Decentral Block Post

VanEck’s head of research has pitched a new type of US Treasury bond partially backed by Bitcoin to help refinance $14 trillion in US debt.

Matthew Sigel pitched the concept of “BitBonds” — US Treasury bonds with exposure to Bitcoin (BTC) — at the Strategic Bitcoin Reserve Summit 2025 on April 15.

The new 10-year bonds would be composed of 90% traditional debt and 10% BTC exposure, Sigel said, appealing to both the Treasury and global investors.

Even in a scenario where Bitcoin “goes to zero,” BitBonds would allow the US to save money to refinance an estimated $14 trillion of debt that will mature in the next three years, he said.

Bitcoin to boost investor demand for T-bonds

“Interest rates are relatively high versus history. The Treasury must maintain continued investor demand for bonds, so they have to entice buyers,” Sigel said during the virtual event.

A Bitcoin Policy Institute (BPI) executive floated a $1 million Bitcoin price scenario if the United States were to buy 1 million BTC. 

In a Bitcoin Magazine podcast, Zach Shapiro, the head of policy for the Bitcoin-focused BPI think tank, said that a 1 million Bitcoin (BTC) purchase by the US would have a massive impact on the price of the asset. 

“If the United States announces that we are buying a million Bitcoin, that’s just a global seismic shock. [...] I think first, Bitcoin price goes through the roof,” Shapiro said. “I think we’d probably go very quickly to something like a million dollars per Bitcoin.”   

The discussion followed US President Donald Trump’s March 7 executive order establishing a Strategic Bitcoin Reserve and a Digital Asset Stockpile.

A “Bitcoin superpower” should hold more Bitcoin 

BPI executive director Matthew Pines said that other nations are watching how the US positions itself with Bitcoin before formulating their own strategies.

A monthly market review by publicly traded US-based crypto exchange Coinbase shows that while the crypto market has contracted, it appears to be gearing up for a better quarter.

According to Coinbase’s April 15 monthly outlook for institutional investors, the altcoin market cap shrank by 41% from its December 2024 highs of $1.6 trillion to $950 billion by mid-April. BTC Tools data shows that this metric touched a low of $906.9 billion on April 9 and stood at $976.9 billion at the time of writing.

Venture capital funding to crypto projects has reportedly decreased by 50%–60% from 2021–22. In the report, Coinbase’s global head of research, David Duong, highlighted that a new crypto winter may be upon us.

“Several converging signals may be pointing to the start of a new ‘crypto winter’ as some extreme negative sentiment has set in due to the onset of global tariffs and the potential for further escalations,” he said.

Related: How trade wars impact stocks and crypto

Italy’s minister of economy and finance warned that US stablecoin policies are more concerning than President Donald Trump’s tariffs, citing the potential for these crypto assets to undermine the euro’s dominance in cross-border payments.

Speaking at an event in Milan, Giancarlo Giorgetti said that while trade tariffs dominate headlines, new US policies on dollar-backed stablecoins present an “even more dangerous” threat to European financial stability, according to a Reuters report.

US stablecoins allow users to invest in a widely accepted method for cross-border payments without opening a US bank account, Giorgetti said. He warned that the growing appeal of US stablecoins to Europeans should not be underestimated. 

Giorgetti urged European Union lawmakers to take more steps to boost the euro’s position as an international currency. He added that the digital euro under development by the European Central Bank (ECB) will be essential to minimize the need for Europeans to resort to foreign solutions. 

US lawmakers advance stablecoin bills

Presently, stablecoin regulation in the US remains fragmented. Instead of a unified framework, multiple agencies apply existing laws to regulate stablecoins. However, lawmakers are working to implement changes, with several pieces of stablecoin legislation progressing. 

Seychelles-based cryptocurrency exchange OKX announced that it is reentering the US market.

According to an April 16 blog post, OKX will return to the United States market along with the appointment of former Barclays director Roshan Robert as its US CEO. Robert said in the post:

“Today, I’m thrilled to announce the launch of OKX’s centralized crypto exchange and OKX Wallet in the United States, alongside the establishment of our regional headquarters in San Jose, California.“

All existing Okcoin users will be migrated to the new platform, which Robert said will lead to a better overall experience. The promised improvements include deeper liquidity, lower fees and advanced trading tools.

