Daily Market Update: Bitcoin Slides Into Holiday Weekend as Stocks End Losing Streak and Oil Surges

TLDR

• Bitcoin is trading around $66,600 heading into Good Friday, with CME futures and ETF markets paused
• Overall Bitcoin demand turned negative at -63,000 BTC despite ETF and corporate purchases hitting multi-month highs
• Large Bitcoin holders are now net sellers, with wallets holding 1,000–10,000 BTC down roughly 188,000 BTC from peak
• Stocks snapped a five-week losing streak, with the S&P 500 and Nasdaq closing slightly higher on the week
• West Texas Intermediate crude oil surged 11% to $111.54, its largest single-day dollar gain since 1983

Bitcoin is heading into the Easter long weekend on uncertain footing, while U.S. stocks managed to close out a rough stretch on a slightly positive note.

Bitcoin was trading around $66,600 on Thursday as Good Friday closures took CME futures and ETF markets offline. That removes two of the market’s most reliable sources of demand right at a moment when buying pressure is already thin.

Data from CryptoQuant shows 30-day apparent demand sitting at roughly -63,000 BTC. That number is negative even though ETF purchases hit about 50,000 BTC over the past 30 days, the highest level since October 2025.

Strategy, the corporate Bitcoin buyer, added around 44,000 BTC over the same period. But selling from other market participants was heavy enough to overwhelm those inflows.

Large Holders Turn to Selling

The clearest sign of pressure is coming from large wallets. Addresses holding between 1,000 and 10,000 BTC have flipped to net distribution. Their one-year balance change dropped to around -188,000 BTC, down from a positive 200,000 BTC at the 2024 cycle peak.

Mid-sized holders have also slowed accumulation. The Coinbase Premium has stayed negative, which typically signals weak demand from U.S. spot buyers.

Singapore-based market maker Enflux told CoinDesk that Bitcoin’s price floor is partly tied to expectations for Federal Reserve rate cuts. That support is now being tested.

The ISM prices-paid index jumped to 78.3 in March, its highest since June 2022. That kind of reading makes near-term rate cuts less likely, which puts pressure on Bitcoin’s macro-driven price floor.

ETF flows already reflect that shift. The week of March 24 saw $296 million in net ETF outflows. Inflows in early April have been muted.

CryptoQuant flagged a resistance zone between $71,500 and $81,200 for any potential relief rally. The next key data point is U.S. core PCE inflation on April 9.

Stocks and Oil

U.S. stocks closed the week higher despite a rough Thursday session. The Dow Jones Industrial Average fell 61 points on the day, but all three major indexes ended the week in positive territory, snapping a five-week losing streak.

The session was dominated by a massive move in oil. West Texas Intermediate crude settled at $111.54, up 11% on the day. The dollar gain of $11.42 was the largest single-day move in WTI data going back to 1983.

The spike followed President Trump’s speech on the conflict with Iran, which offered no new details on resolving the closure of the Strait of Hormuz.

J.P. Morgan strategist Fabio Bassi said oil prices are likely to stay elevated through the second quarter. He put near-term risk in the $120–$130 per barrel range, with prices above $150 possible if Strait disruptions last into mid-May.

Investors will also be watching the March nonfarm payrolls report, due out Friday despite stock market closures. Economists expect hiring to rebound after a weather- and strike-affected February.

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