Analyst: Despite short-term fluctuations, the market generally expects Bitcoin to maintain an upward trend in Q2

According to The Block, the Bitcoin options market is showing significant bullish sentiment, with BTC prices stabilizing at $94500 after 76709 options contracts with a nominal value of $7.2 billion expired, up 2% from the previous day's low. The data shows that the number of bullish contracts (43917) far exceeds that of bearish contracts (32793), with a bearish/bullish ratio of 0.73 and the biggest pain point at $86000. Market analysis indicates that bullish contracts are mainly concentrated at exercise prices of $95000 and $100000, reflecting investors' optimistic expectations for the medium to long term trend. Bitfinex analysts say that as the resistance range of $90000 breaks through, the market is shifting its focus towards higher prices, with significant open interest accumulating at exercise prices of $95000 and $100000 for contracts expiring in late April and May. Deribit data shows that traders are extending their positions to contracts expiring on May 30th and June 27th. Analysts believe that the accelerated inflow of funds into spot Bitcoin ETFs this week will be a key factor supporting the price to remain above $90000. Despite short-term fluctuations, the market generally expects Bitcoin to maintain an upward trend in the second quarter of 2025. Whale CryptoQuant monitoring shows that centralized exchanges have experienced the largest BTC withdrawal wave since 2023, with a 100 day moving average withdrawal volume reaching a two-year high. Analysts believe this marks the market entering a re accumulation phase. Glassnode data supports this trend, with its "Accumulated Trend Score" indicating that the buying intensity of large entities has rebounded to the level of December 2024 to January 2025. This indicator tracking shows that in the recent price increase, "whales continue to increase their holdings", effectively buffering the potential volatility caused by option expiration. The implied volatility of Bitcoin slightly decreased on April 25th, reflecting an increased market expectation for price stability.