Source: OKX

Related: Standard Chartered and OKX pilot crypto, tokenized fund collaterals

Update April 16, 10:50 am UTC: This article has been updated to clarify the relationship between Astar and Soneium.

Astar, a Japanese Web3 adoption collective bridging Astar Network and Soneium, said it has slashed Soneium’s blockchain finality time by over 98%, as it aims to solve one of the biggest challenges in blockchain scalability.

Astar announced a strategic partnership with AltLayer and EigenLayer, to launch a “Fast Finality Layer” for Soneium, a Layer-2 (L2) blockchain network developed by Sony Block Solutions Labs.

In blockchain settlement, finality is the assurance that a transaction is irreversible, which happens after it is added to a block on the blockchain ledger.

The new finality layer provides a crypto-economic security guarantee through a decentralized network of validators to reduce the reliance on centralized sequencers and enable more secure crosschain interactions.

Bitcoin (BTC) faces an uphill struggle as a safe haven in 2025 as gold fund inflows circle $80 billion.

Data from Bank of America (BoA) uploaded to X by trading resource The Kobeissi Letter on April 15 confirms gold’s “best streak” since 2013.

Gold beats records as Bitcoin ETFs slump

As the US trade war sees investors flee to gold, Bitcoin has lost the limelight as a hedge against macroeconomic volatility.

BoA figures show inflows to gold funds beating records, with data from Cointelegraph Markets Pro and TradingView capturing new all-time highs for XAU/USD near $3,300 per ounce on April 16.

“Gold fund net inflows have hit a record $80 BILLION year-to-date. This is 2 TIMES more than the previous high set in the full year 2020,” Kobeissi noted. 

Bitcoin could be heading into another extended consolidation phase, with short-term indicators suggesting a more bearish outlook, contrary to the broader crypto community’s view, according to the head of research at 10x Research.

While many crypto analysts predict new Bitcoin (BTC) all-time highs by June, Markus Thielen said in an April 14 markets report that he is skeptical, pointing out that onchain data signals “more of a bear market environment than a bullish one.”

Short-term indicators signal potential market top

Thielen said the Bitcoin stochastic oscillator — which compares a particular closing price to a range of prices over a specific period to determine momentum — shows patterns “more typical of a market top or late-cycle phase rather than the early stages of a new bull run.”

Bitcoin is trading at $83,810 at the time of publication. Source: CoinMarketCap

“As a result, short-term signals are not aligning with longer-term indicators, highlighting the disconnect in the market outlook,” Thielen said.

Chipmaking giants Nvidia and AMD have seen their share prices slide in after-hours trading after Nvidia said US restrictions on artificial intelligence chips to China would cause it to face major costs.

Nvidia stated in an April 15 regulatory filing that it is expecting around $5.5 billion in charges associated with its AI chip inventory due to significant export restrictions imposed by the US government affecting the company’s business with China. 

Nvidia said that the US government informed it on April 9 that export licenses are now required for its popular H20 integrated circuits and any chips with similar bandwidth capacity.

“First quarter results are expected to include up to approximately $5.5 billion of charges associated with H20 products for inventory, purchase commitments, and related reserves.”

The restrictions specifically mention China, Hong Kong and Macau, and the government indicated that the license requirement “addresses the risk that the covered products may be used in, or diverted to, a supercomputer in China.” 

The H20 is the most advanced AI chip Nvidia can export to China under previous export rules. Government officials have been calling for stronger export controls on the chip, which was reportedly used to train models from China-based AI startup DeepSeek. 

Brazilian fintech firm Meliuz has floated a plan to expand its Bitcoin holdings and make the cryptocurrency a strategic asset on the company’s books.

Meliuz, which provides cashback and financial technology services, is taking the plan to make Bitcoin (BTC) the primary strategic asset in the firm’s treasury to shareholders in a meeting slated for May 6, according to a translated April 14 statement.

The company said its core business will remain unchanged, but “the generation of cash from operations is fundamental to the strategy of acquiring more Bitcoin over time.” 

If shareholders approve the measure, Bitcoin will be adopted as the firm’s main strategic treasury asset, but it will also look to foster “the incremental generation of Bitcoin for its shareholders, whether through the generation of operating cash or through possible financial transactions and strategic initiatives.” 

Shareholders who disagree with the new direction and held their shares before April 14 can request reimbursement. 

