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Short-Term Capitulation Hits as Bitcoin Diverges From Long-Term Value

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21Shares Introduces JitoSOL ETP to Offer Staking Rewards via Solana

TLDR:

  • Bitcoin shows strong correlation with equities, placing short-term price action under macro and liquidity influence.
  • Short-term holders sent over 94,000 BTC to exchanges at a loss, marking the largest capitulation of this correction.
  • Options data shows negative gamma exposure, increasing the chance of sharp moves around key expiration dates.
  • Long-term power-law valuation signals Bitcoin trades over 40% below trend despite ongoing macro pressure.

 

Bitcoin traded in volatile ranges as macro pressure and investor panic shaped near-term price action. Data showed heavy selling from short-term holders as the asset slipped below key technical levels. 

At the same time, long-term valuation models signaled a widening gap between price and trend value. The divergence revealed a market pulled between liquidity stress and structural repricing forces.

Bitcoin Price Mispricing Tied to Macro Correlation and Options Structure

Bitcoin moved in step with U.S. equities during the latest pullback. Thirty-day correlations showed strong alignment with Nasdaq, S&P 500, and high-yield bonds.

Recency-weighted data confirmed the link with risk assets remained elevated. This pattern placed short-term direction under macro and liquidity influence rather than narrative-driven trading.

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Lead and lag signals showed equities and credit markets moving before Bitcoin. According to figures shared by David (@david_eng_mba), the Nasdaq led Bitcoin by about four days, while the dollar index led by roughly ten days.

Options market positioning reinforced near-term uncertainty. Spot price hovered near the gamma flip zone, with resistance clustered near $70,000 and risk concentrated below that level.

Net gamma exposure remained negative, pointing to unstable price behavior. A squeeze score above the midpoint suggested sensitivity to sharp intraday moves.

Upcoming expiries added another layer of pressure. More than 15% of total gamma was set to roll off on February 13, with larger portions expiring later in February and March.

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These expiries increased the probability of breakouts once hedging pressure faded. Until then, price action stayed confined between heavy put and call walls.

Short-Term Holder Capitulation Highlights Bitcoin Price Mispricing Gap

On-chain data showed panic-driven transfers from short-term holders. Darkfost (@Darkfost_Coc) reported daily average flows of over 94,000 BTC to exchanges at a loss.

The transfers occurred as Bitcoin dropped below $65,000. Exchange inflows from short-term holders often indicate intent to sell rather than reposition.

This behavior marked the largest capitulation event of the correction cycle. It reflected emotional reactions during rapid downside moves.

While near-term selling intensified, long-term valuation metrics pointed elsewhere. Power-law trend models placed fair value above $120,000.

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The gap between market price and model value exceeded 40%. A negative Z-score signaled an oversold condition relative to historical norms.

Mean-reversion timelines projected gradual recovery over several months. These projections extended into mid and late 2026 based on trend reversion math.

Short-term volatility and long-term valuation now diverged sharply. Macro weakness dictated immediate price movement, while structural models framed a different trajectory.

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Vercel breach leaves DeFi frontends dangling on a $2M ransom

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Vercel breach leaves DeFi frontends dangling on a $2M ransom

Users have been advised to stop interacting with any DeFi application for a few days after Vercel, the creator of Next.js and cloud provider for a large number of crypto’s user-facing platforms, admitted that attackers breached its internal systems.

According to Vercel CEO Guillermo Rauch, the attack happened when one of its employees “got compromised via the breach of an AI platform customer called Context.ai that he was using.”

The attackers, who Rauch says were “significantly accelerated by AI,” apparently escalated through the employee’s Google Workspace account into Vercel’s corporate environment.

A BreachForums seller claiming to be extortion crew ShinyHunters is demanding a $2 million ransom via a listing that allegedly includes GitHub tokens. 

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For DeFi, the incident is a nightmare. A user interacting with a poisoned Next.js package via a website can sign a transaction straight into an attacker’s wallet.

Vercel disclosed the incident in a Sunday security bulletin, saying that it had found “unauthorized access to certain internal Vercel systems” and had already engaged law enforcement.

Following the disclosure, X user and Cork Protocol CTO “Pybast,” who is also former CTO of DeFi cybersecurity company Nefture, warned users to stop interacting with “any DeFi application,” adding that “a lot of DeFi is hosted on Vercel and crypto users are a prime target for such attack.”

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Comically, he suggested eth.limo, which also had its own security incident on the same day, as a safer alternative.

Next.js cleared 520 million downloads in 2025, according to Rauch. DeFi dashboards, crypto wallet connectors, and token launchpads use it. 

Members of the crypto community were concerned that the hacker could use Vercel credentials to push malicious code to dependencies pulled by thousands of downstream projects.

Rauch has named Mandiant, Google’s incident-response arm, as the firm assisting with incident response.

