This biweekly quantitative report (March 27 - April 10) comprehensively analyzes cryptocurrency market dynamics and trends through multi-dimensional data analysis. It examines key indicators and contract liquidations for Bitcoin and Ethereum, with particular attention to market correction and structural recovery signs following tariff policy disruptions.

Key Takeaways:

• BTC Led the Recovery, ETH Remained Weak: Over the past two weeks, BTC rebounded sharply to $82,000, drawing capital toward more resilient leading assets. In contrast, ETH experienced a deeper decline and failed to sustain a strong rebound, signaling that overall risk appetite has yet to fully recover.
• Long/Short Ratio Signals Limited Confidence Restoration: BTC’s long/short ratio rose to 1.01 but quickly fell back, remaining below early-April highs, indicating that market confidence remains fragile. ETH’s ratio showed heightened short-term volatility, with bulls unable to maintain control. Overall, sentiment remains cautious, and chasing behavior is limited.
• Open Interest and Liquidation Spikes Amplified Market Volatility: Daily average liquidations over the past two weeks surged to $380 million — a 90% increase from the previous period — reflecting extensive leverage unwinding during the selloff. ETH’s open interest dropped more than 20% and has yet to recover as strongly as BTC’s, indicating more conservative risk positioning.
• On-Chain Data Points to Structural Bottom for BTC: Over 5,124,000 BTC — 25.8% of total supply — are now at a loss, approaching historical local bottom levels. Historically, elevated loss-supply ratios have marked capitulation and early long-term accumulation phases, offering valuable signals for cyclical reversals.
• Volume-Led Recovery Tokens Outperformed, Trading Volume Anomalies Reveal Structural Opportunities: Several small and mid-cap tokens experienced high-volume selloffs followed by rapid rebounds, displaying a “volume-led recovery” pattern. Tokens such as FARTCOIN, ARDR, and GAS achieved rebounds exceeding 50% alongside volume spikes, revealing capital rotation logic during extreme market conditions.

Gate Research
Gate Research is a comprehensive blockchain and crypto research platform, providing readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

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Disclaimer
This content does not constitute an offer, solicitation, or recommendation. You should always seek independent professional advice before making any investment decisions. Please note that Gate.io may restrict or prohibit all or part of its services from certain restricted regions. For more information, please read the User Agreement here: https://www.gate.io/user-agreement.
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.

Gate.io Team
April 11, 2025

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