#加密市场行情震荡 Hacker Month Deals a Heavy Blow to DeFi, BTC Struggles to Hold Its Position Amid Fear, Is There Still a Future for the Crypto Market?

April 25th, the crypto market remains in a state of low volatility and high fear as it consolidates sideways. BTC hovers around $77,656 with narrow fluctuations, contract trading volume plummeted over 20% in a single day, signaling clear deleveraging. Meanwhile, April has become the most severe hacker month since February 2025—KelpDAO ($292 million) and Drift Protocol ($285 million) were attacked successively by North Korea’s Lazarus Group, with total losses exceeding 192837465657483.91T, and DeFi TVL evaporated by $13 billion.
The biggest event this week is the upcoming FOMC meeting on April 28-29, where Powell’s wording will directly influence the short-term market direction.

1. Market Overview
Today’s market is in a torn state of “price support, low sentiment.”
$6 Slight decline of 0.25%, maintaining around $77,656, major altcoins show mixed gains and losses, $BTC and $ETH close slightly higher; but contract trading volume crashed by 20.51%, and the Fear & Greed Index remains at 30 (fear zone), indicating market participants are fully reducing positions ahead of the FOMC. The driving factors are not technical breakouts but macro sentiment suppression combined with a series of DeFi hacking events that hit market confidence, with funds mainly on the sidelines.
Total market cap: approximately $2.57 trillion
24-hour total network trading volume: about $25.7k (down 20.51% from yesterday)

2. BTC Trend Analysis
Current trend is low-volume sideways consolidation, waiting for direction before the FOMC
BTC rebounded nearly 8% from the strong support around $74,000 in early April to the current $77,656, but the rebound momentum has clearly weakened. Trading volume has sharply shrunk (contract volume -20.51%), and open interest continues to decline slightly, indicating the market is actively reducing risk exposure ahead of the FOMC meeting (April 28-29). If Powell signals a hawkish stance, BTC may face pressure to return to the $74,000 range; if dovish, the $80,000 level will become the next target.

3. Market Sentiment Dashboard
Sentiment summary: The market is currently in a typical “fear sideways” phase—prices have not collapsed, but sentiment is deeply pessimistic. Fear Index at 30, Altcoin Season Index at 40, both in the low zone, with large and retail investors both leaning bearish, which is rare. Historical patterns suggest that prolonged fear periods often present medium- to long-term accumulation opportunities, but short-term catalysts like the FOMC and residual effects of DeFi hacks still warrant caution; heavy positions chasing the rally are not advised.

4. Contract Market Analysis and Liquidation Data
Liquidation Data
24-hour total liquidations: $211 million
Longs liquidated: $110 million (about 52.1%) Shorts liquidated: $102 million (about 48.3%)
Number of liquidated traders: 98,518
Today’s liquidation data shows a rare “balanced” feature—longs slightly more than shorts (52% vs 48%), reflecting that the market is in sideways consolidation with mutual friction consuming positions, without obvious directional panic selling.
Total liquidation amount of $211 million increased by 11.4% from the previous day, but the scale remains manageable, with no systemic forced liquidations. Open interest continues to decline slightly along with low trading volume, indicating the market is in a healthy deleveraging stage rather than panic liquidation. The current leverage ratio has fallen to a relatively low level, preparing ammunition for the next rally.