Crypto World
Archer Aviation (ACHR) Stock Gains 5% Despite Mixed Q4 Earnings Report
Key Highlights
- ACHR advanced approximately 5% during Tuesday’s session to reach $5.185, up from the previous day’s close of $4.94, with trading volume hitting ~33.5 million shares.
- The company fell short of Q4 projections for both earnings per share (($0.26) actual vs. ($0.17) forecast) and quarterly revenue ($0.30M actual vs. $1.4M forecast).
- Institutional investors now control more than 50% of shares, including Vanguard Index Funds’ 5.86% position and ARK’s holdings of roughly 35 million shares.
- Wall Street consensus remains at “Moderate Buy” with a mean price objective of $12.00; TipRanks shows an average projection of $13.20.
- Archer concluded 2025 holding approximately $2 billion in liquid assets and received FAA approval for its eVTOL compliance methodology, maintaining its late 2026 passenger service launch schedule.
Archer Aviation ($ACHR) shares have declined approximately 30% since the beginning of 2026, but Tuesday brought a modest recovery as the stock advanced roughly 5% intraday to $5.185, briefly hitting $5.23 during the session. Monday’s closing price stood at $4.94.
Trading activity reached approximately 33.5 million shares, representing about 7% less than the typical daily volume of roughly 35.9 million. The security’s 50-day simple moving average stands at $6.83, while the 200-day average rests at $8.41, indicating that both short-term and long-term technical indicators remain significantly above present trading levels.
The company’s latest quarterly financial results, published on March 2, presented challenges for shareholders. Archer reported a per-share loss of ($0.26), falling short of the analyst consensus forecast of ($0.17) by nine cents. Quarterly revenue totaled just $0.30 million, substantially below the anticipated $1.40 million. However, revenue demonstrated a remarkable 29,900% year-over-year increase from an essentially negligible base.
Despite the earnings shortfall, the company maintains a robust financial position. Archer finished 2025 holding approximately $2 billion in cash reserves, carrying a minimal debt-to-equity ratio of just 0.05, and showing a current ratio of 19.89. This financial runway provides management with flexibility to pursue commercial objectives without immediate capital constraints.
Regarding regulatory progress, the FAA has approved Archer’s eVTOL compliance methodology, preserving the company’s schedule for initial commercial passenger operations. Management continues to target a service debut by late 2026. This upcoming milestone represents a cornerstone of the investment thesis for bullish investors.
Wall Street Perspectives Vary, With Bullish Bias
Analyst opinion remains divided but leans optimistic. Five analysts assign a Buy rating, two recommend Hold, and one maintains a Sell rating. The mean price objective among analysts reaches $12.00, indicating significant appreciation potential from present levels. TipRanks, incorporating more current analyst updates, displays a Strong Buy consensus with a $13.20 mean target — suggesting possible upside of approximately 148% from the $5.185 level.
Needham reduced its price objective from $10.00 to $9.00 in early March while maintaining a Buy recommendation. Goldman Sachs launched coverage with a Neutral stance and an $11.00 target in December. Weiss Ratings continues to hold a Sell rating.
Insider transactions have skewed toward stock sales recently. During the past 90 days, company insiders disposed of approximately 380,750 shares worth roughly $2.6 million. CTO Thomas Muniz sold 9,580 shares on March 13 at $6.27 per share, while insider Tosha Perkins sold 10,949 shares at the identical price on the same date.
Large Investors Accumulate Shares
Notwithstanding the stock’s recent decline, major investors have expanded their holdings. Institutional and hedge fund ownership currently represents approximately 59% of outstanding shares. ARK Investment Management controls approximately 35.2 million shares following an addition of roughly 3.9 million shares during Q4. BNP Paribas expanded its stake by 423% in Q4, elevating its total position to approximately 5.1 million shares.
Vanguard Index Funds maintains a 5.86% ownership stake, positioning them as the top institutional shareholder. CEO Adam Goldstein holds approximately 4.89% of outstanding shares.
