Bitcoin price stayed stuck below $80,000 as CME FedWatch showed markets fully expecting the Fed to keep rates at 350-375 basis points.
Bitcoin is still struggling to break through the $80,000 level. The largest cryptocurrency by market cap traded around $77,031 on Wednesday morning, April 29, according to CoinGecko, leaving it stuck in the same tight range it has been fighting for days.
The market also got another policy headline to chew on. A senior White House crypto adviser, Patrick Witt, said at Bitcoin 2026 in Las Vegas that a “big announcement” on the U.S. Strategic Bitcoin Reserve could come in the next few weeks, though he did not give details.
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The Bitcoin reserve itself was effectively created by a March 2025 executive order, but since then, traders have seen little follow-through on what the reserve will actually look like in practice.
The timing is also awkward for risk assets. The Federal Reserve is due to announce its rate decision later today and CME FedWatch shows a 100% probability that policymakers will keep the target range unchanged at 3.5% to 3.75%.
ETF Flows Look Less One-Way Now
The ETF story is also less clean than it was a few days ago. Data from SoSoValue shows that spot Bitcoin ETFs saw $89.6 million in net outflows on April 28, the second straight negative session after last week’s inflow run.
As usual, BlackRock’s IBIT saw the largest single-day outflow at $112 million, while Ark Invest and 21Shares’ ARKB had the largest single-day inflow at $41.2 million.
Bitfinex analysts noted in a recent research note that the latest Bitcoin move “is more consistent with absorption than expansion.”
Futures Traders Are Still in Control
The same split is showing up in derivatives data. CryptoQuant founder Ki Young Ju pointed out in an X post that Bitcoin is “currently futures-driven,” with open interest rising while on-chain demand is still weak.
“Open interest is rising, but on-chain apparent demand remains net negative despite ETF inflows and Saylor buys,” he said, adding that “historically, bear markets end when both spot and futures demand recover.”
CoinGlass data shows more than $218 million in total crypto liquidations over the past 24 hours, with $115 million from shorts and $103 million from longs. Bitcoin accounted for the largest share, with about $65 million in liquidations.
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