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Only a “limited subset of customers” was affected, Rauch claimed, and services remained operational. 

Read more: ‘Decentralized’ apps suffer after Ledger Connect Kit attack

DeFi terrified after Vercel breach

A screenshot of the ransom notice, published by BleepingComputer, advertises multiple employee accounts, internal deployments, API keys, and GitHub tokens. 

The vendor attached hundreds of employee records, a screenshot of Vercel’s internal Linear instance, and what appears to be an internal enterprise dashboard.

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BleepingComputer couldn’t verify their authenticity. 

Curiously, threat actors tied to the actual ShinyHunters extortion crew told BleepingComputer that they had nothing to do with this particular caper.

Got a tip? Send us an email securely via Protos Leaks. For more informed news, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.

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Melbet APK Maroc scurit et protection des utilisateurs.94

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Bridging for Yield: Hidden Risk and Hidden Alpha

Si vous cherchez un site de pari sportif fiable et sécurisé, vous êtes au bon endroit. Dans cet article, nous allons vous présenter les avantages de l’application Melbet APK Maroc et les mesures de sécurité mises en place pour protéger vos informations personnelles.

Télécharger Melbet est un choix populaire parmi les fans de sport et les passionnés de jeu. Cependant, il est important de choisir une version APK fiable et sécurisée pour éviter les problèmes de sécurité. Dans ce contexte, l’application Melbet APK Maroc est une excellente option.

La sécurité est un des principaux objectifs de Melbet. L’application utilise des protocoles de sécurité de pointe pour protéger vos informations personnelles et vos transactions. De plus, Melbet dispose d’une équipe de sécurité expérimentée qui travaille en permanence pour détecter et prévenir les menaces potentielles.

En téléchargeant Melbet APK Maroc, vous bénéficiez d’une expérience de jeu sécurisée et fiable. L’application est disponible pour téléchargement sur le site officiel de Melbet et peut être installée sur votre appareil mobile ou ordinateur.

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En résumé, l’application Melbet melbet app APK Maroc est une excellente option pour les fans de sport et les passionnés de jeu qui cherchent une expérience de jeu sécurisée et fiable. Avec ses mesures de sécurité mises en place et son équipe de sécurité expérimentée, Melbet est un choix sûr pour vos paris sportifs.

Il est important de noter que la sécurité est un effort continu et que Melbet travaille en permanence pour améliorer ses mesures de sécurité.

Melbet APK Maroc est disponible pour téléchargement sur le site officiel de Melbet.

Melbet APK Maroc : Sécurité et protection des utilisateurs

Pour garantir une expérience de jeu sécurisée et protégée, il est essentiel de télécharger l’application Melbet APK Maroc. Cette application offre une variété de fonctionnalités pour protéger vos informations personnelles et votre argent.

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En téléchargeant l’application Melbet APK Maroc, vous pouvez être sûr que vos données sont cryptées et protégées par des mesures de sécurité robustes. De plus, l’application offre une fonction de verrouillage pour empêcher les accès non autorisés à votre compte.

Il est également important de noter que l’application Melbet APK Maroc est régulièrement mise à jour pour garantir la sécurité et la stabilité de l’application. Cela signifie que vous pouvez être sûr que vous bénéficiez de la dernière version de l’application, avec les meilleures fonctionnalités de sécurité et de protection.

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Il est donc recommandé de télécharger l’application Melbet APK Maroc pour bénéficier de ces fonctionnalités de sécurité et de protection. Vous pouvez télécharger l’application en cliquant sur le lien suivant : [télécharger l’application Melbet APK Maroc](https://www.melbet.com/maroc/download).

En résumé, l’application Melbet APK Maroc est la meilleure façon de garantir une expérience de jeu sécurisée et protégée. Avec ses fonctionnalités de sécurité et de protection, vous pouvez être sûr de jouer en toute sécurité et de protéger vos informations personnelles.

La nécessité d’une application sécurisé

Il est essentiel de disposer d’une application sécurisée pour protéger vos informations personnelles et vos transactions en ligne. La mélbet app est une application sécurisée qui garantit la confidentialité de vos informations et la protection de vos transactions.

En téléchargeant la mélbet app, vous pouvez être sûr que vos informations sont protégées et que vos transactions sont sécurisées. La mélbet app utilise des méthodes de cryptage avancées pour protéger vos informations et vos transactions.

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Il est important de noter que la mélbet app est disponible pour téléchargement sur les appareils mobiles et les ordinateurs de bureau. Vous pouvez télécharger la mélbet app sur votre appareil mobile ou votre ordinateur de bureau pour accéder à vos informations et vos transactions en ligne.

En utilisant la mélbet app, vous pouvez être sûr que vos informations sont protégées et que vos transactions sont sécurisées. La mélbet app est une application sécurisée qui garantit la confidentialité de vos informations et la protection de vos transactions.

