Since the beginning of February, exchange-traded funds focused on bitcoin have recorded capital outflows of $2.9 billion in five weeks, which coincided with a 20% drop in the cryptocurrency exchange rate. Despite attempts to introduce bitcoin into the US state reserve, the exchange rate dropped from a maximum of $110 thousand in January to $83.4 thousand by mid-March. The situation was aggravated by US trade duties against China, Canada and the EU. The signing by Donald Trump of a decree on the transfer of 200 thousand bitcoins to the state reserve on March 6 also did not improve the situation – the price fell by another 10%. Plans to create a crypto reserve have caused disappointment in the market. Today, more than 70 American companies use bitcoin as a corporate asset. Strategy remains the largest holder, having accumulated 499,096 BTC since 2020 for $33.1 billion at an average price of $66,357 per 1 BTC. Bitcoin-based spot funds have been showing multi-week outflows of funds. In the week to March 14, $940 million was withdrawn from them. Ethereum also lost $350 million over the same period. Investors are reviewing strategies against the background of macroeconomic factors, including a correction in the stock market. The Fed meeting on March 19, unemployment data and speeches by FOMC members this week may affect the further movement of the crypto market.
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