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BTC gyrations likely to calm as Goldman, BlackRock’s explore income ETFs: Crypto Daily

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Market banner (CoinDesk)
Market banner (CoinDesk)

Investors who thrive on bitcoin’s wild price swings may be in for disappointment. Major banks are preparing to introduce new products that could dampen volatility in a market that has already become significantly calmer in recent years.

Most recently, Goldman Sachs filed an application for a Bitcoin Premium Income exchange-traded fund (ETF). The proposed fund relies on selling (writing) options tied to bitcoin-linked exchange-traded products to generate income while providing investors with exposure to the cryptocurrency. BlackRock is looking to launch a similar product.

Selling options is essentially writing insurance against price swings. The writers collect a premium in exchange for providing downside or upside protection, while being exposed to potentially significant losses if the market moves sharply. Traders often use covered strategies — holding the underlying asset or ETFs while writing options — to partially offset risk.

If approved, the ETFs may employ similar covered options strategies to generate yield, though the exact structures will vary by product.

Whatever the case, the net impact would be calmer market conditions. That’s because when options are sold in large numbers, dealers or market makers who take the other side of these trades end up with long positions. To manage their risks, these entities then dynamically hedge by buying the underlying asset on declines and selling on rallies. This dynamic is called hedging the positive gamma exposure, and it tends to restrain volatility.

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In addition, the availability of yield-generating institutional-grade products may suck capital away from pure speculative bets, further lowering realized volatility over time. Bitcoin’s implied volatility has been declining for three years, primarily due to the growing popularity of options-selling strategies.

Today bitcoin has pulled back to $74,000 after hitting highs near $76,000 on Tuesday. The CoinDesk 20 Index has dropped over 1% in 24 hours.

A firm breakout is expected to happen if the U.S. stock indexes hit new record highs.

“If Bitcoin is looking for external signals, it may remain indecisive until key US stock indices hit new highs. However, we are more inclined to believe that the first cryptocurrency’s stagnation is a sign of a fragile risk appetite that will soon manifest in the broader market,” Alex Kuptsikevich, chief market analyst at the FxPro said in an email.

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In the meantime, the IMF flashed a warning on the rising global debt, strengthening the bull case in bitcoin. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

What’s trending

Today’s signal

BTC's daily price swings in candlestick format and the 100-day simple moving average of the price. (TradingView)

Bitcoin is struggling to rise past its 100-day simple moving average, a widely watched technical level that reflects the average closing price over the period.

This pattern is reminiscent of mid-January, when sellers regained control at the 100-day average and stalled the recovery. Bitcoin saw a sharp decline in the days that followed.

The question now is whether history will repeat itself, or if this time the level finally gives way, paving the way for faster gains to $80,000 and higher.

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Bitcoin Wholecoiner Exchange Flows Drop to 2018 Levels, Tightening Supply

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Bitcoin Wholecoiner Flows on Binance

Bitcoin (BTC) wholecoiner exchange flows have collapsed to levels not seen since 2018, signaling a structural shift in how large holders interact with the market.

The decline coincides with Donald Trump’s latest signal of diplomatic coordination with Chinese President Xi Jinping over the Strait of Hormuz, adding a geopolitical tailwind to an already tightening supply picture.

Wholecoiner Flows Hit Multi-Year Lows

Transactions of at least one full BTC sent to exchanges have fallen sharply. On the Binance exchange, the monthly average now sits around 6,000 BTC, far below the 15,400 BTC recorded in 2021.

Bitcoin Wholecoiner Flows on Binance
Bitcoin Wholecoiner Flows on Binance. Source: DarkFrost on X

At a global level, the picture is more pronounced. Total transfers of at least one BTC to exchanges have dropped to roughly 27,500 BTC, compared to 80,000 BTC at the 2018 peak.

Several factors explain the trend. Rising prices have made holding a full bitcoin increasingly difficult, reducing the pool of wholecoiners over time.

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The expansion of trading platforms and the introduction of spot Bitcoin ETFs in 2024 now allow investors to gain exposure without directly holding BTC.

A growing share of holders also appears to favor long-term strategies, further reducing exchange activity.

“This decline in active wholecoiners on exchanges reflects both reduced selling pressure and a gradual transformation of market structure, with a growing share of supply becoming increasingly illiquid over time,” Darkfost wrote.

Short-Term Holders Take Profits While Shorts Pile In

While long-term holders pull back, short-term holders (STHs) have moved aggressively in the opposite direction.

When BTC tested the $75,000 level, STHs sent more than 65,000 BTC to exchanges within 24 hours, with 61,000 of those transfers locked in profit.

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Analyst Michaël van de Poppe noted that the derivatives market is setting up for a potential squeeze. Funding rates have turned negative while open interest has climbed, meaning traders are overleveraged short as BTC tests resistance for the third time.

