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Bitcoin Trades Sideways During the Long Easter Weekend
Bitcoin (BitfinexUSD) prices are hovering around the $67,000 mark this Saturday as the cryptocurrency market experiences a period of low trading volumes. Yesterday was a public holiday in several major regions, and today is the weekend, resulting in limited institutional activity and lower liquidity in the digital asset space.
Despite the calm trading, the market is currently digesting a complex mix of “fentanyl diplomacy,” regulatory breakthroughs, and escalating tensions in the Middle East.
Geopolitical Volatility and the “Iran Premium”
The main bearish factor for Bitcoin this week has been shifting rhetoric regarding the Iran conflict. After a brief rally on Wednesday fueled by hopes of a quick resolution, prices fell sharply on Thursday alongside global equities.
The sell-off was triggered by a televised warning from President Donald Trump that the U.S. would deliver an “extremely strong” strike against Iran within the next two to three weeks.
Bitcoin dropped about 2.8% from its midweek highs, falling below $66,300 on Thursday amid a return to a risk-off environment before stabilizing during the holiday lull.
The leading cryptocurrency has historically acted as “digital gold” and continues to trade in sync with traditional risk assets during periods of acute geopolitical uncertainty, especially as the closure of the Strait of Hormuz continues to fuel global inflation concerns.
Institutional Whales vs. Regulatory Progress
Beneath the surface of price movements, a battle is unfolding between large holders and institutional infrastructure. According to a recent Bloomberg report citing CryptoQuant data, “visible demand” for Bitcoin remains negative.
Large holders, or “whales,” who accumulated nearly 200,000 BTC during the 2024 bull market, have shifted to net sellers. Distribution from existing holders is now more than offsetting gradual purchases by spot ETFs and corporate treasuries such as Strategy Inc.
Meanwhile, the long-term institutional case received a major boost on Thursday. Coinbase (NASDAQ: COIN) announced it had received conditional approval from the Office of the Comptroller of the Currency (OCC) for a national trust bank license.
This move will allow Coinbase to operate as a federally regulated custodian and is seen as a cornerstone for “federal regulatory uniformity.” Coinbase clarified that it is not becoming a commercial bank, but the license is expected to pave the way for more advanced payment products and institutional-grade custody services.
Crypto Prices Today: Altcoins Mostly Decline
Broader cryptocurrency prices also mostly declined amid thin holiday and weekend trading.
The world’s second-largest cryptocurrency, Ether, fell 0.54% to $2,050.16, while XRP rose 0.16% to $1.3137.
Solana gained 0.03%, Cardano fell 0.41%, and BNB rose 0.77%.
Among meme coins, Dogecoin dropped 0.39%, while $TRUMP declined by 0.22%.
See also: "Binance: Bitcoin Stops Following the Fed and Starts Anticipating Macro Trends"