Among exchange-traded funds, the SPDR S&P Aerospace & Defense ETF ($XAR) maintains a 2.94% position, with the ARK Innovation ETF ($ARKK) holding 2.58%.
The company’s market capitalization stands at $3.86 billion with a beta of 3.10, demonstrating the stock’s tendency toward heightened volatility compared to broader market movements.
Bitcoin (BTC) traded at $66,450 on Thursday, a 47% drawdown from its all-time high of $126,000 reached in October 2025. As a result, many BTC holders are sitting on significant unrealized losses, underscoring the risks still facing Bitcoin investors at current levels.
Key takeaways:
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Bitcoin’s 47% drawdown from its $126,000 all-time high has left holders with nearly $600 billion in unrealized losses.
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Apparent demand and buying from US investors remain in deep contraction, suggesting broader market distribution.
44% of Bitcoin circulating supply now in the red
BTC/USD trades 24% below its yearly open of $87,500 after it closed 2025 in the red. The prolonged weakness has pushed a significant portion of its supply underwater.
As Bitcoin trades at $66,450 on Thursday, roughly 8.8 million BTC are held at a loss, representing $598.7 billion in unrealized losses, or more than 44% of the circulating supply, according to data from Glassnode.
Related: Bitcoin risks new lows as US dollar targets highest level since April 2025
The magnitude of this figure implies a “structural resemblance to conditions observed in Q2 2022,” Glassnode said in its latest Week On-chain newsletter.
Glassnode explained that the 2022 bear market provides a precedent when roughly 3 million BTC needed to be redistributed before the market could recover.
“Historically, resolving a supply overhang of this scale has required a meaningful redistribution of coins from loss-realizing holders to new buyers at lower prices.”
This mounting paper loss has eroded conviction, prompting long-term holders (LTH) to capitulate by selling below their cost basis.
LTH realized loss, a metric that measures the aggregate dollar value of Bitcoin sold at a loss by investors who have held BTC for more than 155 days, has risen to $200 million, “confirming active capitulation,” Glassnode said, adding:
“A meaningful cooldown toward levels below $25M per day would represent a more compelling signal of exhaustion in selling pressure, and a prerequisite for the base formation that historically precedes a sustainable bull market transition.”
BTC’s spot price is also below the average cost basis of US spot Bitcoin ETF holders, currently at $83,408, suggesting that these investors are increasingly under strain.
The risk-off sentiment is also seen in global Bitcoin investment products, which recorded more than $194 million in net outflows during the week ending March 27.
Bitcoin apparent demand contraction persists
Bitcoin’s apparent demand has stayed negative since mid-December 2025, as traders and investors continue to be risk-off amid BTC’s price weakness.
Capriole Investment’s Bitcoin Apparent Demand metric shows that the demand for Bitcoin is at -1,623 BTC on Thursday, and that sellers are in control.
The continued contraction in total apparent demand indicates persistent “selling from retail,” CryptoQuant said in its latest Weekly Crypto report, adding:
“The sustained demand contraction, now persisting since late November 2025, confirms that the broader market remains in distribution.”
Meanwhile, Bitcoin’s Coinbase Premium Index, which measures the difference in pricing between the BTC/USD pair on Coinbase and Binance, also remains in negative territory.
“The persistent negative premium indicates that US investors have not yet re-entered the market at scale,” CryptoQuant said, adding:
“This is consistent with the demand contraction seen across on-chain metrics.”
As Cointelegraph reported, Bitcoin price risks new lows in the short term amid a strengthening US dollar.
This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.
France’s Lightning Stock Exchange, known as Lise, is preparing to host what could become Europe’s first fully onchain stock market debut, a step that brings tokenization into the initial public offering (IPO) process.
The Paris-based exchange, approved last year under the EU’s Distributed Ledger Technology (DLT) pilot regime, plans to list French aerospace supplier ST Group on April 9, according to a Thursday press release.
ST Group builds composite parts used in aircraft, defense systems and space programs. The company says it has about 59 million euros ($68 million) in potential program revenue over the next decade and aims to scale output as demand rises across aerospace and military supply chains.