Local governments in China are reportedly seeking ways to offload seized crypto while facing challenges due to the country’s ban on crypto trading and exchanges.

The lack of rules around how authorities should handle seized crypto has spawned “inconsistent and opaque approaches” that some fear could foster corruption, lawyers told Reuters for an April 16 report.

Chinese local governments are using private companies to sell seized cryptocurrencies in offshore markets in exchange for cash to replenish public coffers, Reuters reported, citing transaction and court documents. 

The local governments reportedly held approximately 15,000 Bitcoin (BTC) worth $1.4 billion at the end of 2023, and the sales have been a significant source of income.

China holds an estimated 194,000 BTC worth approximately $16 billion and is the second largest nation Bitcoin holder behind the US, according to Bitbo. 

Developers behind the Ethereum layer 2 Aztec Network have launched a whistleblowing platform called StealthNote that allows workers to vent about their employer without revealing themselves.

StealthNote uses zero-knowledge proofs to prove that posts on its platform are written by someone with access to an email address of the company that they’re reviewing.

Aztec Labs developer Saleel Pichen wrote in an April 14 X post that StealthNote creates a zero-knowledge proof of a Google JSON Web Token, which is used to authenticate users and allows the platform to prove a poster owns “an email from a company domain without revealing any personal info.”

Two of the latest posts on StealthNote from personnel at Aztec Labs and Cornell University. Source: StealthNote.xyz

According to Aztec’s documentation, the privacy solution had been in development since at least Oct. 22, while the first test post from Aztec occurred about three months ago.

Healthcare technology firm Semler Scientific has reported paper losses on its Bitcoin holdings over the first quarter of this year as the cryptocurrency saw a heavy correction. 

The firm reported a preliminary unrealized loss from the change in fair value of Bitcoin holdings of approximately $41.8 million since Dec. 31, according to a filing with the Securities and Exchange Commission on April 15.

Semler declared holdings of 3,182 Bitcoin (BTC) valued at around $263.5 million as of March 31. During the three-month period, BTC prices fell 12% from $93,500 at the beginning of January to $82,350 by the end of March. The full correction from its all-time high to the low below $75,000 on April 7 stands at 32%. 

Semler reported expected revenues of $8.8 to $8.9 million and operational losses of $1.3 to $1.5 million for the period. It held cash and cash equivalents of approximately $10 million as of March 31.

In November, Semler Scientific CEO Doug Murphy-Chutorian said, “We remain laser-focused on acquiring and holding Bitcoin while supporting innovation and growth in our healthcare business.” 

Bullish sentiment could be returning to Bitcoin as a key metric from Binance, the largest crypto exchange by trading volume, shows that buyers are starting to dominate the platform’s volumes.

The Binance Taker Buy Sell Ratio, which calculates the ratio of buyers to sellers of Bitcoin (BTC) in Binance, “has returned to neutral territory,” CryptoQuant contributor DarkFost said in an April 15 note.

Bitcoin’s bullish momentum is “picking up again”

The ratio currently stands at 1.008. When the ratio is higher than 1, buyers — usually a bullish sentiment indicator — dominate volumes, conversely, a ratio below 1 indicates that sellers, or bearish sentiment, are dominating.

Bitcoin is trading at $83,810 at the time of publication. Source: CoinMarketCap

Bitcoin is trading at $83,810 at the time of publication, down 1.47% over the past seven days, according to CoinMarketCap data.

The X account of UK member of Parliament and Leader of the House of Commons, Lucy Powell, was hacked to promote a scam crypto token.

In a series of now-deleted posts on April 15, Powell’s X account shared links to a token called the House of Commons Coin (HOC), describing it as “a community driven digital currency.”

Source: Daniel Green

A member of Powell’s staff confirmed to the BBC that the account had been hacked and that “steps were taken quickly to secure the account and remove misleading posts.”

DEX Screener shows the HOC token saw limited interest from would-be investors, achieving a peak market cap of just over $24,000 shortly after the posts from Powell’s account.

Fresh from successfully convincing game retailer GameStop to add Bitcoin to its balance sheet, Strive Asset Management CEO Matt Cole has now set his sights on fintech firm Intuit to do the same.

Cole said in an April 14 open letter to Intuit CEO Sasan Goodarzi that Intuit’s growth is admirable, but Bitcoin (BTC) is the best way to ensure the company’s long-term success and hedge against any potential disruption caused by artificial intelligence.

