Svmuu News Despite multiple bullish developments from Wall Street this week—such as Morgan Stanley selecting BNY Mellon as the custodian for its spot Bitcoin ETF exposure, Kraken gaining approval to access the Federal Reserve's payment system, and OKX securing investment from ICE at a $25 billion valuation—Bitcoin retreated below $69,000 after briefly approaching $74,000, erasing approximately $110 billion from the total market capitalization.
Market analysis suggests that macro factors including a strengthening US dollar, rising oil prices, and shifting interest rate expectations are weighing on risk assets, preventing the crypto market from sustaining its upward momentum. On-chain data reveals that short-term holders transferred over 27,000 BTC (worth roughly $1.8 billion) to exchanges for profit-taking as prices neared $74,000, intensifying short-term selling pressure. Despite the near-term headwinds, some positive signals emerged on the capital flow front. US spot Bitcoin ETFs recorded approximately $787 million in net inflows last week, marking the first positive shift since mid-January this year, indicating renewed institutional interest in the crypto market. (CoinDesk)