Tokenization has gained traction among large financial firms using blockchain rails to settle trades and track ownership of assets such as bonds, funds and equities. Proponents say tokenization could improve capital markets with cheaper and faster settlements and more efficient operations. Wall Street giants like the Nasdaq and NYSE are also laid out plans for tokenized securities trading on their platforms.
Lise pushes that concept further by moving the IPO process itself onchain. The exchange focuses on small and mid-sized firms that would face high costs and long timelines when raising capital through traditional markets. It is backed by French lenders such as BNP Paribas, CACEIS (a subsidiary of the Crédit Agricole Group) and Bpifrance.
ST Group’s debut, if successful, could offer a blueprint for smaller firms a cheaper and faster path to public markets within European rules.
Read more: EU at risk of falling behind the U.S. in tokenization rules, digital asset firms warn
US spot Bitcoin ETFs pulled in $1.32 billion in March 2026, ending four consecutive months of net outflows and posting their first monthly gain of the year. The reversal signals institutional demand returning to Bitcoin specifically, not to crypto broadly.
That distinction matters. While BTC funds snapped their negative streak, Ethereum ETFs closed March with $46 million in outflows, extending their own losing run to five straight months. XRP funds also ended in negative territory, sharpening a capital rotation thesis that increasingly favors Bitcoin dominance over altcoin exposure.
The prior four months had been brutal. Outflows totaled approximately $6.3 billion between November 2025 and February 2026, $3.5 billion in November alone following Bitcoin’s crash from its $126,000 all-time high on October 10.
December added $1.1 billion in redemptions, January another $1.6 billion, with February contributing $206 million more before sentiment began stabilizing.
Macro conditions drove the pressure. Sticky inflation, a cautious Federal Reserve, and geopolitical risk from the U.S.-Iran conflict kept institutional risk appetite compressed. Bitcoin retraced over 50% from its October peak, closing Q1 2026 at $66,619, down 23.8% from January 1.
ETF investors were sitting on an average cost basis near $84,000 against a market price roughly $18,000 below that.
Despite the paper losses, whale accumulation offered a countervailing signal.
On-chain data showed wallets categorized as whales accumulated 30,000 BTC – approximately $2.1 billion – through March, absorbing selling pressure and stabilizing price near $65,000 during peak Iran-related volatility.
BlackRock’s IBIT added $98.42 million on March 31 alone, and led a $458 million single-day surge earlier in the month. US spot Bitcoin ETFs added $117.63M as BTC reclaimed $68K at one point during that window, reinforcing the case that institutional demand was quietly rebuilding beneath the noise.
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Bitcoin ETFs Inflows: Sustainable Reversal or Relief Rally?
That $1.32 billion inflow number sounds strong, but it does not tell the full story, because it still failed to offset the $1.81 billion that left earlier in the quarter, leaving Bitcoin ETFs with a net outflow overall, so calling this a clean recovery is a stretch.
What we are really seeing is uneven demand, bursts of buying followed by sharp redemptions, which explains why price still feels stuck instead of trending.
If inflows actually stabilize and turn consistent, especially with macro tension easing, that is when Bitcoin has room to push through $74K and aim higher, helped by April usually being a solid month.
Right now though it still looks like a range, with price caught between roughly $67K and $74K while institutions absorb supply but do not push aggressively, and retail participation remains weak in the background.
The risk is that those recent inflows were just short term positioning, because we already saw a sharp weekly outflow at the end of March, and if that kind of selling returns and price loses the lower range, things can open up quickly to the downside.
Nate Geraci, co-founder of the ETF Institute, previously argued that cumulative outflows since the October crash are statistically insignificant relative to the $56 billion in total net inflows the category has attracted since its January 2024 launch. The diamond hands thesis holds – but only if inflows resume with conviction rather than in isolated bursts.
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The post Bitcoin ETFs Snap Four-Month Outflow Streak With $1.32B in Inflows appeared first on Cryptonews.
Summary
- Fundrise’s Innovation Fund VCX will be tokenized into a new asset called VCXx in partnership with Kraken’s xStocks platform.
