Traders are cutting risk ahead of the Fed’s April decision as Middle East tensions, a blocked Strait of Hormuz and fragile crypto sentiment keep markets on edge.

Traders are trimming exposure to risk assets ahead of the Federal Reserve’s latest interest rate decision, with Pepperstone analyst Michael Brown warning that many participants “will want to cut back on their positions” before the announcement at 2 a.m. Beijing time on April 30.

Fed decision looms as traders de‑risk

According to a recent Pepperstone FOMC preview, money markets are pricing virtually no chance of a policy move, with the federal funds rate expected to stay in a 3.50%–3.75% range and only around 12 basis points of easing priced by year‑end, implying roughly an even probability of just one 25‑basis‑point cut in 2026.

In crypto markets, earlier this month traders have already been fading aggressive Fed‑cut bets for 2026 as U.S. unemployment fell to 4.3%, tempering the liquidity story for assets like Bitcoin and Ethereum.

Middle East conflict and Hormuz blockage fuel risk aversion

Brown underscored that the backdrop is not just about the Fed, flagging that “there is still no good news regarding the Middle East conflict” and that the Strait of Hormuz “remains blocked,” a combination that keeps traders wary of fresh shocks to oil and broader risk sentiment.

Pepperstone recently noted that “the Strait of Hormuz remains impassable” and that much of the market’s recent relief has been built more on “hope” than on “expectation,” even as Brent and WTI crude briefly dipped back below $100 per barrel.

Those tensions have already rippled into digital assets, with the crypto fear and greed index dropping from 12 to 10 in February as Iran’s naval drills and brief closures of the strait raised energy‑cost risks for Bitcoin miners and other energy‑intensive players, according to a crypto.news report.

Earlier in April, the crypto market added roughly 4.3% to push total capitalization above $2.6 trillion after signs that Iran might soften its stance in talks over the war and shipping restrictions, while Bitcoin rallied toward $74,800 on the day and around $430 million in short positions were liquidated, data cited by another crypto.news story showed.

Those gains remain fragile as ceasefire negotiations stall and Iran turns the Strait of Hormuz into a $1‑per‑barrel bitcoin tollbooth during limited truces, a move that keeps energy and macro uncertainty elevated for traders across equities, bonds and crypto.

In a previous crypto.news story, rising oil above $100 per barrel and threats to Iranian energy infrastructure were already pressuring risk assets by reviving fears that the Fed would have to stay restrictive for longer, a dynamic that now frames Brown’s warning that position‑cutting into this week’s decision may be the path of least resistance for cautious traders.

TLDR:

• Bitcoin recorded its largest single-day exchange net inflow in 30 days, reaching 9,905 BTC on April 27, 2026.
• The Exchange Whale Ratio hit 0.707, with the top 10 transactions accounting for over 70% of all exchange deposits.
• Exchange reserves rose from 2.666M BTC to 2.677M BTC between April 25 and April 28, signaling supply buildup.
• Bitcoin spot ETFs posted $89.68M in net outflows on April 28, with BlackRock’s IBIT leading at $112 million.

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Bitcoin exchange inflow data from April 27, 2026, has drawn attention from on-chain analysts tracking large holder behavior.

A single-day net inflow of +9,905 BTC — the largest in 30 days — emerged as Bitcoin struggled near the $78K resistance zone.

Rising exchange reserves and whale activity have fueled growing concern about a potential price correction toward the $74K–$75K support range in the near term.

Whale Activity Drives Exchange Inflow Surge

The Exchange Whale Ratio reached 0.707 on April 27, marking its highest level in over a week. This reading means the top 10 largest inflow transactions made up more than 70% of all deposits that day. Such concentration points to large holders actively moving coins onto exchanges.

CryptoQuant analyst Woo Minkyu noted the pattern in a published report, stating that smart money appears to be preparing to sell into any price strength.

This behavior is consistent with distribution phases seen in previous Bitcoin market cycles. The inflow spike did not accompany a breakout, which makes the move more telling.

When whales deposit coins to exchanges without a corresponding price rally, it often reflects intent to sell rather than trade.

Bitcoin has spent several weeks consolidating below the $78K–$79K zone without a decisive move higher. The prolonged consolidation, combined with rising inflows, adds weight to the bearish short-term outlook.