Intuit’s flagship products are its tax preparation app TurboTax and the small business accounting software Quickbooks. The company laid off 10% of its staff in July to pursue its AI endeavors, but Cole said the firm needs an additional hedge because TurboTax is at risk of being automated away by AI. 

“While we appreciate Intuit’s own investments and internal implementation of AI, we believe an additional hedge is warranted, and that a Bitcoin war chest is the best option available,” Cole said. 

An excerpt from Matt Cole’s letter urging Intuit to consider adding Bitcoin to its balance sheets, among other suggestions. Source: Strive Asset Management 

Mantra CEO John Mullin said he is planning to burn all of his team’s tokens in order to win back the trust of the network’s community following the sudden collapse of the Mantra (OM) token on April 13.

“I’m planning to burn all of my team tokens and when we turn it around the community and investors can decide if I have earned it back,” Mullin posted to X on April 16.

Mantra set aside 300 million OM, 16.88% of the token’s nearly 1.78 billion total supply, for its team and core contributors. They are currently locked and were scheduled to be released in stages between April 2027 and October 2029, according to an April 8 blog post.

The team’s tokens are worth around $236 million, with OM currently trading around 78 cents but were worth around $1.89 billion before the token sank on April 13, going from around $6.30 to a low of 52 cents and wiping over $5.5 billion in value, according to CoinGecko.

Source: JP Mullin

A hacker compromised a ZKsync admin account on April 15, minting $5 million worth of unclaimed airdrop tokens, according to a statement from the official ZKsync X account. The attack was described as isolated, with no user funds affected.

Following an investigation, ZKsync detailed the incident on April 15, disclosing that the compromised account had administrative control over three airdrop distribution contracts. The attacker exploited a function called sweepUnclaimed() to mint 111 million unclaimed ZK tokens, increasing the total token supply by 0.45%. As of the latest update, the attacker still held control of most of the stolen funds.

Source: ZKsync

ZKsync is coordinating recovery efforts with the Security Alliance (SEAL). According to the protocol, its governance and token contracts are unaffected. The company stated that no further exploits are possible via the “sweepUnclaimed()” vector.

ZKsync is an Ethereum layer-2 protocol that processes main-layer transactions in batches using a technology called zero-knowledge rollups. The ZKsync Era platform has $57.3 million in total value locked as of April 15, according to DefiLlama. ZKsync had been in the process of airdropping 17.5% of its token supply to ecosystem participants.

CleanSpark will start selling a portion of the Bitcoin earned from its mining operations each month in a bid to become financially self-sufficient, the US Bitcoin miner said on April 15. 

In addition, CleanSpark secured a $200 million credit facility backed by Bitcoin (BTC) through an agreement with Coinbase Prime, the institutional brokerage division of the crypto exchange, according to a statement.

Together, the Bitcoin sales and credit line mean CleanSpark has “achieved escape velocity — the ability to self-fund operations, augment our bitcoin treasury, and contribute to expansion capital through operational cash flow,” Zach Bradford, CEO of CleanSpark, said. 

CleanSpark has opened an institutional Bitcoin trading desk to facilitate the cryptocurrency sales, it added. 

Crypto mining stocks are down sharply in 2025. Source: Morningstar

Spot Bitcoin (BTC) exchange-traded funds saw a total of $872 million in net outflows between April 3 and April 10, causing traders to wonder if overall interest in Bitcoin is fading. The strong selling pressure began on April 3, as global trade tensions increased and fears of an economic recession grew. This trend is especially concerning after two days of spot Bitcoin ETF net flows below $2 million on April 11 and April 14.

Spot Bitcoin ETFs aggregate net flows, USD. Source: CoinGlass

Bitcoin’s price has remained relatively stable near $83,000 for the past five weeks, which further suggests weak interest from both buyers and sellers. On one hand, this lack of volatility could show that Bitcoin is becoming a more mature asset class. For example, several S&P 500 companies have dropped 40% or more from their all-time highs, while Bitcoin’s largest drawdown in 2025 was a healthier 32%.