- VCXx will provide onchain exposure to late-stage private tech companies such as SpaceX, OpenAI, Anthropic, and Databricks through a single token.
- Eligible investors will be able to buy VCXx using USDG or U.S. dollars, with tokens designed to integrate into broader onchain trading, collateral, and DeFi strategies.
Technology investment platform Fundrise is partnering with crypto exchange Kraken to tokenize shares of its Fundrise Innovation Fund VCX, according to reporting from Crowdfund Insider. The deal will see the publicly listed VCX vehicle, which trades on the NYSE, wrapped into a blockchain-based representation on Kraken’s tokenized equities venue xStocks under the ticker VCXx.
Kraken’s xStocks framework, powered by Payward, already offers more than 100 fully backed tokenized U.S. stocks and ETFs, and the addition of VCXx marks its first move into tokenized access to a diversified private-tech portfolio. Fundrise CEO Ben Miller said, “We built VCX to act as a bridge between the public and private markets,” arguing that tokenizing the fund on xStocks lets “individual investors own a piece of the best private technology companies in the world” via a regulated structure.
The VCXx token will be issued by Backed Assets (JE) Limited and offered via Payward Digital Solutions, with trading set to go live on xStocks “in the coming days.” Fundrise and Kraken say VCXx will be fully backed by underlying VCX shares and designed to move seamlessly between centralized exchanges, self-custodied wallets, and onchain applications.
According to xStocks’ launch materials, VCXx will be purchasable using USDG — Kraken’s on-platform dollar-denominated token — or U.S. dollars, giving eligible investors outside the U.S. a way to gain exposure to VCX’s portfolio. That portfolio includes stakes in late-stage private firms such as SpaceX, OpenAI, Anthropic, and Databricks, bundling them into a single liquid, tokenized asset that can also be used as collateral or integrated into automated strategies.
Fundrise’s Innovation Fund was launched to open up late-stage private tech deals that are typically reserved for institutions and ultra‑high‑net‑worth investors. By bringing VCX onchain, xStocks and Fundrise are extending tokenized equities beyond public stocks into private-market exposure, a segment Kraken has called “one of the most sought‑after and historically inaccessible parts of the market.”
The partners argue that tokenizing VCX shares allows diversified private-tech exposure to be accessed, transferred, and integrated into DeFi with the same flexibility as other digital assets. If VCXx gains liquidity, it could become a template for how other listed vehicles and funds wrap private holdings into programmable, globally tradable tokens without dismantling existing regulatory structures.
The price of AAVE has dropped to a 52-week low, falling below $95 even as Aave rolled out its long-awaited V4 upgrade this week.
The decline extends a broader downtrend, with the token losing over a third of its value in the past year.
The timing stands out. Aave V4 is one of the protocol’s biggest upgrades to date. In simple terms, it turns Aave from a collection of separate lending pools into one large shared liquidity system.
That means users borrow from a bigger pool, get better rates, and use capital more efficiently. It also introduces smarter pricing, where safer collateral gets cheaper loans and riskier assets cost more to borrow.
The system is also easier to expand, allowing new products and markets to plug in faster.
However, the market has not responded. The drop suggests that fundamentals alone are not driving price action in crypto right now.
Traders are still reacting more to macro conditions, liquidity, and broader sentiment than to protocol upgrades.
In reality, V4’s impact is likely to play out slowly. It improves Aave’s utility, makes the platform more competitive, and strengthens its position as core DeFi infrastructure.
But that does not guarantee immediate demand for the token itself.
The disconnect is clear. Aave’s network is becoming more useful and advanced, while its token continues to trade like a macro-sensitive asset rather than a direct reflection of that progress.
The post AAVE Hits Yearly Low Despite Major V4 Upgrade Rollout appeared first on BeInCrypto.
Elliptic said Thursday the $285 million Drift Protocol exploit, the largest this year, carries “multiple indicators” of North Korea’s state-sponsored DPRK hacker group involvement.
The research firm pointed specifically to onchain behavior, laundering methodologies and network-level signals, all of which align with previous state-linked attacks.
