As reported by COINOTAG News on March 7th, recent data from Trader T indicates that the US Ethereum spot ETF experienced a significant net outflow totaling $36.32 million yesterday. This
In a significant development for the cryptocurrency market, Bitcoin prices experienced a notable drop following President Trump’s announcement of a Strategic Bitcoin Reserve. This executive order reveals a new direction
On March 7th, COINOTAG News reported significant activity in the crypto market surrounding the token ENA. Following a substantial unlock of approximately 2.07 billion ENA tokens, there has been a
Canary Capital filed a spot ETF application for Sui (SUI) in Delaware. The application caused a brief price increase in SUI, reaching $2.75. Continue Reading: Canary Capital Sparks Interest with New Sui ETF Application The post Canary Capital Sparks Interest with New Sui ETF Application appeared first on COINTURK NEWS .
In a significant development for the cryptocurrency landscape, COINOTAG News reported on March 7th that the net outflow from the US Bitcoin spot ETF amounted to a staggering $134.4 million.
U.S. authorities have begun releasing seized bitcoin mining equipment after months of scrutiny over Chinese-made chips. Thousands of units are freed, but many remain held. US Starts Releasing Seized Bitcoin Mining Equipment U.S. authorities have started releasing some of the cryptocurrency mining equipment that had been seized in recent months, Reuters reported on March 5.
A sharp drop in the US Dollar Index could set the stage for a Bitcoin price rally, according to Jamie Coutts, Chief Crypto Analyst at Real Vision. In a Mar. 7 post on X, Coutts cited historical evidence that indicates notable declines in the DXY frequently align with large uptrends in Bitcoin ( BTC ). He conducted a backtest on cases in which the DXY dropped more than 2% and discovered that Bitcoin had an average gain of 31.6% and a 94% win rate over the next 90 days. In addition, Bitcoin posted gains 100% of the time, averaging 37% return, when the DXY fell more than 2.5 percent. Coutts believes Bitcoin will reach a new all-time high by May based on these trends. When looking at this recent move in the DXY through a historical lens, its challenging to be anything but bullish. I ran a signal screen for 3-day negative moves of more than -2% & -2.5% and found they have all occurred at Bitcoin bear market troughs (inflection points) or… pic.twitter.com/Lc6izl5U2A — Jamie Coutts CMT (@Jamie1Coutts) March 6, 2025 The DXY is frequently regarded as an inverse signal for risky assets like Bitcoin since it measures the value of the US dollar against a basket of major currencies. Investors often turn to alternative stores of value, such as Bitcoin, when the dollar weakens. You might also like: Will Bitcoin price hit $100k as investors eye Trump’s crypto summit? The recent decline in the DXY coincides with market turbulence, which has been fuelled by Trump’s tariffs on Canada and Mexico, together with his administration’s renewed push for a national crypto strategic reserve and clearer regulations. At the same time, the upcoming Crypto Summit has boosted speculations in the industry. After recent market turbulence, Bitcoin is trading around $87,800, down 4% in the past 24 hours as at the time of press. But the trajectory of altcoins remains mixed. Although there has been some recovery in solid projects, the market as a whole is still suffering from heavy sell-offs. According to Coutts, the 365-day new lows in the Top 200 crypto index reached 47%, a signal of capitulation typically seen before bullish reversals. If historical trends hold, a declining dollar and growing institutional confidence may be driving Bitcoin and altcoins into a period of sustained gains. Given the uncertainty surrounding the Federal Reserve’s next actions, macroeconomic issues may have an even greater impact on the direction of the market in the short term. Read more: Texas House to advance or reject Bitcoin bill by May 24
The post Trump’s Bitcoin Executive Order Revealed – But U.S. Lost $16B from Early Sales! appeared first on Coinpedia Fintech News Trump Signs Executive Order President Donald Trump has signed an executive order to create a Bitcoin Strategic Reserve to store assets seized by the government, along with a crypto stockpile for other digital assets. The Bitcoin, all obtained through civil or criminal forfeitures, will be stored for long-term value in a “digital Fort Knox.” David Sacks, Trump’s Crypto Czar shared this in an X post . Besides, the order encourages officials to find ways to add more Bitcoin to the reserve, as long as it doesn’t hurt the federal budget. It also calls for a stockpile of other cryptocurrencies seized by the government. While Sacks didn’t name specific assets, recent remarks from the president suggest which ones might be included. This move could give the U.S. a bigger presence in the world of digital assets. US Loses $16B Due To Premature Selling Notably, the U.S. government has been sitting on a large amount of Bitcoin and may have missed out on significant profits by selling it too early. The new executive order seeks to correct this by creating a reserve that will keep these assets for the long term. According to Lookonchain , the U.S. government’s public wallet currently holds 198,109 BTC, valued at approximately $16.92 billion. Historically, the government has transferred around 222,684 BTC to platforms like Coinbase, Coinbase Prime, and other unknown wallets. These transactions took place at an average price of $14,736 per Bitcoin, totaling about $3.28 billion at the time. However, with Bitcoin’s current market price, those same 222,684 BTC are now worth about $19.42 billion. This means that the U.S. government has incurred a loss of roughly $16.14 billion due to selling Bitcoin prematurely. This highlights the missed potential value as Bitcoin’s price continues to rise, reinforcing the need for a strategy that preserves these digital assets for long-term value, as outlined in the new executive order. Market Reactions Bitcoin dropped nearly 5% to $85,000 shortly after the order was announced, possibly due to disappointment that the reserve only includes tokens already held by the government, with no new purchases for now. Ethereum (ETH), Ripple (XRP), Cardano (ADA), and Solana (SOL) also witnessed sharp drops of 4%-8%, as the order doesn’t allow for new government buys of these cryptocurrencies.