Minkyu summarized the concern plainly: “Unless this inflow is quickly absorbed, a retest of the $74K–$75K support zone is increasingly likely in the near term.” The market now watches whether buyers can absorb this growing supply overhang at current price levels.

Rising Exchange Reserves Add to Selling Pressure Outlook

Exchange reserves climbed steadily from 2.666M BTC on April 25 to 2.677M BTC on April 28. A consistent build-up in reserves is historically linked to increased selling activity ahead. This trend, running alongside the inflow spike, reinforces the cautious outlook.

Meanwhile, Bitcoin spot ETFs recorded a total net outflow of $89.68 million on April 28, according to SoSoValue data.

BlackRock’s IBIT led those outflows at $112 million for the session. Institutional selling through ETF channels added another layer of pressure on Bitcoin’s price structure.

Ethereum spot ETFs also saw a net outflow of $21.80 million on the same date. BlackRock’s ETHA contributed $13.17 million of that total. The outflows across both assets suggest a broader risk-off posture among institutional participants.

Taken together, the on-chain data and ETF flow figures paint a cautious picture for Bitcoin in the short term. Whether the $74K–$75K support zone gets tested depends largely on how quickly the market absorbs the recent supply increase.

Ripple Prime will route clients into Bullish’s regulated BTC options while Ripple and OKX push RLUSD into compliant markets, extending Ripple’s $1.25b prime‑broker bet.

Ripple has expanded its institutional derivatives push, announcing that Ripple Prime will connect directly to Bullish’s Bitcoin (BTC) options market, opening regulated BTC options access to its institutional client base.

According to the announcement from both parties, this integration will allow Ripple Prime users to directly access Bullish’s regulated BTC options market, which Bullish describes as “the second largest cryptocurrency‑settlement Bitcoin options market in the world by open interest” and one that already supports spot, perpetual contracts and dated futures.

The move deepens a long‑running partnership between the two firms and comes as Bullish, listed on the NYSE under the ticker BLSH, continues to position itself as an institution‑first venue focused on Bitcoin and Ethereum liquidity after reporting $80.5 billion in monthly trading volume in October 2025.

Ripple Prime scales after $1.25b prime‑broker bet

In addition, both parties revealed that OKX has reached a strategic partnership with Ripple to introduce the stablecoin RLUSD (Ripple USD) in compliant markets, with RLUSD now live on OKX for spot trading across more than 280 pairs and usable as institutional‑grade margin collateral for derivatives.

Ripple Prime, as one of the largest non‑bank prime brokers globally, has exceeded a clearing scale of $30 trillion in 2025 and can provide multi‑asset brokerage, clearing, and financing services, building on Ripple’s $1.25 billion acquisition of multi‑asset prime broker Hidden Road that made it, in Ripple’s words, “the first crypto company to own and operate a global, multi‑asset prime broker.”

In an earlier Reuters report, Ripple said the Hidden Road deal would help create a “one‑stop‑shop” for institutional clients across foreign exchange, digital assets, derivatives, swaps and fixed income, while a follow‑up BusinessWire release emphasized that RLUSD is intended as “enterprise‑grade” collateral across that stack.

For crypto traders, the tie‑up between Ripple Prime and Bullish folds a large BTC options venue into a rapidly scaling prime‑broker platform just as macro uncertainty keeps demand high for hedging and basis trades, echoing themes raised in a recent crypto.news story on how rate‑cut delays are reshaping institutional risk‑taking.

The RLUSD expansion also builds on wider Middle East and Strait of Hormuz coverage from crypto.news, where prior stories have tracked how geopolitical chokepoints and energy costs feed back into liquidity conditions for assets such as Bitcoin and XRP (XRP), dynamics institutional desks on Ripple Prime and Bullish will now be able to express more precisely through BTC options and stablecoin‑collateralized derivatives.

Key takeaways:

• Negative Bitcoin funding rates indicate bearishness, yet whales maintain steady long-to-short ratios at major exchanges.
• Inflation concerns and tech corporate earnings remain the biggest drivers for Bitcoin traders’ sentiment.

Bitcoin (BTC) faced rejection at $77,800 on Wednesday, then retested the $76,000 level. This movement followed a correction in the S&P 500 Index as the war in Iran reached its 60-day mark, driving crude oil prices toward $118. While demand for leveraged bearish Bitcoin futures positions increased, the long-to-short ratio of whales at major exchanges indicates a different trend.