Drift Protocol, whose token has dropped over 40% to roughly $0.06 since the hack, is the largest decentralized perpetual futures exchange on the Solana blockchain.
“If confirmed, this incident would represent the eighteenth DPRK act Elliptic has tracked this year, with over $300 million stolen so far,” the report said.
“It is a continuation of the DPRK’s sustained campaign of large-scale cryptoasset theft, which the U.S. government has linked to the funding of its weapons programs. DPRK-linked actors are believed to be responsible for billions of dollars in cryptoasset theft in recent years,” Elliptic added.
Hours earlier, Arkham data showed that over $250 million had been moved from Drift to an interim wallet, then to various other addresses.
In December, a Chainalysis report revealed DPRK hackers stole a record $2 billion of crypto in 2025, including the $1.4 billion Bybit breach, representing a 51% increase from the previous year. The U.S. Treasury Department last month said North Korea uses the stolen assets to fund the country’s weapons of mass destruction program.
Rather than focusing on the exploit itself, Elliptic’s analysis highlights a familiar operational pattern. The activity appears “premeditated and carefully staged,” with early test transactions and pre-positioned wallets preceding the main event.
The report explains that once executed, funds were rapidly consolidated and swapped, bridged across chains, and converted into more liquid assets, reflecting a structured, repeatable laundering flow designed to obscure origin while maintaining control.
A central challenge, Elliptic notes, is Solana’s account model. Because each asset is held in a separate token account, activity tied to a single actor can appear fragmented across multiple addresses. Without linking these, investigators risk seeing “fragments of the attacker’s activity, not the complete picture.”
This is where Elliptic’s report highlights the clustering approach, which connects token accounts back to a single entity, allowing exposure to be identified regardless of which address is screened. In an incident involving more than a dozen asset types, that entity-level view becomes critical.
The case also emphasizes, Elliptic adds in its report, how laundering has become inherently cross-chain. Funds moved from Solana to Ethereum and beyond, demonstrating the need for what Elliptic described as “holistic cross-chain tracing capabilities.”
TLDR
- Ethereum derivatives recorded more than $1 billion in sell volume within one hour after Trump’s speech on Iran.
- Ethereum’s price fell over 4% as traders increased short positions in the derivatives market.
- Binance accounted for nearly $968 million of the total Ethereum derivatives sell activity.
- The S&P 500 lost about $500 billion in market value shortly after the remarks.
- Spot Ethereum ETFs reported more than $7 million in net outflows on April 1.
Global financial markets reacted sharply after President Donald Trump outlined potential military action against Iran within weeks. Ethereum followed the broader risk-off move as traders rushed to exit positions. Data from CryptoQuant showed heavy selling in derivatives within a single hour.
Ethereum Derivatives Record $1B in Rapid Sell Orders
Crypto markets shifted quickly after Trump addressed the nation and detailed plans for continued strikes on Iran. He said Operation Epic Fury had weakened Iran’s military and reduced missile capabilities. He also warned that stronger attacks would continue over the next two to three weeks.
As a result, traders moved rapidly across risk assets and pushed US Treasury prices higher. At the same time, the S&P 500 erased about $500 billion in market value within minutes. Ethereum derivatives then recorded more than $1 billion in sell volume within one hour, according to CryptoQuant.
CryptoQuant reported that about $968 million of that sell volume occurred on Binance. Binance currently handles the largest share of global crypto trading activity. The surge in orders increased short-term bearish pressure across futures markets.
Consequently, Ethereum’s price fell more than 4% during the same period. The sharp movement reflected aggressive positioning in leveraged products. CryptoQuant stated that markets now face “a period of extreme uncertainty and volatility.”
The firm added that price action has become “increasingly erratic and unstable.” Traders reacted directly to geopolitical developments and shifting liquidity conditions. The derivatives spike marked one of the largest hourly sell waves this month.
ETF Outflows Add Pressure on Ethereum
Institutional flows also reflected weaker sentiment toward Ethereum products. Spot Ethereum ETFs posted eight consecutive days of net outflows before briefly reversing direction. During the following two sessions, these funds recorded short-lived inflows.
