According to derivatives data from Deribit and other sources, Bitcoin faced sustained resistance near $80,000 on April 29-30, with market sentiment shifting toward risk avoidance. Futures open interest (OI) declined 2% to $119 billion in 24 hours, while trading volume surged 26% to $208 billion, signaling heavy position unwinding and capital outflows. Exchanges liquidated over $500 million in leveraged positions during the same period, predominantly long positions, reflecting concentrated losses among bullish traders.
BTC and ETH futures OI fell 2% and 1.7% respectively, with most major altcoins showing negative cumulative volume deltas, indicating stronger selling pressure and downside risk. Options data showed protective put prices consistently exceeding call prices, while large holdings of $80K BTC calls created a positive Gamma structure that may have encouraged market makers to sell near resistance, further constraining upside movement.
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