Bitcoin (BTC) Dips Below $67K as Markets Enter Easter Break While Oil Hits 11% Single-Day Surge

Key Takeaways

• Bitcoin hovers near $66,600 as Good Friday shuts down CME futures and ETF trading
• Net Bitcoin demand dropped to -63,000 BTC despite record ETF and corporate buying reaching multi-month peaks
• Major holders have shifted to distribution mode, with 1,000–10,000 BTC wallets declining by approximately 188,000 BTC from highs
• U.S. equities broke their five-week downtrend, with both S&P 500 and Nasdaq posting modest weekly gains
• WTI crude oil exploded 11% to reach $111.54, marking its biggest single-day dollar increase in over four decades

As Easter weekend approaches, Bitcoin finds itself on shaky ground while traditional equity markets managed to eke out modest gains after an extended selloff.

According to CryptoQuant analytics, 30-day apparent demand has fallen to approximately -63,000 BTC. This negative reading persists despite ETF purchases reaching roughly 50,000 BTC during the past month—the strongest level observed since October 2025.

Strategy, the prominent corporate Bitcoin accumulator, acquired approximately 44,000 BTC during this same timeframe. However, selling pressure from other market participants proved substantial enough to offset these significant inflows.

Whale Wallets Shift to Distribution

The most significant pressure indicator emerges from large-scale wallet activity. Addresses containing between 1,000 and 10,000 BTC have pivoted toward net selling behavior. Their annual balance shift declined to roughly -188,000 BTC, contrasting sharply with the positive 200,000 BTC recorded at the 2024 cycle top.

Medium-tier holders have similarly decelerated their accumulation patterns. The Coinbase Premium indicator has remained in negative territory, typically signaling diminished appetite among U.S. spot market participants.

Singapore-headquartered market maker Enflux informed CoinDesk that Bitcoin’s downside protection remains partially anchored to Federal Reserve rate cut expectations. This foundational support is currently facing significant testing.

The ISM prices-paid metric surged to 78.3 in March, reaching its highest point since June 2022. Such elevated readings diminish the likelihood of imminent rate reductions, thereby pressuring Bitcoin’s macro-supported price foundation.

ETF movement patterns already mirror this transition. The week ending March 24 recorded $296 million in net ETF withdrawals. Early April inflows have remained subdued.

CryptoQuant identified a resistance band spanning $71,500 to $81,200 for any potential recovery bounce. The upcoming critical data release is U.S. core PCE inflation scheduled for April 9.

Equity and Energy Markets

U.S. stock markets concluded the week with gains despite Thursday’s challenging trading session. The Dow Jones Industrial Average declined 61 points during Thursday’s action, yet all three primary indexes finished the week positively, ending a five-week consecutive losing streak.

The trading day was characterized by an extraordinary movement in crude oil markets. West Texas Intermediate crude concluded trading at $111.54, representing an 11% daily advance. The $11.42 dollar gain constitutes the largest single-session increase in WTI records extending back to 1983.

The price explosion followed President Trump’s address regarding the Iranian conflict situation, which failed to provide fresh details on resolving the Strait of Hormuz closure.

J.P. Morgan strategist Fabio Bassi projected that oil prices will likely maintain elevated levels throughout the second quarter. He positioned near-term risk within the $120–$130 per barrel band, noting that prices exceeding $150 remain possible should Strait disruptions extend into mid-May.

Market participants will also monitor the March nonfarm payrolls data release, scheduled for Friday despite equity market closures. Economic forecasters anticipate employment growth to rebound following February’s weather- and strike-impacted results.

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