However, the rebound did not hold as outflows returned. On April 1, spot Ethereum ETFs registered more than $7 million in net withdrawals. The renewed selling aligned with rising geopolitical tension and reduced risk appetite.
Bitunix analysts described the current environment as a shift in market structure. They stated, “The market has entered a new phase dominated by ‘supply chain destruction.’” They added that energy, metals, and geopolitics now push inflation expectations higher without supporting growth.
The analysts said this dynamic creates a mismatch between risk pricing and economic support. They explained that asset prices now respond mainly to liquidity conditions. They also stated that markets lack a clear policy anchor or exit path from conflict.
Ethereum’s derivatives data and ETF flows both reflected mounting strain across trading venues. Traders reduced exposure as headlines intensified across global markets. The latest ETF outflow data on April 1 marked the most recent confirmed movement in institutional positioning.
Ether (ETH) price may be at risk of a correction to new year-to-date lows, especially if the bulls fail to secure daily candle closes above the $2,150 to $2,400 range.
Ether’s price action continues to be driven by US and global macroeconomic events, along with investors’ appetite for risk assets during the US and Israel-Iran war. As data shows more than $1 billion in futures-driven sell pressure, the chance of Ether falling below $1,800 rises.
Ether’s main challenge sits at $2,400
Repeat rejections near $2,150 continue to cap Ether rallies, and the level has acted as a strong resistance seven times over the past two months. The trend and its resistance dominate the price action, despite the pattern of higher-high and higher-low candles, which can be seen on the daily chart.
A break below the ascending trendline may shift traders’ focus to $1,900, where liquidity sits near the equal lows formed during the first week of March. Losing that level introduces a bearish break of structure, exposing the external liquidity pockets to Ether’s yearly low at $1,736.
The short positioning has not increased significantly despite the recent decline. The liquidation heatmap shows an imbalance within a 10% range ($1,845–$2,255) from the current price, with approximately $2.4 billion in long liquidations clustered near the lower bound ($1,845) and $1.7 billion in short liquidations near the upper bound ($2,255).
This skew indicates that downside liquidity is larger, but the short positioning still isn’t overcrowded, even as the price continues to weaken.
The absence of large short buildup points to a passive positioning stance rather than conviction-driven selling. The price continues to compress under resistance, with buyers unable to reclaim control above the key threshold of $2,150.
Related: Ethereum bulls must hold $2K: Volatility metric hints at ‘strong’ move next
ETH derivatives spike after continued macro volatility
A surge in ETH futures selling followed comments by US President Donald Trump, which escalated tensions with Iran rather than calming markets. Trump signaled that military action will continue until late April and warned of potential strikes on Iran’s power plants.
Following the development, crypto analyst Darkfost noted that Ether futures sell volume on Binance increased by $1 billion within an hour.
Despite the surge in selling, ETH continues to trade just below the $2,150 resistance level. A sustained move above $2,150 would open the way toward $2,400, where resistance is relatively thin.
If the price clears $2,400, the next expansion zone sits near $2,800, where little trading activity has occurred over the past six months.
For now, ETH remains range-bound, capped by repeated resistance near $2,150, with $1,900 acting as the nearest liquidity pivot, which may extend the bearish breakdown.
Related: Ethereum’s EEZ and the attempt to rebuild one Ethereum
This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.
President Donald Trump’s renewed aggressive posturing toward Iran has pushed bitcoin lower by roughly 2% over the past 24 hours to $67,000. While this price action is consistent with routine volatility, beneath the surface, market structure looks fragile.
This is mainly due to flows in the Deribit-listed options market, specifically, a build-up of defensive positioning just below current prices that could result in a slide all the way down to $50,000.
A fragile setup below $68,000
In recent weeks, traders have been loading up on put options offering downside protection. These defensive flows have been concentrated in put options at strike levels $68,000 and lower, all the way down to mid-$55,000s. This is understandable, given the macroeconomic risks from the Iran war, quantum threats and the brutal bear market that began late last year.
