Bitcoin touched $79,321 yesterday (April 23), marking a two-week high, before pulling back to $78,103 at press time. The 24-hour range is narrow at $76,960–$78,662, with BTC down only 0.06%. In contrast, Ethereum (ETH) led the decline with a 1.7% drop, briefly hitting a 24-hour low of $2,285 and currently trading at $2,329. Today's CME BTC and ETH options expiry, together with the upcoming FOMC rate decision on April 28, have prompted profit-taking ahead of dual time pressures.
90,562 Traders Liquidated in 24 Hours, 61.8% Are Longs
Data from CoinGlass shows total liquidations across crypto markets reached $204.67M in the past 24 hours, affecting 90,562 traders. Longs accounted for $126.55M (61.8%) of the total, far exceeding shorts at $78.12M (38.2%), indicating the pullback primarily washed out leveraged long positions that chased the recent rally. The largest single liquidation occurred on Hyperliquid: a BTC-USD long was cleared for $3.58M.
Interestingly, the short-term data reveals a two-sided battle: in the last hour, liquidations totaled $5.99M, of which shorts made up $4.25M vs longs only $1.74M; over 4 hours, shorts still dominated at $16.22M vs longs' $3.50M. This suggests that intraday bounces squeezed short sellers, and the market remains heavily contested.
Dual Squeeze Before FOMC: Options Expiry + MSTR's $2.54B BTC Buy
Today's CME BTC and ETH options expiry is one of the largest regular settlement pressure points, typically amplifying volatility ahead of settlement. The April 28 FOMC decision adds another layer. According to the Fed's March dot plot, the median expects one rate cut by mid-2026, but seven officials have shifted to a 'no cut' stance, widening the divergence and making it difficult for markets to price in.
On the other side, institutional buying remains unabated. MicroStrategy (Strategy) announced it purchased 34,164 BTC for $2.54B, its largest single purchase since late 2024, continuing to expand its massive holdings. Spot BTC ETFs also recorded their fifth consecutive day of net inflows, with a single-day high of $238M on April 22; year-to-date net inflows have turned positive to $245M, with BlackRock's IBIT alone attracting over $900M. Additionally, the White House's strategic Bitcoin reserve framework proposal is expected within two months, acting as a medium-term catalyst.
SOL, XRP Diverge; US Stocks Fall on Iran Tensions
SOL is currently at $86.07, down 0.85% in 24 hours, with a low of $84.48. XRP bucked the trend, rising 0.63% to $1.4378, the only green among major altcoins today.
US stocks ended lower on April 23: the S&P 500 closed at 7,108.40 (-0.41%), Nasdaq fell 0.89% to 24,438.50, and the Dow dropped 0.36%. Escalating tensions in Iran and rising oil prices—Brent crude hit $103—weighed on sentiment, with software stocks hit hardest. Macro headwinds also persist: US March CPI stood at 3.3% year-on-year, with the energy component surging 10.9% month-on-month. Tariff impacts are expected to add roughly 50 basis points to inflation by mid-year, further compressing the Fed's room for rate cuts.
Fear & Greed Index Drops to 39, Up from Extreme Fear but Still Cautious
The Alternative.me Fear & Greed Index currently reads 39 (Fear), down from 46 yesterday. Last week it was as low as 21 (Extreme Fear), and a month ago it was at 14. The recovery from 'Extreme Fear' to 'Fear' in just one month shows sentiment is gradually healing, but it remains well below the neutral 50 level and even further from greed territory.
Current on-chain and fund flows appear steady—ETFs are seeing consecutive net inflows, institutions are adding exposure—but the combination of options expiry and the FOMC decision is the real test for near-term direction. Before the April 28 rate decision, whether BTC can hold the $78,000 support and whether ETH continues to underperform will be key signals for the balance between bulls and bears.