The Crypto Market Is Being Held Down at the Month’s Low

Bitcoin Stalls Near Range Lows as Solana Extends Downtrend

The crypto market capitalisation has remained close to $2.30T for the second day running, with a wide range of performance among coins: from losers such as Uniswap (−2.7%), Immutable (−2.4%) and BNB (−0.7%) to the leaders Algorand (+20%), IOTA (+6.9%) and Cosmos (+5.3%). Meanwhile, the top five altcoins and BTC have changed in price by less than 1% over the last day.

Bitcoin, at $66.5K, remains near the lower boundary of the range seen since early March, adding around $1K to Thursday’s intraday lows. With US markets closed, cryptocurrencies lack the key benchmark provided by traditional markets amid heightened geopolitical jitters. In such conditions, retail investors are reluctant to take active steps, as has been clear over the past month. We continue to monitor the $66–69K range, a breakout from which would mark the end of consolidation and set the direction for further movement.

Solana has been in a downtrend for over two weeks, despite the market’s overall relative stability. As a result, the fifth-largest coin by market capitalisation (excluding stablecoins) is trading near $80, close to its February lows. It has not traded consistently below these levels since the end of 2023, having lost 70% from its peak at the start of 2025.

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Large holders have shifted from accumulating Bitcoin to selling, and this trend is long-term, according to CryptoQuant. Addresses holding between 1,000 BTC and 10,000 BTC have reduced their holdings by 188,000 BTC over the past year.

At the same time, demand for Bitcoin in the US is falling. The Coinbase Premium Index has turned negative: US investors are no longer driving BTC growth through purchases.

The market is also losing corporate support. Over the past few months, at least seven corporate holders have reduced their reserves by ~22,000 BTC.

Over 40% of all bitcoins were purchased above $80K — this is one of the main obstacles to the growth of the leading cryptocurrency, according to Glassnode. Some of these 8.4 million BTC may be sold by investors either during an upward rebound to recoup some of their money or during a further decline.

Japan’s Metaplanet has increased its holdings to 40,177 BTC at an average purchase price of $104,106, becoming the third-largest Bitcoin treasury by cryptocurrency volume. In the first quarter, Metaplanet acquired 5,075 BTC for $405.5 million.

The US Department of the Treasury has begun implementing the GENIUS Act, passed in 2025. The regulator has issued its first notice and called on market participants to submit comments within 60 days.

by FxPro’s Senior Market Analyst Alex Kuptsikevich