「BFF」 on the Rise? $2,400 ETH Trimmed at the Right Time to Maintain a Safe Distance from the Liquidation Level

On April 23rd, CryptoQuant data shows long-term Bitcoin holders have accumulated 303,000 BTC over the past 30 days, while short-term holders have sold off 290,000 BTC. This suggests Bitcoin is now in an accumulation phase, as supply is shifting to stronger hands.

April 23 data shows Ethereum (ETH) perpetual futures have seen a sharp jump in buying pressure. On Binance, ETH’s 24-hour net taker volume hit $5.5 billion—up 72% from $3.2 billion at the start of the month, and marking a new 30-day average high since July 2022. Analysts note sustained active buying suggests buyers have strong conviction at current price levels. From a price structure standpoint, ETH is testing key resistance at $2,400—a level it’s touched three times since Feb 6. A decisive break above this threshold would open the door to the $2,475–$2,634 range, where a daily Fair Value Gap (FVG) formed during February’s sell-off is viewed as a liquidity cluster. ETH is also trying to reclaim its 100-day Exponential Moving Average (EMA), a level typically linked to trend continuation phases. Its 200-day EMA is slowly rising to ~$2,634—aligning with that liquidity gap. Derivatives data: Futures’ Cumulative Volume Delta (CVD) has climbed to ~$12.6 billion, while funding rates

April 23rd — Per Onchainlens monitoring, whale address @0x58bro has deposited 3,811 ETH (roughly $9.03 million) into Binance. The whale now holds just 0.5 ETH on-chain. Additionally, the whale still maintains short positions on ETH (25x leverage) and BTC (40x leverage), with total profits of approximately $33 million on HyperLiquid.

April 23rd — Per LookOnChain monitoring, a crypto whale sold 10,829 ETH three days ago at $2,300 apiece, totaling roughly $24.91 million. One hour ago, the same whale repurchased 7,448 ETH at $2,350 each, valued at around $17.5 million. Following this swing trade, the whale has a net sell of 3,381 ETH.

On April 23, analyst @Murphychen888 noted in a social media post that on-chain data shows Bitcoin perpetual futures open interest (OI) has rebounded to a recent high of ~472,000 BTC—signaling renewed leverage accumulation in the market. At the same time, shorts continue to dominate active trading, keeping perpetual contracts in a prolonged spot discount. During yesterday’s peak hours, shorts paid an average hourly funding rate of over $600,000—far above the 7-day average of $197,000—sharply raising their position-holding costs. The analysis highlights that high OI combined with persistent negative funding rates could spark a short squeeze during a market rebound, acting as fuel for upward price momentum. Historical data shows two phase rebounds followed the 7-day average long/short ratio turning negative on March 9 and April 13. Unlike the rapid retracement from the $97,000 resistance level in January, the current market structure points to a more complex short-term outlook. S

April 23rd: HashKey Group has announced a strategic partnership with Japanese listed firm ANAP Holdings. The two will jointly expand their Bitcoin reserve and institutional asset management businesses in the Japanese market. This collaboration aims to leverage both parties’ strengths in compliance, technology, and regional resources to advance institutional-grade cryptocurrency services in Japan. Further details on the partnership and business plans will be released at a later date.