TLDR
- Bitcoin price holding steady above $95,000 with altcoins showing stronger momentum
- Blackrock’s IBIT ETF recorded $970 million single-day inflow, reaching $1 billion total
- JOLTS report shows drop in US job openings, raising hopes for Fed interest rate cuts
- Fidelity Digital Assets believes Bitcoin is “undervalued” despite recent price surge
- Illiquid supply increased to 63.49%, indicating more holders taking long-term positions
Bitcoin price continues to consolidate above the $95,000 mark as the broader cryptocurrency market holds firm with a total capitalization exceeding $3.1 trillion on Tuesday.
Blackrock’s IBIT ETF has been making waves with record inflows, posting $1 billion on Monday alone. This comes despite redemptions from competitors Fidelity and Ark Invest, which brought aggregate deposits down to $591 million.
The massive inflow to Blackrock’s fund marks its second-largest daily inflow since launching in January 2024. Since April 22, IBIT has accumulated over $4.5 billion in net inflows, now controlling a 51% share of the US spot Bitcoin ETF market with more than $54 billion under management.
Bitcoin rose by approximately 1% on Tuesday, pushing toward $95,500 before encountering resistance. Its price movement comes as U.S. economic data spurs optimism for potential Federal Reserve rate cuts.
The March 2025 Job Openings and Labor Turnover Summary (JOLTS) report showed job openings falling to 7.19 million from February’s 7.57 million, below the forecasted 7.48 million. This cooling labor market signal has raised expectations for interest rate cuts.
Undervalued Despite Recent Gains
According to analysis from Fidelity Digital Assets, Bitcoin remains in the “optimism” zone and is trending toward “undervaluation” despite its recent price appreciation.
The investment firm points to the “Bitcoin Yardstick” metric, which measures BTC’s market capitalization divided by its hashrate. A lower ratio suggests Bitcoin is “cheaper” relative to the security provided by its network.
In Q1 2025, this metric stayed between -1 and 3 standard deviations, cooling from overheated levels seen in Q4 2024. The number of days above 2-standard deviations dropped from 22 to 15, with none exceeding 3 standard deviations.
Fidelity believes Bitcoin is in an “acceleration phase” where rallies to new highs aren’t uncommon, though they caution that a blow-off top remains possible.
On-chain data supports this outlook. The illiquid supply of Bitcoin rose from 61.50% to 63.49%, while liquid supply fell by 4%. This indicates that holders are increasingly committed to long-term positions rather than active trading.
Altcoins Gaining Momentum
As Bitcoin price stabilizes around $95,000, altcoins are beginning to attract more investor attention. After a week-long consolidation period, large-cap alternative cryptocurrencies broke above key resistance zones on Tuesday.
Ethereum and Cardano particularly stood out with 2% gains each, exceeding Bitcoin’s 0.6% increase. This stronger upside momentum for altcoins suggests investors are displaying a higher risk appetite in the current market.
Among the top 20 ranked cryptocurrencies, Bitcoin Cash (BCH) led gains with a 6% rally. The ongoing controversy surrounding privacy coin Monero (XMR) appears to be driving market interest toward alternative privacy-focused cryptocurrencies.
BTC fundamentals have turned bullish, not a bad setup to break all time highs.
I took a break from X to enjoy the NZ summer but every week I put out a series of analysis to my subscribers (this is a hobby, NOT a long term project).
Thought I’d post this update publicly.
— Willy Woo (@woonomic) April 27, 2025
The Real World Asset protocol Hyperliquid posted an 18.4% increase, signaling growing demand for tokenized instruments in the market.
Economist Alex Kruger identified the JOLTS data as a short-term positive for Bitcoin, describing it as a “risk/gold hybrid” positioned to benefit from potential tariff de-escalation after Trump’s 90-day pause ends on July 8.
Bitcoin ETFs have experienced a buying spree over the last eight trading days, dating back to April 14. The strong demand from market-leading Blackrock could potentially prompt other participants to enter buying mode in the coming days.
