Bitcoin fell to $74,187 (-1.91%) Monday as the broader crypto market nursed losses, with the Fear & Greed Index reading 29 — deep in fear territory. BTC carved a 24-hour range of $73,724 (low) to $76,240 (high) on Binance before settling near the lower bound, down from an open of $75,622. Ethereum traded between $2,252 and $2,350, settling at $2,268 (-2.97%). Total market cap sat at $2.59 trillion, with BTC dominance at 57.4%.
On Binance futures, funding rates are negative across majors: BTC perpetual at -0.0079%, ETH at -0.0043%. Negative funding means shorts are paying longs, signaling bearish conviction compounding spot-side selling pressure. BTC 24-hour volume on Binance: $989M. ETH 24-hour volume: $608M.
The picture contrasts with institutional flows. Bitcoin spot ETFs attracted significant inflows last week — roughly $1 billion — the strongest weekly performance in over three months, suggesting some longer-term investors are using weakness as an entry point.
The macro backdrop remains messy. Iran tensions have eased marginally following the Strait of Hormuz reopening, but the US-Iran ceasefire expires April 22 unless extended — a timeline that could reintroduce supply fears. Federal Reserve Governor Waller speaks Tuesday, and the confirmation hearing for potential new Fed chair Kevin Warsh follows the same day, with Jerome Powell's term expiring May 15.
On the derivatives board, open interest remains elevated at $7.1B for BTC and $4.9B for ETH — large leveraged positions have not yet unwound, leaving the market exposed to further forced liquidations if prices breach key levels.
