By Francisco Rodrigues (all times ET unless otherwise noted)
Bitcoin and the broader crypto market showed mixed signals on Tuesday, with the biggest cryptocurrency briefly touching $70,000 on reports a ceasefire in Iran was proposed.
The hesitation comes a day after bitcoin exchange-traded funds (ETFs) recorded their biggest inflows since late February, although the market is keenly aware of the harsh macro backdrop. Bitcoin ETF investor demand suggests they see the current price action as an accumulation opportunity.
Binance Research found earlier this month that bitcoin’s correlation with its Global Easing Breadth Index, which tracks 41 central banks, turned strongly negative following the launch of spot bitcoin ETFs. ETF-driven institutional flows tend to be more forward-looking, positioning themselves for anticipated policy moves. This means that institutional capital can accumulate ahead of the expected easing of monetary policy.
Bitfinex Alpha described the market as range-bound but fragile, with weak organic demand, slower buying of corporate treasuries and options becoming more volatile below $68,000 as downside protection grows.
Macro pressure also remains relevant. Brent crude remains above $110 a barrel. barrel, as the looming deadline imposed by US President Donald Trump on Iran for a deal to open the Strait of Hormuz keeps investors on edge.
The market currently sees little room for the Federal Reserve to cut interest rates in the near future due to the expected increase in inflation caused by higher energy costs. US inflation figures due later this week will be critical. Pay attention!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to see
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Crypto
- Macro
- 7 April at 07.15: Weekly US ADP employment change (estimated 10,000)
- 7 April at 07.30: US durable goods orders for February estimated 04% (previously 0%)
- April 7, 11:35 a.m.: Chicago Fed President and CEO Austan Goolsbee joins a conversation about economic and monetary policy.
- Earnings (Estimated based on FactSet data)
Token Events
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- April 7: Kamino and xStocks host an X Spaces session on tokenization.
- Balancer DAO votes across two linked proposals to restructure operations with a reduced team and budget and to revamp tokenomics by halting BAL emissions, discontinuing veBAL, directing all fees to the treasury and offering a token buyback. Voting ends on April 7.
- The CoW DAO votes to set its solver reward budget at 50% of protocol revenue, splitting it between performance and new consistency rewards. The proposal has overwhelming support and ends on 7 April.
- Unlocks
- The token is launched
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”
Market movements
- BTC is down 0.98% as of 16 ET Monday at $69,149.83 (24 hours: -1.05%)
- ETH is down 0.98% to $2,128.41 (24h: -1.31%)
- CoinDesk 20 is down 1.13% to 1,946.75 (24h: -1.59%)
- Ether CESR Composite Staking Rate is up 4 bps to 2.74%
- BTC funding rate is at 0.0049% (5.3327% annualized) on Binance
- DXY is down 0.15% to 99.83
- Gold futures are unchanged at $4,688.40
- Silver futures are down 0.3% at $72.63
- The Nikkei 225 closed unchanged at 53,429.56
- The Hang Seng closed up 0.70% at 25,116.53
- The FTSE is up 0.33% to 10,470.51
- The Euro Stoxx 50 rose 0.98% to 5,748.35
- The 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 closed up 0.22% to 33,181.97
- The S&P 40 Latin America closed up 0.12% at 3,656.10
- US 10-year Treasury is down 1 bps at 4.325%
- E-mini S&P 500 futures are unchanged at 6,657.25
- E-mini Nasdaq-100 futures are unchanged at 24,373.50
- Futures on the E-mini Dow Jones Industrial Average Index rose 0.16% to 46,976.00
Bitcoin statistics
- BTC Dominance: 59.04% (-0.08%)
- Ether to 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
- CME Futures open interest: 117,120 BTC
- BTC priced in gold: 14.8 oz.
- BTC vs Gold Market Cap: 4.6%
Technical Analysis
- The chart shows the dollar price of bitcoin in weekly light for the past several years.
- The gauge is still trading around the 200-week exponential moving average of $68,317, while the RSI continues to grind up after the 27 bound a few weeks ago.
- With no clear bearish RSI divergences, the next key level to monitor is $73,000 for confirmed upside momentum
Crypto stocks
- Coinbase Global (COIN): closed Monday at $174.79 (+1.94%), -0.56% at $173.82 in premarket
- 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% at $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% at $8.80
- Riot Platforms (RIOT): closed 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% at $6.37
Crypto Treasury 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% at $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 Flows
Spot BTC ETFs
- Daily net flows: $471.4 million
- Cumulative net flows: $56.41 billion
- Total BTC holdings ~1.29m
Spot ETH ETFs
- Daily net flows: $120.2 million
- Cumulative net flows: $11.63 billion
- Total ETH holding ~5.68 million
Source: Farside Investors