“…as long as BTC remains above $72K, I wouldn’t be worried, and I’d rather be looking for longs vs. shorts,” the analyst wrote.

He identified $85,000 to $88,000 as the next resistance zone if $75,000 breaks.

Bitcoin (BTC) Price Performance
Bitcoin (BTC) Price Performance. Source: TradingView

Separately, on-chain researcher Axel Adler Jr. flagged that Bitcoin’s Bull-Bear Index has flipped above zero, clearing the bear zone.

However, he cautioned that network profit and loss sentiment remains underwater, framing the current move as a recovery rather than a new bull regime.

The post Bitcoin Wholecoiner Exchange Flows Drop to 2018 Levels, Tightening Supply appeared first on BeInCrypto.

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AAVE rises 4.3% as trades flat

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9am CoinDesk 20 Update for 2026-04-15: vertical

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2058.34, up 0.4% (+9.17) since 4 p.m. ET on Tuesday.

Eighteen of 20 assets are trading higher.

9am CoinDesk 20 Update for 2026-04-15: vertical

Leaders: AAVE (+4.3%) and APT (+3.8%).

Laggards: CRO (-0.6%) and SOL (-0.5%).

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The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

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eToro (ETOR) Stock Gains Ground Following $70M Zengo Crypto Wallet Acquisition

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ETOR Stock Card

Key Highlights

  • Trading platform eToro has entered an agreement to purchase crypto wallet company Zengo for approximately $70 million
  • Zengo leverages multi-party computation (MPC) security, eliminating seed phrase requirements
  • The acquisition is designed to integrate self-custody features and decentralized trading capabilities into eToro’s ecosystem
  • ETOR shares have declined more than 1% so far this year and approximately 48% over the trailing twelve months
  • Citizens analyst Devin Ryan reduced his target price to $85 while maintaining a bullish outlook with ~145% potential upside

eToro (ETOR) revealed on Wednesday that it has reached an agreement to purchase Zengo, a crypto wallet service provider, in a transaction valued at approximately $70 million according to industry reports. The company’s shares experienced a modest uptick following the announcement.

Established in 2018, Zengo has amassed over 2 million users worldwide. The platform provides a non-custodial wallet solution, empowering users to maintain direct control over their digital assets without intermediary involvement.

Zengo’s architecture employs multi-party computation (MPC) technology for asset security, eliminating the traditional seed phrase requirement. This approach addresses a persistent challenge in self-custody solutions: the vulnerability associated with lost or compromised recovery keys.


ETOR Stock Card
eToro Group Ltd., ETOR

The acquisition brings established functionality including token swapping capabilities, staking services, and fiat currency onramps that Zengo currently provides. The wallet infrastructure will operate independently from eToro’s regulated offerings, enabling users to engage directly with third-party decentralized protocols.

Speaking on the strategic timing, eToro CEO and co-founder Yoni Assia stated, “As we often say, crypto downtimes are the time to build and this acquisition reflects that long-term approach.”

According to company statements, the purchase will enable eToro to better serve emerging cryptocurrency applications — particularly tokenized real-world assets, decentralized prediction markets, and perpetual futures contracts. The platform intends to weave Zengo’s underlying technology into its core infrastructure moving forward.

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“[The acquisition] will strengthen our ability to support evolving digital asset use cases, including tokenized assets and emerging decentralized trading models,” eToro announced in an official statement.

The Zengo deal follows closely on the heels of eToro’s launch of its proprietary app marketplace, unveiled just one day earlier. This marketplace provides a centralized hub for investors and third-party developers to create and access trading tools, analytics platforms, and other functionality within eToro’s environment. ETOR shares jumped more than 4% following that app store reveal.

ETOR Stock Faces Headwinds Despite Strategic Moves

Notwithstanding recent strategic initiatives, the stock has struggled significantly. ETOR has shed over 1% since the beginning of the year and tumbled roughly 48% over the past twelve-month period.

Last week, Devin Ryan from Citizens adjusted his price target downward to $85 from a higher previous level, though this still represents approximately 145% appreciation potential from current trading levels. Ryan noted that “navigating volatility remains the central challenge” facing capital markets and fintech businesses, adding that cryptocurrency market sentiment “remains impaired” in the near term.

These headwinds were evident in eToro’s fourth-quarter financial performance. Revenue from digital assets plummeted 38% during the quarter that concluded on December 31. However, the company still managed to generate a quarterly profit of $69 million, representing approximately 16% growth compared to the same period a year earlier.

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Analyst Sentiment and Price Projections

Among Wall Street analysts, the consensus rating for ETOR stands at Moderate Buy, reflecting seven Buy recommendations and three Hold ratings issued over the last three months.

