Bitcoin Retreats From $35K; Miner Selling Pressure May Cap Prices, Crypto Hedge Fund Says
BTC could run towards $40,000-$45,000 after consolidating around current prices, Capriole Investments said.
Bitcoin [BTC] briefly topped $35,000 Wednesday for the second time this week, but prices quickly reversed as that level appeared to trigger numerous sell orders, perhaps from miners, suggested one hedge fund manager.
The $35,000 area represents a monthly resistance level for the price, and could mean that bitcoin will consolidate below for some time following the crypto’s big run higher, said Charles Edwards, founder of Bitcoin-focused hedge fund Capriole Investments.
"Bitcoin miners are selling off more of their treasury than usual today; this can be a warning sign for consolidation," said Edwards. He noted an uptick in Capriole's Bitcoin Miner Sell Pressure, which indicates that BTC miners are selling a bigger part of their revenues than on average.
Read more: Bitcoin Mining Stocks Rally as BTC Holds Above $30K Despite Looming Halving Concerns

What's next for bitcoin?
Despite the short-term consolidation, Edwards suggests bitcoin could target the $40,000-$45,000 range in the coming weeks as the sell pressure subsides.
"While price may temporarily stall here at monthly resistance, the next significant trouble area is low- to mid-$40Ks," he said. "We expect bitcoin will take us there in short order given the data on hand."
The largest crypto by market capitalization also topped at around $35,000 on Monday, hitting a 17-month high as anticipation for a spot bitcoin exchange-traded fund – coupled with some other catalysts – hit a fever pitch. Despite stories about imminent approval for a spot ETF turning out to be mistaken, bitcoin has retreated only modestly from that level.
Traditional markets looking shaky
While bitcoin pulled back nearly 2% following the run to $35,000, it remains higher by 1.6% over the past 24 hours. That’s a sizable outperformance over U.S. stocks, where the Nasdaq is lower by 2.4% and the S&P 500 by 1.4% early Wednesday afternoon.
The renewed tumble in stocks came alongside a sharp 13 basis point rise in the 10-year Treasury yield to 4.95%. Also on investor minds were poor Q3 earnings results from Google (down 9% today) and rising geopolitical worries.
Earlier Wednesday, Turkish President Tayyip Erdogan said Hamas was not a terrorist organization and canceled a planned trip to Israel. Shares in Istanbul closed 7% lower.
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CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
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- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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