Crypto Daily | Bitcoin Slips Below $71K; Trump-Linked World Liberty Crypto Project Faces Investor Revolt; Strategy Signals Another Bitcoin Buy

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Crypto News

Bitcoin, Ethereum Fall as Trump Moves to Block Strait of Hormuz

Bitcoin slid below $71,000, accompanied by a 33% jump in 24-hour trading volume. Ethereum also encountered selling pressure, sliding below $2,200, while XRP and Dogecoin traded in the red.

Over $280 million was liquidated in the past 24 hours, predominantly bullish long positions,  according to Coinglass data.

Open interest in Bitcoin futures fell 5.76% in the last 24 hours. However, retail and whale derivatives traders on Binance continued to be long BTC as of this writing.

"Extreme Fear" sentiment dominated the market, according to the Crypto Fear & Greed Index.

Trump-Linked World Liberty Crypto Project Faces Investor Revolt

World Liberty Financial Inc., a Trump family crypto venture, is facing an investor revolt that includes billionaire backer Justin Sun, who accused the project of secretly building controls that let insiders freeze token holders’ funds.

Sun, who poured tens of millions of dollars into World Liberty, called the project “a trap masquerading as a door” in a post on X on Sunday.

Strategy Signals Another Bitcoin Buy

Strategy co-founder Michael Saylor signaled an imminent bitcoin purchase on Sunday, posting "think bigger" alongside the company's BTC acquisition tracker that has preceded every major buy since 2020.

The company has made 105 bitcoin purchases since it began accumulating in August 2020. Its most recent, on April 6, added 4,871 BTC for $329.8 million. Total holdings stand at 766,970 BTC acquired at a blended cost basis of $75,644, roughly $5,000 above the current market price and representing $14.5 billion in unrealized losses that Strategy disclosed in a first-quarter SEC filing.

Bitcoin May Be Forming a Base at $65,000 as 'Paper Hands' Have Been Flushed Out

Jurrien Timmer, director of global macro at Fidelity Investments, characterizes the current market environment as “another wild ride,” where each week seems to deliver headlines stranger than the last.

Yet despite the volatility, his overarching message is that conditions are not nearly as dire as they might appear, and he remains relatively constructive on the outlook for markets.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Friday was $240.42 million. The total net asset value of Bitcoin spot ETFs is $94.96 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.47%.

The Bitcoin spot ETF with the highest net inflow on April 10 was iShares Bitcoin Trust (IBIT), with a net inflow of $137.56 million, according to SoSoValue.