures and ETF trading halted for the holiday
- Net Bitcoin demand dropped to -63,000 BTC despite strong ETF and corporate buying reaching multi-month peaks
- Whale addresses holding 1,000–10,000 BTC shifted to net selling, declining approximately 188,000 BTC from prior highs
- Major equity indices broke their five-week decline, with both the S&P 500 and Nasdaq finishing the week in positive territory
- WTI crude oil jumped 11% to settle at $111.54, marking the biggest single-day dollar increase recorded since 1983
Bitcoin enters the Easter holiday weekend trading near $66,600, while American equities managed to halt their prolonged downtrend with modest weekly gains.
As of Thursday, BTC was changing hands around $66,600 while Good Friday market closures suspended CME futures and ETF trading activity. This timing removes two critical demand channels precisely when broader buying momentum has already weakened.
According to CryptoQuant analytics, 30-day apparent demand currently stands at approximately -63,000 BTC. This negative reading persists despite ETF inflows reaching roughly 50,000 BTC during the past month—the strongest performance since October 2025.
Strategy, the prominent corporate Bitcoin accumulator, purchased approximately 44,000 BTC during the identical timeframe. However, widespread selling from other market participants more than offset these substantial acquisitions.
Whale Wallets Shift to Distribution Phase
The most compelling evidence of market pressure originates from large-holder behavior. Wallet addresses containing between 1,000 and 10,000 BTC have transitioned into net distribution mode. Their annual balance change has declined to roughly -188,000 BTC, reversing from a positive 200,000 BTC recorded at the 2024 cycle top.
Mid-tier holders have similarly reduced their accumulation pace. The Coinbase Premium indicator has remained in negative territory, generally signaling diminished interest from American spot market participants.
Singapore-headquartered market maker Enflux informed CoinDesk that Bitcoin’s current support level depends significantly on Federal Reserve rate reduction expectations. This foundational support is now facing a critical test.
The ISM prices-paid index climbed to 78.3 in March, reaching its highest level since June 2022. Such elevated readings diminish the probability of imminent rate cuts, thereby undermining Bitcoin’s macro-supported price floor.
ETF activity already mirrors this transition. The week ending March 24 recorded $296 million in net ETF withdrawals. April’s inflows have been comparatively subdued.
CryptoQuant identified a resistance band spanning $71,500 to $81,200 that would constrain any potential recovery rally. The next critical economic release is U.S. core PCE inflation data scheduled for April 9.
Equity and Energy Markets
American stock markets concluded the week with gains despite Thursday’s challenging trading session. The Dow Jones Industrial Average declined 61 points during Thursday’s session, yet all three principal indices finished the week positively, ending a five-week consecutive losing streak.
The trading day was characterized by an extraordinary movement in energy markets. West Texas Intermediate crude closed at $111.54, representing an 11% single-session increase. The absolute dollar gain of $11.42 constitutes the largest one-day advance in WTI historical records extending back to 1983.
The surge followed President Trump’s address regarding the Iranian conflict, which failed to provide concrete details on resolving the Strait of Hormuz closure.
J.P. Morgan strategist Fabio Bassi indicated that oil prices will likely remain elevated throughout the second quarter. He positioned near-term risk within the $120–$130 per barrel range, with prices potentially exceeding $150 if Strait disruptions persist into mid-May.
Market participants will also focus on the March nonfarm payrolls release, scheduled for Friday despite equity market closures. Economic forecasters anticipate employment growth to rebound following February’s weather- and strike-impacted results.
