Svmuu News Bitcoin retreated after touching $69,000 on Wednesday. This followed a speech by US President Trump that failed to guarantee an end to the Iran war, causing WTI crude oil prices to rise above $110 and triggering market risk aversion. Simultaneously, the US Treasury Department expressed concerns about the $2 trillion private credit market. Blue Owl, which manages $307 billion in assets, announced "unusual redemption requests" for two of its private credit funds and set the withdrawal request cap at 5%. The number of continuing US jobless claims rose to 1.84 million.
Bitcoin held the $66,000 support level this week but faces multiple selling pressures. US-listed spot Bitcoin ETFs have seen net outflows of $450 million since March 24. The industry holds $88 billion in Bitcoin assets, with BlackRock's IBIT leading at $53.9 billion. MARA Holdings sold 15,133 BTC in March, Riot Platforms transferred out 500 BTC for sale, and Nakamoto Holdings sold 284 BTC.
The US federal deficit is projected to reach $1.9 trillion by 2026. The market believes economic stimulus measures could provide support for Bitcoin prices in the medium term. Companies like Strategy and Metaplanet continue to buy Bitcoin, partially offsetting the aforementioned selling pressure.