However, Bitcoin’s performance has disappointed those who believed in the “digital gold” narrative. Gold has gained 23% so far in 2025, reaching an all-time high of $3,245 on April 11. Even though Bitcoin outperformed the S&P 500 by 4% over the past 30 days, some investors worry that its appeal is fading, as it is currently uncorrelated with other assets and not acting as a reliable store of value.

Average Bitcoin ETF volume surpasses $2 billion per day

When looking at the spot Bitcoin ETF market—especially compared to gold—Bitcoin has some advantages. On April 14, spot Bitcoin ETFs had a combined trading volume of $2.24 billion, which is 18% below the 30-day average of $2.75 billion. So, it would not be accurate to say that investor interest in these products has disappeared.

Blockchain infrastructure provider Figment has been selected as the staking provider for 3iQ’s newly approved Solana exchange-traded fund (ETF), underscoring Canada’s continued efforts toward adoption of digital asset financial products.

Figment will enable institutional staking for the 3iQ Solana (SOL) Staking ETF, which launches on the Toronto Stock Exchange on April 16 under the ticker SOLQ, the companies said in a statement. In addition to 3iQ, Figment provides staking infrastructure solutions to more than 700 clients. 

The Ontario Securities Commission (OSC), a provincial regulator, green-lighted 3iQ’s SOL fund on April 14. The approval was also extended to other fund managers seeking to offer SOL ETFs, including Purpose, Evolve and CI.

As Bloomberg ETF analyst Eric Balchunas reported at the time, the funds are permitted to stake a portion of their SOL holdings through TD Bank, Canada’s second-largest financial institution by assets. 

Source: Eric Balchunas

Large language model developer OpenAI is reportedly working on a new social media network, putting the company on a collision course with Elon Musk’s X and Mark Zuckerberg’s Meta Platforms.

Citing anonymous sources, The Verge reported on April 15 that OpenAI is developing an “X-like social network” that combines ChatGPT’s image generation tools and a social feed, presumably to allow users to share their AI-generated pictures with a broader audience. 

It’s unclear whether OpenAI will spin out a new social media platform or roll the features into ChatGPT, the sources said.

OpenAI has become one of the most powerful technology companies in the world following the overwhelming success of its ChatGPT models. Its first-mover advantage in the AI race allowed it to raise $40 billion at a $300 billion valuation in a funding deal that was spearheaded by SoftBank Group.

ChatGPT has 400 million weekly active users as of February 2025 — up from 50 million at the beginning of 2023. Source: Demandsage 

On April 6, Bitcoin price formed a death cross on a daily chart — a technical pattern where the 50-day moving average (MA) falls below the 200-day MA. Historically associated with trend reversals and long bearish trading periods, this ominous signal has sometimes preceded major market drawdowns.

The latest death cross comes amid growing macroeconomic uncertainty. Equities are reeling from what appears to be the early stages of a tariff war, volatility is rising, and fear continues to dominate investor sentiment. For some investors, Bitcoin’s death cross could be the final blow to hopes of a near-term rally. Early signs of capitulation from short-term holders may already be emerging.

Still, not everyone sees doom ahead.

Bitcoin death crosses history

By definition, a death cross confirms the end of a bullish phase. When the 50-day MA drops below the 200-day MA, it suggests recent price action has weakened relative to the longer-term trend. Its counterpart, the golden cross, occurs when the opposite happens — often heralding a new rally.

Since its inception, Bitcoin has experienced 10 such death crosses, with the 11th unfolding right now. Analyzing their dates and durations gives a major insight: every bear market included a death cross, but not every death cross has led to a bear market. This distinction is key to understanding the current setup.

US President Donald Trump is venturing deeper into the world of digital assets, with a new project blending gaming and cryptocurrency elements, Fortune reported, citing sources familiar with the project.

The project, set to launch in late April, will resemble MONOPOLY GO!, a mobile game where players travel around a board and earn money for constructing buildings in a digital city, according to the report.

Bill Zanker, a member of Trump’s circle and part of the team that helped launch Trump’s memecoin and various NFT collections, is behind the game, Fortune cited the sources as saying. A spokesperson for Zanker denied any similarity to Monopoly, while confirming that Zanker is working on a game, according to the report.

The Monopoly board game is owned by Hasbro, a company that acquired Parker Brothers, its original publisher, in 1991. Zanker reached out to Hasbro in May 2024 to seek a license for a Trump-branded Monopoly game, according to the sources, who requested anonymity due to the ongoing nature of business dealings.