Il est important de noter que la mélbet app est disponible en plusieurs langues, y compris le français. Vous pouvez télécharger la mélbet app sur votre appareil mobile ou votre ordinateur de bureau pour accéder à vos informations et vos transactions en ligne.

En résumé, la mélbet app est une application sécurisée qui garantit la confidentialité de vos informations et la protection de vos transactions. Il est essentiel de disposer d’une application sécurisée pour protéger vos informations personnelles et vos transactions en ligne.

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AST falls after Bezos’ Blue Origin places satellite in wrong orbit

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A Blue Origin New Glenn rocket carrying an AST SpaceMobile Bluebird 7 satellite launches from pad 36 at Cape Canaveral Space Force Station on April 19, 2026 in Cape Canaveral, Florida.

Paul Hennesy | Anadolu | Getty Images

A failed satellite launch sent of AST SpaceMobile down sharply on Monday.

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The stock fell nearly 12% in premarket trading after a rocket designed by Jeff Bezos’ space technology company Blue Origin placed the satellite in a lower-than-planned orbit on Sunday. 

AST SpaceMobile’s BlueBird 7 satellite would have been the company’s eighth launched into low-earth orbit, the company said in a Sunday press release. It was launched on Blue Origin’s third New Glenn rocket.

Blue Origin acknowledged in a post on X that the satellite was placed into the wrong orbit, but only added it was assessing the situation and would provide further updates. The company hasn’t made a statement since the satellite was officially deemed lost. 

The cost of the satellite loss is expected to be covered by an insurance policy, AST said in the release. It also still expects to launch a satellite on average once every one to two months in 2026, and said BlueBird satellites 8, 9 and 10 should be ready to ship in 30 days. 

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ASTS year-to-date chart.

William Blair analyst Louie DiPalma thinks that AST’s goal of 45 satellites in orbit by year-end will likely be hard to hit now. However, he didn’t see Sunday’s events as a total loss for the company.

“AST gained experience integrating its satellite with New Glenn and working with the Blue Origin team,” DiPalma wrote in a Monday note. “This experience will be integral for future missions. The silver lining is that there was only one satellite on board, whereas future New Glenn launches may have as many as eight of AST’s BlueBirds.”

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While Clear Street analyst Greg Pendy was still bullish on the stock, reiterating a buy rating after the news, he cut his price target to $115 from $137. That’s still a 34% gain from Friday’s close, but much less than his previously forecasted 60% jump in shares. 

UBS analyst Christopher Schoell said in a note the financial impact on AST will be limited, but added that AST and its share price performance are now linked with Bezos’ Blue Origin. 

“We believe the success of Blue Origin’s New Glenn vehicle … is key to meeting year-end deployment targets/ management’s 2027 revenue goal, and expect the uncertainty to weigh on investor sentiment initially pending greater clarity,” Schoell wrote.

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Fermi (FRMI) Stock Plunges 20% as Top Executives Depart Amid Major Restructuring

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FRMI Stock Card

Key Takeaways

  • Fermi (FRMI) shares plummeted 20% to $5.27 during premarket hours Monday following executive departures
  • CEO Toby Neugebauer resigned; CFO Miles Everson simultaneously exited his role
  • Board members had been evaluating potential CEO replacement for a minimum of three months
  • Company unveiled “Fermi 2.0” initiative, representing a comprehensive overhaul of governance and strategy
  • Evercore analysts reaffirmed Outperform rating with $20 price target for FRMI

Shares of Fermi (FRMI) tumbled 20% on Monday following the data-center company’s announcement that both its chief executive and chief financial officer would be exiting, prompting a comprehensive leadership transformation the firm has branded “Fermi 2.0.”


FRMI Stock Card
Fermi Inc. Common Stock, FRMI

Co-founder and CEO Toby Neugebauer, who established the company with former Texas Governor and U.S. Energy Secretary Rick Perry, resigned with immediate effect. Neugebauer will continue serving as a board member.

According to reports, the board had been deliberating a potential CEO replacement for no less than three months. Several sell-side analysts verified this timeline after participating in a management conference call that followed the public disclosure.

CFO Miles Everson similarly departed from his executive position. Following his resignation, Everson was appointed to the board after a trust controlled by the Neugebauer family executed its board nomination privileges.

The board has initiated an active search for Neugebauer’s successor. Leadership recruitment firm Heidrick & Struggles has been retained, with a committee composed of independent board members overseeing the selection process.

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Fermi has additionally established an Office of the CEO to maintain business continuity throughout the transition period. Jacobo Ortiz Blanes, the former COO, and Anna Bofa, previously serving as a Board Advisor, have been promoted to Co-Presidents and will answer to newly designated Chairman Marius Haas.

Haas, who formerly held the position of Lead Independent Board Director, assumed the role of Executive Chairman immediately.

