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Analyst: Despite short-term volatility, the market generally expects Bitcoin to maintain an upward trend in Q2

On April 25th, according to The Block, the Bitcoin options market showed a significant bullish sentiment. After 76,709 option contracts with a nominal value of $7.2 billion expired, the BTC price remained stable at $94,500, up 2% from the previous day's low. Data shows that the number of bullish contracts (43,917) far exceeds the number of bearish contracts (32,793), with a put/call ratio of 0.73, and the major pain point is at $86,000. Market analysis points out that bullish contracts are mainly concentrated at $95,000 and $100,000 strike prices, reflecting investors' optimistic expectations for the medium to long-term trend. Bitfinex analysts stated that with the breakthrough of the $90,000 resistance level, the market is now shifting its target to higher price levels. Significant open interest has been accumulated in contracts expiring at $95,000 and $100,000 strike prices at the end of April and in May. Deribit data shows that traders are rolling over positions to contracts expiring on May 30th and June 27th. Analysts believe that the accelerated inflow of funds into spot Bitcoin ETFs this week will be a key factor in supporting the price above $90,000. Despite short-term volatility, the market generally expects Bitcoin to maintain an upward trend in the second quarter of 2025.

Whale CryptoQuant monitoring shows the largest BTC withdrawal wave from centralized exchanges since 2023, with the 100-day moving average withdrawal volume reaching a two-year high. Analysts believe this marks the market entering a re-accumulation phase. Glassnode data confirms this trend, with its "accumulation trend score" showing that the buying intensity of large entities has returned to the levels of December 2024 to January 2025. This indicator tracks that in the recent price increase, "whales continue to accumulate," effectively buffering potential volatility from expiring options. Bitcoin's implied volatility slightly decreased on April 25th, reflecting an enhanced market expectation of price stability.

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