Bitcoin has been showing signs of recovery after a sharp decline that pushed its price below $80,000 last week. The cryptocurrency briefly surged to $92,756 in the early hours of today before retracing to $90,279, marking a 0.7% increase in the past 24 hours. While price action remains volatile, market sentiment indicators are signaling a crucial phase for Bitcoin’s trajectory, according to CryptoQuant analyst Woominkyu. Related Reading: Bitcoin’s Next Stop: $75,500? Analyst Reveals Historical ‘Magnet’ Level Bitcoin’s Market Cycle: Entering the Optimism Stage In a recent analysis titled “FOMO is Not Here Yet”, Woominkyu highlights Bitcoin’s Fear & Greed Index, which tracks overall investor sentiment. The index, based on a 30-day moving average (SMA 30), maps Bitcoin’s market cycles to different psychological stages observed in past rallies. This indicator has historically helped identify when Bitcoin is in the early stages of a bull run—or when excessive optimism may lead to corrections. According to Woominkyu, Bitcoin has now entered the “Optimism Stage”, a phase historically associated with the early stages of a strong rally. In past cycles, when Bitcoin reached this level, the market often gained upward momentum, leading to further price increases. However, the analyst warns that if the index continues rising toward the Euphoria Stage, it could indicate excessive market optimism, which has often preceded steep corrections. The key observation from Woominkyu’s analysis is that, despite Bitcoin’s recovery, FOMO (fear of missing out) has not yet fully set in among investors. This suggests that while sentiment is improving, Bitcoin is not yet in a speculative bubble. The coming weeks will be critical in determining whether the market follows past patterns—moving higher from the Optimism Stage—or if external factors push Bitcoin into a correction. Whale Activity In The Market While sentiment indicators provide insights into market psychology, whale activity is another key factor influencing Bitcoin’s price movement. A separate analysis by maartunn, another CryptoQuant contributor, has revealed that whale deposits to Binance have reached a three-month high, with over $7.3 billion worth of Bitcoin sent to the exchange in the past 30 days. These movements suggest that large-scale investors are actively positioning themselves, which could lead to increased volatility in the market. Historically, significant whale activity has coincided with major price swings, making it an important metric to monitor. Whale to Binance Flow Hits 3-Month High at $7.3B Over Last 30 Days “This often happens alongside heavy changes in price and shows that large holders choose Binance as their exchange. Watching whale deposits is important, as their moves can drive the market.” – By @JA_Maartun pic.twitter.com/psD3zuDXf3 — CryptoQuant.com (@cryptoquant_com) March 6, 2025 Featured image created with DALL-E, Chart from TradingView
Ethereum price failed to clear the $2,320 resistance and trimmed gains. ETH is now consolidating and facing hurdles near the $2,220 resistance. Ethereum started a fresh upward move above the $2,120 support zone. The price is trading below $2,220 and the 100-hourly Simple Moving Average. There was a break below a key rising channel with support at $2,220 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear the $2,220 and $2,320 resistance levels to start a decent increase. Ethereum Price Dips Again Ethereum price started a decent increase from the $2,000 zone, like Bitcoin . ETH climbed above the $2,120 and $2,200 resistance levels. However, the bears were active near $2,320 and pushed the price back below $2,220. There was a break below a key rising channel with support at $2,220 on the hourly chart of ETH/USD. A low was formed at $2,103 and the price is now attempting a recovery wave. There was a move above the $2,120 and $2,150 resistance levels. It cleared the 23.6% Fib retracement level of the downward move from the $2,319 swing high to the $2,103 low. Ethereum price is now trading below $2,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,220 level. It is close to the 50% Fib retracement level of the downward move from the $2,319 swing high to the $2,103 low. The next key resistance is near the $2,275 level. The first major resistance is near the $2,320 level. A clear move above the $2,320 resistance might send the price toward the $2,420 resistance. An upside break above the $2,420 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,500 resistance zone or even $2,550 in the near term. Another Drop In ETH? If Ethereum fails to clear the $2,220 resistance, it could start another decline. Initial support on the downside is near the $2,100 level. The first major support sits near the $2,050 zone. A clear move below the $2,050 support might push the price toward the $2,000 support. Any more losses might send the price toward the $1,880 support level in the near term. The next key support sits at $1,740. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,100 Major Resistance Level – $2,220