Jeffrey S. Stein, co-founder of Breakpoint Advisory Partners, joined the board as a new member, increasing the board size from five to seven seats.

Executive Transition Linked to Tenant Acquisition Struggles

The management upheaval arrives as Fermi has encountered difficulties securing a major anchor tenant for its Project Matador development in Amarillo, Texas. The massive 7,570-acre property is designed to become the world’s largest data center facility.

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Company officials emphasized that the transition would not impair its capacity to deliver electrical infrastructure or execute tenant agreements. Management noted that prospective lease negotiations had actually intensified, with potential clients resuming engagement within 48 hours following the announcement.

Evercore analyst Nicholas Amicucci characterized the transformation as a shift in leadership philosophy while maintaining operational momentum. Evercore maintained its Outperform rating and $20 price target on the stock.

FRMI shares had already declined 18% year-to-date before Monday’s trading session, with the premarket selloff driving the price down to $5.27.

Corporate Headquarters Relocation and Expansion Strategy

As a component of the Fermi 2.0 initiative, company leadership revealed plans to relocate corporate headquarters to Dallas. Additionally, Fermi intends to develop a dedicated corporate office facility at the Project Matador location in Amarillo.

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Management stated these strategic moves represent the company’s evolution from startup phase to large-scale enterprise operations.

Texas Tech University System Chancellor Brandon Creighton reaffirmed the university’s ongoing commitment to its collaboration with Fermi America. Negotiations continue regarding potential extensions to certain milestone deadlines contained in the lease agreement as Project Matador progresses.

The company indicated it would name an Interim CFO within the current week.

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Crypto Funds Post $1.4B Inflows as BTC Almost Touches $78K

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Crypto Funds Post $1.4B Inflows as BTC Almost Touches $78K

Cryptocurrency investment products logged another week of strong inflows on ceasefire optimism and a Bitcoin price breakout driving investor sentiment.

Crypto exchange-traded products (ETPs) posted $1.4 billion in inflows last week, beating the prior week’s $1.1 billion and marking the second-largest weekly inflows since January, CoinShares reported on Monday.

Following the three-week inflow streak totaling $2.7 billion, crypto ETPs now have net year-to-date inflows of around $3.8 billion, with assets under management (AUM) at $154.8 billion — the highest level since early February after dipping to as low as $128 billion in March.

The uptick in crypto funds has likely been driven by a recovery in risk appetite on US-Iran ceasefire extension talks, CoinShares head of research James Butterfill said.

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The sentiment was further reinforced by Bitcoin (BTC) nearly touching $78,000 on Friday, according to CoinGecko.

Ether funds turn positive year to date

Bitcoin led last week’s ETP gains by a significant margin, with inflows totaling $1.12 billion. The gains brought year-to-date inflows to $3 billion, with AUM at $123 billion.

The majority of gains were contributed by US spot Bitcoin exchange-traded funds (ETFs), which posted $1 billion in inflows last week.

Ether (ETH) investment products also picked up with $328 million inflows in its strongest week since January, finally lifting the ETPs into green year-to-date with $197 million inflows.

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Crypto ETP flows by asset (in millions of US dollars). Source: CoinShares

Still, altcoin ETPs, including XRP (XRP) and Solana (SOL), recorded negative flows, with XRP leading the outflows at $56 million. Solana recorded minor outflows of $2.3 million.

Short-Bitcoin products saw a modest $1.4 million of inflows, suggesting residual but limited hedging demand.

Regionally, the US dominated the surge with $1.5 billion of inflows, while Germany ranked second with just $28 million of inflows. Switzerland saw the largest redemptions last week, with outflows totaling $138 million.

Addressing the implications of recent economic data, CoinShares’ Butterfill suggested that March’s Consumer Price Index (CPI) increase of 3.3% appears to have been largely looked through by markets, with core CPI at 2.6% seen as relatively contained, pointing to inflation pressures that remain more supply-driven than broad-based.

Related: Bitcoin erases weekend gains as US-Iran ceasefire faces pressure

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Nomura’s Laser Digital echoed that view, telling Cointelegraph that backward-looking macro indicators currently offer only limited insight while conflicts continue to affect supply chains and spending patterns.

“Delayed indicators like CPI and PMIs mostly reflect past conditions rather than the current situation,” Laser Digital said, adding that the outlook remains “cautiously optimistic.”

Bitcoin Price, Iran, CoinShares, Ethereum ETF, Bitcoin ETF, ETF
The Crypto Fear & Greed Index. Source: Alternative.me

Sentiment improvement was also reflected in the Crypto Fear & Greed Index, which moved from “extreme fear” to “fear,” with the score rising above 29 on Monday for the first time since Jan. 29.

Magazine: Bitcoin ‘on track’ for $90K, ETFs pull in nearly $1B: Hodler’s Digest, April 12 – 18