Bitcoin Faces More Directional Uncertainty, What’s Happening

By: the coin republic|2025/05/08 22:15:02
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Bitcoin bulls recently pulled back after staging a strong comeback since the second week of April. Interestingly, the resurgence of sell pressure highlights the convergence of factors underscoring bearish conditions.For starters, Bitcoin did become overbought according to the RSI towards the end of April. But that’s not all. It entered into a Fibonacci retracement zone in the last week of April, raising the probability of a pullback.Bitcoin price action/ source: TradingViewHowever, price did manage to push above the Fibonacci retracement zone, paving the way for short liquidations. Nevertheless, the cryptocurrency ushered in the weekend with a 2.52% retracement since Friday.Bitcoin Bears Make a Comeback as Short-Term Profit-Taking IntensifiesUnsurprisingly, Bitcoin spot flows switched in favor of outflows in the last 2 days. Over $810 million worth of spot outflows were recorded in the last 2 days, confirming BTC’s pivot. This outcome was further confirmation of bearish momentum building up driven by short term profit-taking.Among the noteworthy observations in the last few days include Bitcoin exchange reserves leveling out. However, it did not indicate a large uptick.Meanwhile, exchange inflows stood at 6,277 BTC at the time of observation, while exchange outflows were lower at 5,448 BTC. A clear sign that exchange inflows were notably higher than outflows, hence confirming more sell pressure than bullish momentum.Bitcoin exchange flows/ source: CryptoQuantThe BTC exchange flows were in alignment with spot flow data. Further investigation revealed that miner reserves also pivoted, meaning a sell pressure from the miner cohort also aided the bears.Miners introduce new BTC supply into the market when they sell their holdings. Interestingly, miner reserves revealed that the same category offloaded a substantial amount of BTC in April. This is likely due to the pressures they faced to maintain the cost of mining operations as BTC prices faced extreme volatility and uncertainty.Bitcoin miner reserves pivoted at the end of April, signaling the return of optimism. However, roughly $2.79 million worth of BTC flowed out of miner reserves in the last 2 days.Bitcoin miner reserves/ source: CryptoQuantThe outflows may reflect the current state of the market. While BTC has recovered substantially, the current market conditions suggested that a cloud of economic uncertainty still hovered above the hopes of a strong recovery. This may be in line with recent comments from BitMEX founder Arthur Hayes, further fueled that uncertainty.Is the U.S Still Planning to Buy Bitcoin Any Time Soon?Hayes has been a vocal Bitcoin proponent in recent times but he recently cast doubt on the prospects of the U.S adding more Bitcoin to its stockpile. According to the BitMEX founder, the probability of the U.S adding heavily buying more coins remains low especially due to the high national debt.He also noted that the asset still has a cultural image that does not exactly the kind of asset class that the U.S government has been linked to. In other words, Hayes did not expect more money printing to support BTC purchases.President Trump’s pro-Bitcoin comments triggered high expectations that the U.S would soon start accumulating BTC. However, the current U.S administration has been heavily occupied with the realities of the economic challenges that emerged due to tariffs.Bitcoin related matters have taken a back seat now that the U.S administration is focusing on more pressing matters. As a consequence, the expectations of robust liquidity inflows from the U.S government have cooled down.While that may be the situation, it is still worth noting that over 25 U.S states have filings aimed at allowing exposure to BTC through public funds. In other words, the ball is still rolling in favor of aggressive institutional inflows further down the road.The post Bitcoin Faces More Directional Uncertainty, What’s Happening appeared first on The Coin Republic.

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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.

The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.


Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.


Simplified Trading Experience: No KYC Required, Opening a Position in Five Steps


Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.


The trading process has been streamlined into five steps:

· Choose the trading asset

· Select long or short

· Input position size and leverage

· Confirm order details

· Confirm and open the position


The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.


Social-Native Trading: Strategy and Execution Completed in the Same Context


Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:

· End-to-end encrypted private groups supporting up to 1024 members

· End-to-end encrypted voice communication

· One-click position sharing

· One-click trade copying


On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.


By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.


Referral Mechanism: Non-institutional users can receive up to 60% fee split


Mixin has also introduced a referral incentive system based on trading behavior:

· Users can join with an invite code

· Up to 60% of trading fees as referral rewards

· Incentive mechanism designed for long-term, sustainable earnings


This model aims to drive user-driven network expansion and organic growth.


Self-Custody Architecture and Built-in Privacy Mechanism


Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:


· Separation of transaction account and asset storage

· User full control over assets

· Platform does not custody user funds

· Built-in privacy mechanisms to reduce data exposure


The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.


A New Path for On-Chain Derivatives


Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.


The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.


Regulatory Background


Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.


This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."


The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.


About Mixin


Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.


Its core capabilities include:

· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations

· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets

· Decentralization: achieving full user control over assets without relying on custodial intermediaries

· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication


Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.


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