Gate News updates: On April 10, according to Greeks.live data, today there are 27k BTC options set to expire, with a Put/Call Ratio of 0.71. The maximum pain point is $69,000, and the notional value is $1.94 billion. In addition, 151k ETH options are set to expire, with a Put/Call Ratio of 0.77. The maximum pain point is $2,050, and the notional value is $330 million. Greeks.live data shows that this week’s market action was driven by the news of a ceasefire between the U.S. and Iran, and Bitcoin broke above $72,000, surpassing the recent sideways range. Bitcoin options market share has continued to stay above 80%, with open interest concentrated in contracts expiring at the end of April and at the end of June, and trading mainly focuses on the end-of-April monthly expiry. From the options data, Bitcoin’s main tenor IV (implied volatility) has dropped sharply; most tenors’ IV has fallen to around 40%. ETH’s main tenor IV has also declined to around 60%. Skew (the skewness indicator) has been rising continuously, but only modestly. The data indicates that this year’s Bitcoin price and market sentiment have been lackluster. This week saw a sustained rebound, but based on indicators such as capital flow, the crypto market is still being driven by other markets, and all indicators suggest the market is in an adjustment phase.
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BTC edges up 0.46% in 15 minutes: institutional fund outflows and macro risk-off sentiment in sync drove the move
From 15:00 to 15:15 (UTC) on 2026-04-16, BTC logged a +0.46% return within 15 minutes. The price fluctuated in a range of 73,939.7 to 74,440.0 USDT, with an amplitude of 0.68%. During this time window, market attention increased, short-term volatility intensified, and fund-flow characteristics changed noticeably.
The main driver of this deviation is the continued outflow of large amounts of capital from exchanges. According to on-chain data, in the past 24 hours the net flow was -14,408.84 BTC, mainly concentrated in large transfer ranges of more than $1 million (especially>$10M net outflow -12,987.03 BTC). This shows that institutions and large holders actively reduced their BTC holdings on exchanges, and short-term selling pressure was significantly lowered. Against the backdrop of persistently weak liquidity, with order book depth remaining at a low level for a long time, the price has become more sensitive to medium-sized buy orders—amplifying the impact of even modest inflows on spot market price action.
In addition, macro conditions changed in parallel and produced a synchronized effect: easing geopolitical tensions in the Middle East boosted overall market sentiment. International gold prices rose, global equity markets hit new highs, and the market re-evaluated the probability of the Federal Reserve cutting rates within the year, further increasing investor attention to safe-haven assets (including BTC). At the same time, on-chain data indicates that the “whale” trading activity during this phase is at an annual low (>$1M transfers fell to 1,485 transactions). With heavy market wait-and-see sentiment and limited short-term supply, BTC’s responsiveness to sudden buy-side capital was further enhanced.
Investors should be reminded that current market liquidity is still fragile. Insufficient order book depth increases the market’s sensitivity to large capital movements, and short-term volatility may intensify. Going forward, focus on further shifts in on-chain large-fund flows, changes in price action as it breaks through support or resistance regions, and the risks and opportunities brought by related macro policies and geopolitical developments. Please continue to track key data and stay alert to any sudden shocks during the period of abnormal moves.
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