Market Overview

The cryptocurrency market capitalisation stands at $2.53T, down 0.81% over the past 24 hours but up 5% over the past week. The dayā€™s top performers were SUSHI (+2.5%), IOTA (+2%) and NEAR (+2%). Among the underperformers were ZEC (āˆ’4.1%), ALGO (āˆ’2.5%), and (āˆ’0.4%). The Fear and Greed Index rose to 29 points ā€” its highest level since 28 January.

Fig. 1. The crypto market has taken a step back amid a renewed decline in risk appetite.

is trading just below $75K on Monday morning, having retreated from last weekā€™s highs above $78K. For now, we view the current movement as a pullback within an uptrend, rather than a reversal back to a downtrend. The pressure on the leading cryptocurrency is linked to negative reactions in stock markets to news about Iran, which has reduced risk appetite. has lagged significantly behind equities in recent days, building up potential but not yet rushing to realise it.

Fig. 2. Bitcoin has retreated, remaining within the uptrend.

News Background

According to SoSoValue, net inflows into spot BTC ETFs rose to $996.4 million. Net weekly inflows into US spot Ethereum ETFs totalled $275.8 million.
According to Glassnode, positioning in the options market remains uncertain. Nexo confirms the contradiction: the rally is gaining momentum, but the derivatives market does not believe in it.

Bitcoinā€™s return above $75K is met with scepticism: funding rates on perpetual futures have remained in negative territory for around 46 consecutive days, notes Bloomberg. This is one of the longest periods of bearish sentiment in the history of derivatives, comparable only to the aftermath of the FTX crypto exchange collapse in late 2022.

Traders are actively building up short positions, betting against a breakout. This creates conditions under which a short squeeze becomes more likely should the upward momentum persist, notes K33 Research. A break above $76,000 could send BTC towards $85K, suggests Kaiko.

According to TheEnergyMag, public mining companies sold a record 32,000 BTC in the first quarter amid a record-low hash rate. This is more than in the whole of 2025. The figure also exceeds the second-quarter 2022 data, when miners liquidated 20,000 BTC following the collapse of the Terra (LUNA) ecosystem.

As a result of the latest adjustment, Bitcoinā€™s mining difficulty fell by 2.43% to 135.59 T. According to Glassnode, the BTC networkā€™s hash rate, smoothed by a 7-day moving average, has recovered from ~978 EH/s to ~992 EH/s since the start of the month.

The FxPro Analyst Team