Livia Jurgensmeyer

Nakamoto, a Nasdaq-listed company, has announced the initiation of a Bitcoin derivatives program. According to Foresight News, the company plans to place a portion of its Bitcoin holdings in Kraken's compliant custody solution as collateral for its derivatives strategy. Bitwise will manage these assets in a separately managed account (SMA), employing covered call and call spread strategies to generate consistent premium income. Additionally, protective put and put spread strategies will be used to hedge against market value fluctuations due to potential declines in Bitcoin prices.

Key Takeaways
Bitcoin is up 14.3% in April, on track for its best monthly performance since November 2024 and narrowly beating April 2025's 14.1% gain, per CoinGlass and TradingViewUS spot Bitcoin ETFs absorbed nearly 19,000 BTC over the past five days -- nine times the new supply mined in the same period, according to Bitwise's Andre DragoschBitcoin is trading just below $80,000, approximately $20,000 above its February macro lowsTraders warn that $80,000 remains a critical high-timeframe resistance zone that bulls must clear to confirm a structural trend reversalImmediate downside supports are identified at $72,000 and $65,000
Bitcoin is on course to post its strongest monthly performance in nearly 18 months, with a 14.3% April gain putting the asset just below $80,000 and within striking distance of cementing its most bullish month since November 2024.
Data from TradingView and CoinGlass confirms the current monthly return narrowly edges out April 2025's 14.1% gain, marking a remarkable turnaround for an asset that was trading around $60,000 at its February macro lows amid geopolitical and macroeconomic uncertainty. If Bitcoin closes April at current levels, it will seal the comparison with November 2024 -- the month that followed the US presidential election and preceded Bitcoin's run toward all-time highs.

Institutional Demand Accelerating
The April recovery has coincided with a meaningful return of institutional capital to the crypto space. US spot Bitcoin ETFs absorbed nearly 19,000 BTC over the past five trading days alone, a figure that Andre Dragosch, European research head at Bitwise, placed in sharp context. "That's 9x times the new supply in that period," Dragosch noted on X. "Institutional demand for Bitcoin is clearly accelerating."
The ETF absorption rate relative to new supply underscores a structural dynamic that analysts have flagged as a potential price catalyst: if institutional buying continues to outpace miner issuance by a significant multiple, available sell-side supply tightens materially -- a condition that historically precedes sustained price appreciation.

US equities have also hit new all-time highs this month, providing a supportive macro backdrop as risk appetite returns across asset classes.
$80,000 Is the Line in the Sand
Despite the strong monthly performance, traders are keeping expectations measured heading into the final week of April. The $80,000 level represents a critical high-timeframe resistance cluster that bulls have yet to convincingly clear.
"Bitcoin has been in an uptrend during April. But it is coming up to some important high timeframe levels. Especially above the $80,000 area is where the bulls would need to push through to turn this around on the high timeframe," trader Daan Crypto Trades said Thursday.

On the downside, Daan identified the $72,000 region as immediate support, with $65,000 as the next significant floor below that -- levels that would need to hold for the April recovery narrative to remain intact through the monthly close.
With one week remaining in April, Bitcoin's ability to push through $80,000 and hold it will determine whether this month's gains represent a genuine trend reversal or another relief rally within a broader bear market structure that, by historical cycle standards, analysts suggest may still have further to run.