Analysis: Positive news from Wall Street couldn't overcome macroeconomic pressures; BTC surged to $74,000 before retreating.
PANews reported on March 7th that, according to CoinDesk, despite several positive developments for the crypto industry this week, such as Morgan Stanley selecting BNY Mellon as the custodian for its spot Bitcoin ETF exposure, Kraken being granted access to the Federal Reserve's payment system, and OKX receiving investment from ICE at a valuation of $25 billion, Bitcoin once approached $74,000 before falling back below $69,000, resulting in a loss of approximately $110 billion in market capitalization.
Market analysts believe that macroeconomic factors such as a stronger dollar, rising oil prices, and changes in interest rate expectations are suppressing the performance of risk assets, preventing the crypto market from sustaining its upward trend. On-chain data shows that short-term holders transferred over 27,000 BTC (approximately $1.8 billion) to exchanges to lock in profits when prices approached $74,000, exacerbating short-term selling pressure. Despite the short-term downward pressure, there are still some positive signs in the funding landscape. The US spot Bitcoin ETF recorded a net inflow of approximately $787 million last week, the first positive inflow since mid-January this year, indicating that some institutional funds are refocusing on the crypto market.
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