Bitcoin is currently trading at $77,985.29, struggling to break through the $80,000 barrier due to significant selling pressure. Despite fresh stablecoin liquidity and growing demand for ETFs, the cryptocurrency has been unable to sustain a move above $79,000.
Over the past 24 hours, bitcoin has declined by approximately 0.4%, with other major cryptocurrencies such as Ether and XRP also experiencing losses. According to Alex Kuptsikevich, chief market analyst at FxPro, the $80,000 level is acting as a near-term ceiling due to concentrated sell orders. However, Kuptsikevich believes the pullback is temporary and consistent with the broader uptrend that began in late March.
On-chain data and ETF flows support this view, with Binance recording a net inflow of roughly $3.4 billion in stablecoins this month. Institutional demand also remains strong, with U.S.-listed spot bitcoin ETFs attracting $2.44 billion in investor money this month. Nevertheless, security risks in decentralized finance (DeFi) continue to weigh on market sentiment, with several high-profile exploits occurring in recent weeks. The total losses from DeFi-related exploits have climbed to roughly $7.72 billion, highlighting a persistent structural risk for the sector.