Bitcoin’s price is still whipsawing between $10,420 and $9950, as of today. It appears a vast majority of this new investment is pouring into Ethereum, which is enjoying a 7% daily price gain right now and is the best performing crypto-asset in the top 10 cryptos by market cap.

As per the market data, there’s even been a notable uptick in ETH futures trading volume compared to BTC, with ETH accounting for 46% of Huobi’s derivatives volumes compared to just 36% of BTC. This flippening is almost certainly being driven by the DeFi market, which continues to attract a huge amount of attention and investment from the crypto community.

Yfdex.Finance (Yfdex), a new liquidity mining pool, has reportedly exit scammed, making off with up to $20 million of investors’ funds. The decentralized finance (Defi) project convinced people to hand over their life savings following just two days of aggressive marketing on social media, and then disappeared without a trace.

Crypto investor and analyst Cryptowhale on Thursday tweeted about Yfdex’s alleged dramatic plunder, a classic hit, and run. “Another day, another Defi scam!” the analyst ridiculed. “After promoting themselves on Twitter for 2 whole days, Yfdex has taken a total of $20M of Investors funds in their recent exit scam,” he added.

On the other hand, According to the data provided by Intotheblock, 91% of all Bitcoin holders are making money at the current BTC price. It means that over 28 million BTC addresses contain coins purchased below the current price. Meanwhile, the 30-day volatility jumped above 31% from the record low of 15%.

The Panama-based trading platform for cryptocurrency derivatives reported that over 47 contracts for bitcoin options traded in a single day on Monday.

Bitcoin futures are also in demand. Bakkt reported that over 11,700 Bitcoin futures contracts had been traded on Tuesday, which is also the highest number on record.

BTC/USD 4 Hour Chart:

Support: 10118.9 (S1), 9972.7 (S2), 9797.4 (S3).

Resistance: 10440.4 (R1), 10615.7 (R2), 10761.9 (R3).

Amid all the catalysts, the investors prefer short entries on the bitcoin and we expect a bearish trend for BTC/USD.