However, when this kind of positioning builds, it creates what savvy traders call a “negative gamma” zone – a setup where market makers or dealers who add liquidity to an exchange’s order book are forced to react to price moves in ways that end up accelerating the prevailing trend, which is bearish in this case.
These kinds of dynamics have amplified both bullish and bearish trends in the past.
The Glassnode chart shows that dealer gamma exposure is mostly negative from $68,000 to $50,000. This is the result of being on the opposite end of traders’ long put positions.
In other words, dealers are holding short put positions. So, as the market drops below $68,000, they face losses and are likely to short BTC to hedge their exposure.
This hedging can push prices even lower, creating a feedback loop, which can accelerate quickly.
That’s why the latest drop below the $68,000 level becomes critical. The break below that threshold doesn’t just signal technical weakness — it opens the door to a zone where forced selling could intensify.
“Negative gamma is now building just below current price levels, from $68K all the way down to the high 50s,” Glassnode said in its weekly report.
“A move into this zone could trigger accelerated selling as hedging flows reinforce downside momentum, turning what would otherwise be a gradual move into a sharper repricing, with a potential revisit of the $60k level, the bottom of the February 5 selloff,” the firm added.
With liquidity still relatively thin following the March 27 options expiry, and likely to remain thin over the Easter holidays, there may not be enough buyers to absorb that pressure.
So, if the feedback loop fully kicks in, the decline could extend well below $60,000.
This setup shows that while bitcoin is currently reacting to war headlines, the market’s inner workings can also shape its trajectory.
If prices hold above $68,000, the current setup may unwind without much damage. But a sustained break below that level could flip the market into a regime where selling feeds on itself, turning a routine dip into a much deeper move.
Summary
- Whale positions on Hyperliquid total $3.4 billion, with $1.737 billion in longs (51.08%) and $1.663 billion in shorts (48.92%), putting the long–short ratio at 1.04.
- Aggregate P&L shows longs down $153 million while shorts are up $161 million, indicating whales are currently being paid for being net short into recent moves.
- A key whale address, 0xa5b0..41, is running a 15x leveraged long on ETH at $2,148.7, sitting on about $8.60 million in unrealized losses.
According to real-time data from analytics platform Coinglass, large traders on perpetual DEX Hyperliquid currently hold a combined $3.4 billion in notional positions across the venue. Of that, $1.737 billion is in long positions, accounting for 51.08% of whale exposure, while $1.663 billion is in shorts, or 48.92%, leaving the long–short ratio effectively balanced at 1.04.
Despite the slight tilt toward longs, whales are in the red on bullish bets and green on bearish ones. Coinglass snapshots cited by market outlets show unrealized P&L on long positions at roughly -$153 million, while shorts are ahead by about $161 million, suggesting recent price action has punished leveraged dip‑buyers more than it has squeezed short sellers.
Within the aggregate figures, one address — 0xa5b0..41 — stands out for its aggressive positioning on Ether. Data from Hyperliquid whale trackers show the address holding a 15x leveraged long on ETH opened around $2,148.7, effectively a full‑size bet at that entry level.
As of the latest reading, that ETH position is running an unrealized loss of roughly $8.5965 million, reflecting how even a modest spot move against a 15x leveraged trade can translate into multi‑million‑dollar drawdowns for whales. Prior Coinglass‑based reports have flagged the same address multiple times as it shifted from being in profit to deeply negative as ETH whipsawed around the low‑$2,000s.
The current $3.4 billion whale footprint comes after weeks of scrutiny on perpetual DEX data quality, with Coinglass previously comparing volume, open interest and liquidations across Hyperliquid, Aster and Lighter. In that analysis, Hyperliquid showed higher liquidations relative to volume, indicating more genuine leverage and risk transfer versus pure incentive‑driven wash activity, though critics argued one‑day snapshots can be misleading.
For now, the slightly long‑biased but loss‑making whale book on Hyperliquid suggests big accounts are still willing to lean long across assets, but have mistimed entries into recent volatility. With shorts currently in aggregate profit, funding, liquidation maps and open interest shifts in coming sessions will show whether these whales add to risk, cut exposure, or flip more decisively to the short side.
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