By Francisco Rodrigues (All times ET unless otherwise noted)
Bitcoin and the broader crypto market showed mixed signals on Tuesday, with the largest cryptocurrency briefly touching $70,000 following reports that an Iran ceasefire was proposed.
The hesitation comes a day after Bitcoin exchange-traded funds (ETFs) recorded their largest inflows since late February, even as the market pays close attention to the challenging macroeconomic backdrop. Investor demand for Bitcoin ETFs suggests they view the current price action as an accumulation opportunity.
Binance Research discovered earlier this month that Bitcoin’s correlation with its Global Easing Breadth Index, which tracks 41 central banks, had turned sharply negative after the launch of spot Bitcoin ETFs. Institutional flows driven by ETFs tend to be more forward-looking, positioning themselves according to expected political developments. In other words, institutional capital could accumulate before the expected easing of monetary policy.
Bitfinex Alpha described the market as limited but fragile, with weak organic demand, slower corporate Treasury buying and options positioning that becomes more volatile below $68,000 as downside protection increases.
Macroeconomic pressure also remains relevant. Brent crude remains above $110 a barrel as US President Donald Trump’s looming deadline for Iran to agree to open the Strait of Hormuz keeps investors on edge.
The market currently believes that the Federal Reserve has little room to lower rates in the near future, given the expected rise in inflation caused by rising energy costs. US inflation data to be released later this week will be crucial. Stay vigilant!
Read more: For analysis of current altcoin and derivatives activity, see Crypto Markets Today
What to watch
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Cryptocurrency
- Macro
- April 7, 7:15 a.m.: weekly change in ADP employment in the United States (est. 10,000)
- April 7, 7:30 a.m.: U.S. durable goods orders for February are 04% (previous 0%)
- April 7, 11:35 a.m.: Chicago Fed President and CEO Austan Goolsbee will participate in a conversation on economic and monetary policy.
- Earnings (Estimates based on FactSet data)
Token Events
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
- Votes and calls on governance
- April 7: Kamino and xStocks will host an X Spaces session on tokenization.
- Balancer DAO is voting on two related proposals to restructure operations with a reduced team and budget, and to revamp tokenomics by stopping BAL issuance, shutting down veBAL, routing all fees to the treasury, and proposing a token buyback. Voting closes on April 7.
- CoW DAO votes to set its solver rewards budget at 50% of protocol revenue, splitting it between performance and new consistency rewards. The proposal has overwhelming support and expires on April 7.
- Unlocks
- Token Launches
Conferences
For a more comprehensive list of this week’s events, check out CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 0.98% from 4 p.m. ET Monday at $69,149.83 (24 hours: -1.05%)
- ETH is down 0.98% at $2,128.41 (24 hours: -1.31%)
- CoinDesk 20 is down 1.13% at 1,946.75 (24h: -1.59%)
- Ether CESR Composite Staking Rate Up 4 Basis Points to 2.74%
- BTC funding rate is 0.0049% (5.3327% annualized) on Binance
- The DXY is down 0.15% at 99.83
- Gold futures unchanged at $4,688.40
- Silver futures are down 0.3% at $72.63
- The Nikkei 225 closed unchanged at 53,429.56
- Hang Seng closed 0.70% lower at 25,116.53
- The FTSE is up 0.33% at 10,470.51
- The Euro Stoxx 50 is up 0.98% at 5,748.35
- DJIA closed Monday up 0.36% at 46,669.88
- The S&P 500 closed up 0.44% at 6,611.83
- The Nasdaq Composite closed up 0.54% at 21,996.34
- The S&P/TSX Composite Index closed up 0.22% at 33,181.97
- The S&P 40 Latin America closed up 0.12% at 3,656.10
- The 10-year U.S. Treasury yield is down 1 basis point to 4.325%
- E-mini S&P 500 futures unchanged at 6,657.25
- E-mini Nasdaq-100 futures unchanged at 24,373.50
- E-mini Dow Jones Industrial Average futures are up 0.16% at 46,976.00
Bitcoin Statistics
- BTC dominance: 59.04% (-0.08%)
- Ether-bitcoin ratio: 0.03077 (0.54%)
- Hashrate (seven-day moving average): 951 EH/s
- Hash price (spot): $31.40
- Total fees: 2.18 BTC / $151,084
- Open Interest on CME Futures: 117,120 BTC
- BTC valued in gold: 14.8 ounces.
- Market capitalization BTC vs gold: 4.6%
Technical analysis
- The chart shows the dollar price of Bitcoin as a weekly candle over the past few years.
- The metric is still trading around the 200-week exponential moving average of $68,317, while the RSI continues to climb after bottoming at 27 a few weeks ago.
- With no clear bearish RSI divergences, the next base level to watch is $73,000 for any confirmed bullish momentum.
Crypto Stocks
- Coinbase Global (COIN): Closed Monday at $174.79 (+1.94%), -0.56% at $173.82 in pre-market
- Circle Internet (CRCL): closed at $92.15 (+2.09%), +0.18% at $92.32
- Galaxy Digital (GLXY): closed at $18.28 (+3.63%), +0.11% to $18.30
- Bullish (BLSH): closed at $37.35 (+2.69%), unchanged in pre-market
- MARA Holdings (MARA): closed at $8.85 (+1.61%), -0.55% to $8.80
- Riot Platforms (RIOT): close at $13.52 (+5.13%), -0.52% at $13.45
- Core Scientific (CORZ): closed at $16.29 (+0.37%), -0.18% at $16.26
- CleanSpark (CLSK): closed at $9.10 (+3.53%), -0.33% at $9.07
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $36.70 (+2.63%)
- Exodus Movement (EXOD): closed at $6.33 (+3.77%), +0.63% to $6.37
Crypto Cash Companies
- Strategy (MSTR): closed at $127.69 (+6.56%), -0.71% at $126.79
- Strive (ASST): closed at $10.12 (+3.79%), +0.30% at $10.15
- SharpLink Gaming (SBET): closed at $6.38 (+3.07%), +0.12% to $6.39
- Upexi (UPXI): closed at $1.01 (+3.59%), -0.99% at $1.00
- Lite Strategy (LITS): closed at $1.14 (+1.79%)
ETF Feed
Spot BTC ETF
- Daily net flows: $471.4 million
- Cumulative net flows: $56.41 billion
- Total BTC holdings ~1.29 million
ETH Spot ETF
- Daily net flows: $120.2 million
- Cumulative net flows: $11.63 billion
- Total ETH holdings ~5.68 million
Source: Farside Investors
