Bitcoin hits wall at $80,000 as ETF inflows grow, DeFi hacks mount
Bitcoin is stalling below the $80,000 round-number level as concentrated sell orders cap upside. In Asian trading, BTC briefly pushed above $79,000 before slipping back under $78,000. Over the past 24 hours, Bitcoin fell about 0.4%, while Ether (ETH) dropped 0.6%, XRP lost 0.8%, and Solana (SOL) slid more than 1%. Broader crypto benchmarks also weakened.
Market analyst Alex Kuptsikevich (FxPro) says the $80,000 zone is acting as a near-term ceiling. Still, he argues the pullback looks temporary and consistent with a broader uptrend that started in late March.
On-chain and flows data support that view for Bitcoin. CryptoQuant reports Binance recorded net stablecoin inflows of roughly $3.4 billion so far this month (after about $3 billion in March). Separate data shows U.S. spot Bitcoin ETFs pulled in about $2.44 billion in investor money in April, the most since October, when BTC reached record highs above $126,000.
However, risk sentiment is being pressured by recurring DeFi security failures. In April, DeFi protocols have lost an estimated $623 million to hacks, and cumulative losses since inception are about $7.72 billion (per Memento Research and DeFiLlama). The article also cites an exploit of the SUI-based lending platform Scallop that reportedly cost about 150,000 SUI (~$142,000), adding to major incidents like Drift and KelpDAO.
Overall, Bitcoin faces near-term resistance at $80,000, but fresh ETF and stablecoin liquidity could support another attempt higher once sellers thin.
Neutral
The news is mixed for traders. On the bullish side, Bitcoin is supported by strong demand signals: large stablecoin inflows (via Binance) and sizeable April spot Bitcoin ETF purchases (about $2.44B). These flows often provide “dry powder” for a renewed breakout attempt once near-term resistance clears.
But the immediate tape is clearly bearish/limiting at the $80,000 level. Concentrated sell orders repeatedly capped BTC after it briefly traded above $79,000, suggesting supply remains heavy. At the same time, DeFi hack losses in April (estimated $623M) and a new exploit tied to SUI (Scallop) reinforce structural risk and can dampen risk-on behavior, which typically restrains broad crypto rallies.
Historically, similar “range-and-rotate” setups—where ETF/stablecoin inflows are strong but price repeatedly rejects a round number—often lead to either (1) a consolidation break above resistance when liquidity arrives, or (2) another dip if macro/liquidity tightens or security headlines intensify. Expect near-term volatility around $78k–$80k for Bitcoin, with medium-term bias leaning upward if ETF inflows persist and DeFi risk headlines cool.