S&P 500 Index futures (left) vs. Bitcoin/USD (right). Source: TradingView

Bitcoin’s lack of bullish momentum above $78,000 mirrors the S&P 500 Index’s struggle near 7,200. Trader skepticism stems in part from the inflationary impact of high energy prices, which diminishes consumer spending and corporate earnings through higher logistics costs. Additionally, investors are questioning the profitability of technology companies’ investments in AI, according to Yahoo Finance.

Bitcoin futures show bulls lacking confidence

Setting aside the specific reasons for investor caution, the Bitcoin perpetual futures funding rate turned negative on Wednesday. This followed a brief neutral-to-bullish period on Tuesday. In a healthy market, this rate usually stays between 6% and 12% to cover capital costs, which means buyers typically pay a fee to maintain their positions. A negative rate suggests a shift toward sellers.

Bitcoin perpetual futures annualized funding rate. Source: Laevitas

The Bitcoin perpetual futures funding rate has remained mostly negative over the past two weeks, indicating increased demand for leveraged short positions. While this data initially suggests a lack of confidence among buyers, a closer examination of whale positioning is necessary. The top traders’ long-to-short ratio across exchanges includes spot, margin, and futures data, offering a more comprehensive perspective.

Top traders’ long-to-short ratio and Binance and OKX. Source: Coinglass

The long-to-short ratio for professional traders on Binance was 0.80, showing a minor improvement from the 0.75 level recorded on Tuesday, though it remains slightly bearish. At OKX, top traders have briefly signaled bullish sentiment several times since Friday, but these shifts have been temporary. Nevertheless, there is no evidence that whales are turning increasingly bearish, as the long-to-short ratio has held steady throughout the past week.

The latest US Federal Reserve statement after Wednesday’s meeting observed that “inflation is elevated, in part reflecting the recent increase in global energy prices.” The FOMC chose to keep interest rates at their late 2025 levels, even though four members supported a 0.25% cut. According to CNBC, this marks the first time four FOMC members have dissented since October 1992.

Related: Bitcoin’s recent rally is largely fueled by Strategy purchases: Bitwise’s Hougan

Bitcoin bulls’ lack of conviction should not be mistaken for bearishness, particularly as Strategy (MSTR US) continues its accumulation. Over the last four weeks, Strategy acquired 56,235 BTC, a move supported by the issuance of its perpetual preferred security, STRC. The company currently holds 818,334 BTC, exceeding the position of BlackRock’s IBIT exchange-traded fund (ETF).

Professional traders remained unmoved by Bitcoin’s decline to $75,000 on Wednesday, as indicated by exchange long-to-short ratios. However, the persistent negative funding rate in Bitcoin futures suggests that sentiment remains cautious. Macroeconomic and tech corporate earnings remain the biggest driver for Bitcoin traders’ sentiment.

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.

Fence netted $20 million from Galaxy Digital to tokenize a $6 trillion asset‑backed finance market that still runs on manual, legacy rails.

Fence has secured a $20 million investment led by Mike Novogratz’s Galaxy Digital to bring blockchain infrastructure to the roughly $6 trillion U.S. asset‑backed finance market, in one of the clearest recent bets on tokenizing legacy credit plumbing.

According to Galaxy Digital’s investment disclosure, Fence “leverages blockchain behind the scenes to automate and improve” asset‑backed lending workflows that today remain “labor‑intensive and highly manual,” positioning the firm as a back‑office rails provider rather than a consumer‑facing crypto platform.

Fence says its system can tokenize lenders’ positions in financing instruments and, in some cases, the underlying loans and invoices themselves, effectively turning traditionally illiquid receivables into programmable, tradable claims.

Galaxy’s RWA push meets credit market automation

Fence reports that it currently manages approximately $1.5 billion in assets on its platform, working with marquee institutions including BlackRock, where it helps streamline the administration of complex structured‑credit deals.

The company said in a statement that the fresh $20 million will support “growth and product development” as it looks to deepen integrations with banks, asset managers and specialty finance shops searching for operational efficiency and faster settlement in private credit.

