Crypto Market Pulse - April 28, 2025

LAST WEEK RECAP:

• UK S&P Manufacturing PMI 44 vs 44 expected, Services PMI 48.9 vs 50.4 expected
• US S&P Manufacturing PMI 50.7 vs 49.1 expected, Services PMI 51.4 vs 52.5 expected
• UK retail sales MoM 0.4% vs -0.4% expected
• Michigan 5 year inflation expectations 4.4% as expected, consumer sentiment 52.5 vs 50.8 expected

BTC WEEKLY VIEW

After breaking through the trendline, BTC has continued to rise as we expected, reaching the lower boundary of the previous top (around 95K). We anticipate that BTC may consolidate around this area before moving higher and breaking into new highs. However, it would be preferable to see a short-term pullback.

ETH WEEKLY VIEW

ETH has also broken through the trendline, but overall momentum has not continued to follow through. The consolidation in this area is crucial — if it drops too much here, it may head down towards 1600 or even lower to seek support.

ETH/BTC

ETH/BTC has been consolidating at the bottom for over 20 days. Although ETH’s relative weakness is slowly fading, we still need more time to confirm whether ETH will eventually show signs of strength and outperform BTC.

TOTAL3 USD MARKET STRENGTH

Similar to BTC’s structure, after a wave of upward movement, TOTAL3 also encounters resistance near the lower boundary of the supply zone. We hope it can consolidate here before making another move higher.

TOTAL3 BTC MARKET STRENGTH

TOTAL3/BTC has been trading in a very tight range this week, backing up our view that its structure mirrors BTC's.

MARKET LEVERAGE RATIO

We expect a short-term pullback and consolidation following the recent rally, but momentum should resume afterward, bringing increased market activity.

BTC OPEN INTEREST

OI spiked with the big rally in BTC price and then gradually decreased over the week while the price stayed around the same range.

BTC PERPS FUNDING

Funding turned negative with BTC rallying from 84k to 94k, indicating shorts coming in to attempt a fade at the pico top.

Funding has since normalized to slightly positive.

BTC LONG/SHORT RATIO

Spike in the long/short ratio to longs coinciding with the spike in BTC price on 22 April, before normalizing down

ETH OPEN INTEREST

Spike in OI with the rally in ETH price, similar to BTC.

OI has a gradual decrease but remains elevated.

ETH PERPS FUNDING

Unlike what we saw in BTC, ETH perps funding increased and did not turn negative from the rally, indicating more perps longs than spot longs

Funding has since trended lower but remains on the positive side.

ETH LONG/SHORT RATIO

Spike in longs with rally in ETH price, but sharp drop to short on the Sunday low liquidity.

SUMMARY

• After weeks of setting a bottom, markets finally showed real strength this week, driven by signs of de-escalation in U.S.-China trade tensions.
• Bitcoin rallied sharply from $85K to $94K, while Ethereum bounced from $1.5K to $1.8K. Altcoins also followed with broad gains as risk appetite returned across markets.
• Despite some confusing headlines around the actual state of negotiations, the momentum has clearly shifted back to the bulls for now.
• If progress between the U.S. and China continues, this week's rally could set a strong foundation for BTC, ETH, and altcoins to build higher. However, any new setbacks in talks could quickly reignite volatility.
  

DISCLAIMER:

The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.

This post was prepared by Kairon Labs Trader Patrick Li, Travis Su, and Kenny Lee.

Edited by: Marianne Dasal