B token is currently in a deleveraging cycle. Weakening market liquidity makes its price highly susceptible to dramatic fluctuations driven by capital movements. In the short term, it is mainly driven by risk aversion sentiment and speculative capital flows, lacking fundamental support, and chasing rallies carries considerable risk. A sudden geopolitical event in mid-April triggered rapid price surges and collapses, highlighting the market's high sensitivity to macro variables. In the medium to long term, persistent institutional inflows and expectations of risk appetite recovery provide a bottom support for B token. It is advised to monitor its stabilization performance within the $0.10~$0.16 range; once market sentiment and liquidity improve, structural opportunities are likely to emerge.

Currently, the market's derivatives open interest has declined significantly to about 80% of last year's low, indicating a marked reduction in overall leverage. Against this backdrop, B token's contract market is also experiencing a deleveraging cycle, with market liquidity appearing somewhat thin. Even small amounts of capital inflows or outflows can trigger pronounced price swings. This characteristic is evident as several single-day movements over 20% have occurred despite daily trading volume not expanding significantly, underscoring the market's high sensitivity to changes in liquidity conditions.

Bitcoin futures open interest has halved from $42 billion in October 2025 to $21 billion, indicating a deep market deleveraging. Current low leverage means even small capital inflows can significantly impact prices. Funding rates have fluctuated sharply between -12% and +7%, showing rapid shifts in market sentiment. Despite ongoing geopolitical tensions, no major liquidations have occurred since early February, reflecting a healthier position structure. Bitcoin awaits a clear directional trend amid heightened market sensitivity.

Analysis: The market has undergone a round of deep deleveraging, and Bitcoin is waiting to choose a direction.

On April 13, B token surged rapidly from a low of $0.162 to $0.184, with a daily gain exceeding 13% and trading volume expanding more than threefold. This indicates that risk aversion sentiment was released as expectations of political tension eased, and limited capital inflow triggered a short covering. In a low-leverage environment, such capital games can catalyze short-term rebounds. However, this phase lacked clear fundamental positives, so caution is needed against chasing excessive rallies.

On April 14, B token hit a low of $0.102, with a single-day drop of over 40% and trading volume surging to 5.4 million tokens—a typical day of high volatility. Previously, Trump’s directive to block the Strait of Hormuz caused oil prices to surge and the US dollar to strengthen, triggering a return of risk aversion sentiment. Meanwhile, major crypto assets experienced negative gamma effects of derivatives near key technical moving averages, which may have intensified price swings. The interplay of these factors accelerated capital withdrawal and forced stop-losses, leading to heavy selling pressure.

Due to Trump's order to blockade the Strait of Hormuz, oil prices surged, US stock futures fell, and the dollar strengthened. This escalation followed failed US-Iran talks in Pakistan, disappointing investors. Elias Haddad from Brown Brothers Harriman noted this will likely reignite risk aversion this week. Investors are also focused on the upcoming Q1 earnings season, seeking corporate leaders' views on rising risks.

Earnings season intertwined with geopolitical crises, market risk aversion reignites.

Bitcoin has surpassed a four-week high, rising above $74,000. Analysts identify $75,000 as a critical "volatility release point," where derivative market negative gamma effects may amplify price fluctuations. This level coincides with Bitcoin's 100-day moving average, a key resistance in January. Breaking $75,000 could accelerate an uptrend, while a pullback may increase downward pressure. The $80,000–$80,600 range is a positive gamma zone with lower volatility, and the 200-day moving average at $87,519 serves as a long-term reference.

Analysis: Bitcoin breaks four-week high, key price range may intensify market volatility

Despite intense short-term volatility, signs of easing geopolitical tensions are increasingly apparent, and institutional as well as compliant fund interest in crypto assets remains robust. Recent net inflows into Bitcoin ETFs on major exchanges and increased holdings by large enterprises reflect long-term allocation intent. For B token, it remains critical to focus on recovery in overall market risk appetite and renewed institutional capital deployment for structural opportunities in the medium and long term. After establishing solid support in the bottom region of volatility, it may provide a trigger for the next trend reversal.

BUILDon

It’s not a given that the European Central Bank’s next move on interest rates will be a hike, according to Governing Council member Martins Kazaks.

Kazaks: Will not oppose bets on two interest rate hikes this year

Waller: Rapid resolution of the Middle East situation may allow for interest rate cuts later this year.

Waller: Overall PCE inflation year-over-year in March may reach 3.5%

The Federal Reserve's Waller expressed caution regarding interest rates, warning of the risks of prolonged warfare.

Fed's Daly: Rates May Remain Unchanged

Daly: The federal funds rate is slightly above the neutral level of 3%.

UBS Expects 50 bps Fed Rate Cuts as Gov Miran Downplays Inflation Risks

Federal Reserve's Daly: On hold regarding interest rates.

Easing tensions in the Middle East combined with rising expectations of interest rate cuts have pushed gold close to $4,900.

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BUILDon Price: B Live Price Today | B Market Cap & Chart Analysis | Bybit-eu

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