Galaxy Digital framed the deal as part of its broader push into tokenized real‑world assets, following moves such as its planned multi‑chain tokenized money market fund, designed to sit alongside products like BlackRock’s roughly $2.2 billion BUIDL fund and Franklin Templeton’s BENJI in the emerging on‑chain yield stack.

The Fence funding also lands as tokenization narratives accelerate across private markets that total more than $270 trillion globally, with research cited by RWA tracking platform RWA.xyz projecting over $16 trillion in assets could be tokenized by 2030 if adoption continues to compound.

For crypto‑native investors, Galaxy’s role as lead backer signals that large digital asset firms continue to see value not only in tokenized funds and treasuries but also in the infrastructure that quietly turns real‑world exposures—leases, invoices, auto loans—into on‑chain primitives, a thesis echoed in a recent crypto.news story on how institutional flows are gravitating toward yield‑bearing, real‑world‑linked instruments.

In previous crypto.news coverage, stories on Middle East‑driven energy shocks and stories on risk sentiment have highlighted how macro and credit conditions are bleeding into digital asset markets, a backdrop that makes Galaxy’s bet on tokenized asset‑backed finance—quiet, regulated and yield‑focused—look less like hype and more like infrastructure for the next cycle of on‑chain credit.

BNB Chain has surpassed 150,000 on-chain AI agent deployments as of April 2026, a 43,750% increase since January, while Binance simultaneously launched its Agentic Wallet, a keyless wallet allowing AI bots to trade and transfer tokens on behalf of its 250 million users without accessing their primary accounts.

BNB Chain became the leading blockchain for autonomous AI agent deployments by April 2026, with Bitget News confirming over 150,000 on-chain agents operating across the network, a 43,750% increase since January 2026. The same period saw Binance launch its Agentic Wallet, a keyless wallet infrastructure designed to let AI bots execute trades and token transfers on behalf of users without requiring access to the user’s primary account credentials.

BNB Chain AI Agent Growth Represents the Fastest Ecosystem Expansion on Any Layer-1

As crypto.news reported, BNB Chain surpassed all other blockchains in AI agent deployments earlier in April 2026, driven by three structural advantages: transaction fees averaging under one cent, a block time of 250 milliseconds following the Fermi hard fork in January, and a developer ecosystem that includes pre-built agent frameworks and access to BNB Chain’s AI hackathon programs. The 43,750% growth rate since January represents a jump from approximately 340 agents in late January to over 150,000 by April, a trajectory that reflects the broader acceleration of autonomous on-chain AI infrastructure across the industry. A recent pilot with OpenMind AGI confirmed that Pi Network’s distributed node network can support decentralized AI tasks, but BNB Chain’s AI agent deployments operate at a scale and transaction throughput that no competing network has matched.

The Agentic Wallet and What It Means for AI-Driven Trading at Scale

The Agentic Wallet launched by Binance represents a distinct infrastructure advancement from the AI agent deployment count alone. Where AI agents on BNB Chain typically execute on-chain actions within smart contract environments, the Agentic Wallet gives those agents access to Binance’s centralized exchange liquidity and 250 million user base without requiring the agent to hold the user’s primary account credentials. The keyless architecture uses a permissioned sub-wallet structure, allowing AI bots to trade within user-defined parameters and transfer tokens between wallets without exposing the main account to security risk. As crypto.news documented, BNB Chain’s 2026 roadmap targets 20,000 transactions per second and sub-second finality, a performance profile designed specifically to handle the high-frequency, low-latency execution that autonomous AI agents require to function at institutional scale rather than as retail curiosities.

BNB Price Performance in the Context of AI Agent Leadership

As crypto.news tracked, BNB demonstrated relative price resilience during the broader April 28 to 29 market decline, holding above $625 while Bitcoin fell 1.6% and Ethereum hit a week low. Analysts observing BNB’s outperformance during macro-driven selloffs have pointed to the structural demand from BNB Chain’s transaction fee burn mechanism and the growing utility base from AI agent deployments as factors that insulate BNB from pure macro risk-off selling pressure, since gas fee demand from 150,000 AI agents generates continuous real-time BNB demand that is independent of speculative sentiment.

The 35th quarterly BNB burn executed on April 15 removed 2.14 million BNB worth approximately $1.32 billion from circulation. With over 150,000 AI agents generating ongoing gas fee demand, each quarterly burn calculation now incorporates AI-driven transaction volume as a growing component of the supply destruction formula.