The average analyst price target currently sits at $52.80, suggesting roughly 52% upside potential from present price levels.

The Zengo transaction remains subject to standard closing requirements and regulatory conditions. While eToro has not publicly verified the $70 million purchase price, Bloomberg reported the figure based on information from a source familiar with the transaction terms.

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WULF lower by 6% after $900 million capital raise

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WULF lower by 6% after $900 million capital raise

TeraWulf (WULF), a US data center operator focused on bitcoin mining and AI computing, saw its shares drop early Wednesday, after the company announced a $900 million capital raise.

The firm priced 47.4 million shares at $19 each. WULF is down 5.8% to $19.73 in early trading. The underwriter greenshoe option is for an additional 7 million shares.

Alongside other AI infrastructure names, WULF has been on a scorching run, rising more than 50% since late March.

The proceeds are earmarked for funding the construction of a major data center campus in Hawesville, Kentucky, alongside repaying outstanding bridge financing and supporting future expansion.

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Preliminary Q1 results

Alongside the offering, TeraWulf released preliminary first-quarter 2026 results. The company expects revenue between $30 million and $35 million. The balance sheet showed $3.1 billion in cash and $5.8 billion in total debt.

Management highlighted a growing shift toward contracted HPC hosting revenues, which now account for over half of total revenue, positioning the business for more stable, long-term cash flows.

Compass Point analyst Michael Donovan, who has a Buy rating and a $28 price target on WULF, pointed to the shift in mix toward HPC as a positive inflection point for the business, with contracted hosting revenue overtaking bitcoin mining for the first time. He also views the capital raise as a necessary step to unlock the next phase of growth. While acknowledging the dilution, he said the added funding improves visibility into the buildout of the Kentucky site, which he expects to be developed in phases based on customer demand. He added that demand for TeraWulf’s power and hosting capacity remains strong.

Looking ahead, Donovan expects the company’s revenue profile to change meaningfully as HPC scales. He forecasts that contracted hosting will become the dominant driver of revenue over the next two years, reducing reliance on bitcoin price swings and supporting a more predictable earnings stream.

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The shift reflects a broader trend across the industry, as bitcoin miners increasingly pivot toward AI and high-performance computing infrastructure to diversify revenue streams and improve margins.

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EU Adviser Says MiCA 2 Likely as Crypto Market Matures

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Europe, European Union, MiCA, Paris Blockchain Week

A European Commission adviser said the European Union’s landmark MiCA crypto regime is likely to evolve as digital asset markets develop beyond the conditions the law was originally designed to address.

Speaking at the Paris Blockchain Week (PBW) 2026, Peter Kerstens, an adviser on technological innovation, digital transformation and cybersecurity at the European Commission’s financial services department, said the Commission will review the Markets in Crypto-Assets Regulation (MiCA) and launch a public consultation to assess whether the rules are working for market participants and supporting business development.

The remarks suggest EU policymakers are already thinking about how MiCA may need to evolve as the crypto market matures. Kerstens said he could not predict the future, but added that EU financial legislation typically evolves in stages, suggesting it would be “rather unusual” if there were not a “MiCA 2” over time.

MiCA already contains a built-in review clause. The regulation requires the Commission to report on its application by June 30, 2027, and allows it to accompany that review with legislative proposals if needed, according to the Official Journal of the European Union.

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Europe, European Union, MiCA, Paris Blockchain Week
OKX global managing partner Haider Rafique (left) with Peter Kerstens (right) at the PBW 2026. Source: Cointelegraph

MiCA review signals next phase of EU crypto rules

Kerstens said the review is not a response to a broken framework, but part of an effort to ensure rules keep pace with a changing market structure. He said MiCA was designed at a time when crypto markets were dominated by a few large assets and many smaller tokens. 

He said that the ecosystem has since matured, requiring policymakers to reassess whether the framework fits in current conditions. 

Related: EU central bank backs plan for crypto supervision under EU markets watchdog

He also emphasized the role of industry feedback, saying that the Commission would begin with a public consultation with “no taboos.” Kerstens invited market participants to identify where rules should be expanded, adjusted or left unchanged. 

He warned that if regulation does not evolve alongside innovation, markets may develop around existing rules, creating legal uncertainty.  

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Kerstens’ comments come as aspects of MiCA and related frameworks are being tested in practice. On March 24, stablecoin issuer Circle urged the European Commission to adjust parts of its proposed Market Integration Package, including lowering thresholds that limit the use of euro-denominated stablecoins in settlement and expanding access for crypto-asset service providers. 

At the same time, policymakers are debating how MiCA should be implemented. On April 3, officials weighed whether to shift supervision of major crypto firms to the European Securities and Markets Authority (ESMA) amid concerns over inconsistent enforcement

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