Bitcoin is entering the Good Friday holiday weekend in a vulnerable position as key institutional demand sources go offline. CME futures trading and Bitcoin ETF activity will be paused, removing crucial demand drivers just as large holders continue distributing their positions and spot market demand weakens. The timing creates additional risk as crypto markets face reduced liquidity over the weekend. Oil shock and Iran war risks are keeping crypto investors on the sidelines according to Grayscale, though the asset manager notes that resilient valuations and structural adoption trends could set up the next leg higher. Derivatives data and options skew suggest traders are bracing for potential downside moves.