Zanker declined Fortune's requests for an interview.

The total-value-locked (TVL) on Mantra’s RWA blockchain protocol reached a yearly high despite OM’s 90% price crash.

Mantra TVL surges 500% following OM’s crash

As of April 15, Mantra’s TVL (in OM terms) jumped to 4.21 million OM (~$3.24 million), an increase of over 500% from two days prior, according to data resource DefiLlama.

Mantra’s cumulative TVL chart. Source: DefiLlama.

Interestingly, the TVL rise accompanied a dramatic collapse in OM prices, which plunged over 90% during the weekend. The Mantra team attributed the sell-off to “reckless forced liquidations” initiated by centralized exchanges.

A rising TVL typically indicates that users are locking more tokens into a protocol’s smart contracts via staking, liquidity pools, lending, or farming for yield or network participation.

After consecutive drawdowns of 17.39% and 2.3% in February and March, Bitcoin’s (BTC) Q2 is shaping up nicely, with a return of 3.77% in April. While fresh yearly lows were formed at $74,500, BTC is currently closer to $90,000 than its new range bottom. 

Bitcoin 1-day chart. Source: Cointelegraph/TradingView

Bitcoin’s higher time frame (HTF) market structure has achieved its first breakout of 2025, fueling optimism among bulls for significant upward momentum. However, the following factors could limit BTC’s gains over the next two weeks, likely capping its price at around $90,000.

Related: Can 3-month Bitcoin RSI highs counter bearish BTC price 'seasonality?'

Bitcoin needs spot volume, not just leverage-driven

Cointelegraph identified a cooldown period in the futures market as the BTC-USDT futures leverage ratio dropped by 50%. De-leveraging in the futures market is a positive development over the long term, but derivatives traders have taken control of the market at the time as well.

Bitcoin miner Bitdeer is reportedly expanding its self-mining operations and investing in United States-based production as looming trade wars rock global supply chains and cryptocurrency markets. 

Bitdeer has begun prioritizing mining Bitcoin (BTC) itself in response to cooling demand for its mining hardware from other miners, Bloomberg reported on April 15.

“Our plan going forward is to prioritize our own self-mining,” Jeff LaBerge, Bitdeer’s head of capital markets and strategic initiatives, reportedly said. 

Additionally, Bitdeer plans to scale US hardware manufacturing in the second half of the year as US President Donald Trump touts plans to penalize foreign imports and promote domestic manufacturing, Bloomberg said.

“This is something we’ve been planning for a long time,” LaBerge said about the manufacturing plans. “We want to bring jobs and manufacturing back to America.”

Synthetic stablecoin developer Ethena Labs is winding down its German operations less than a month after regulators identified “deficiencies” in its dollar-pegged USDe (USDE) stablecoin, signaling heightened scrutiny around crypto assets in Europe’s largest economy.

Ethena Labs reached an agreement with Germany’s Federal Financial Supervisory Authority, also known as BaFin, to cease all operations of its local subsidiary, Ethena GmbH, according to an April 15 announcement.

Source: Ethena Labs

As such, Ethena Labs “will no longer be pursuing MiCAR authorization in Germany,” the company said, referring to the Markets in Crypto-Assets Regulation.

The company reiterated that Ethena’s German subsidiary has not conducted any mint or redeem activity for USDe since March 21, the day BaFin halted the stablecoin’s activities. As Cointelegraph reported at the time, the German regulator identified compliance failures and potential securities law violations tied to USDe.

Opinion by: Blake Cassidy, CEO of Bamboo

Crypto podcasts have been newcomers’ go-to source of information, helping bring crypto into the mainstream. Podcasters must remember, however, that fresh faces are constantly tuning in as they grow.

While you may say, “FOMO, buy the dip, ignore the FUD because WAGMI,” your poor listener — tuning in for the first time just trying to learn crypto — might decide learning Spanish is easier.

Podcasters are more vital to crypto’s adoption rate than ever

Keeping regular listeners engaged is important, but so is making sure newbies, who are only listening because they’re sick of hearing their mates brag about crypto at work, can follow along, too.

You can see this balance pulled off well in some of the biggest crypto podcasts out there. Crypto podcasts that cater to the hodler and the novice enjoy dedicated followings and high view counts, whether the market is feeling bullish or bearish.