Bitcoin’s Weekend Performance
Bitcoin (BTC) is making waves in the market, hovering just above $81,500 during the early hours of Monday in Asia. This comes after a weekend downturn that saw several major cryptocurrencies lose steam following a brief rally last week.
Major Altcoins See Significant Losses
Among the top performers, XRP and Cardano’s ADA have faced the steepest declines, each dropping around 5% in the past 24 hours. Other cryptocurrencies such as Solana’s SOL, Dogecoin (DOGE), and Ethereum (ETH) have also experienced losses, ranging between 2% and 3%. Overall, the CoinDesk 20 index, which tracks the performance of the largest digital assets, has dipped by 2.6%.
ETF Inflows and Outflows
In terms of investment flow, Bitcoin ETFs saw a robust inflow of $196 million last week, according to data from SoSoValue. Conversely, Ethereum ETFs experienced a net outflow exceeding $8 million, signaling a shift in investor sentiment.
Global Stock Market Reactions
As Bitcoin and altcoins navigate these fluctuations, global stock markets have also opened lower for the fourth consecutive day. Investors are on high alert for President Donald Trump’s upcoming announcement regarding new tariffs, scheduled for April 2. The potential for a global trade war looms large, raising concerns about its economic implications.
Market Indices Decline
In Asia, the Hang Seng index in Hong Kong fell by 1.7% in the morning session, while Japan’s Nikkei 225 saw a more significant drop of 3.8%. Meanwhile, Korea’s KOPSI index experienced a decline of 3%. These declines are particularly concerning for export-oriented economies that may face restricted access to the U.S. market.
Safe-Haven Assets Gain Popularity
In contrast to the falling stock markets, safe-haven assets such as gold have reached record highs, and U.S. Treasury yields have decreased due to heightened demand. This shift indicates a growing preference among investors for more stable investment options amid rising uncertainties.
Portfolio Managers Take Precautionary Measures
In light of the impending “reciprocal tariffs” and their potential economic fallout, portfolio managers are adopting more cautious strategies. Many are either reducing their risk exposure or refraining from making large investments, indicating a broader trend of apprehension within financial markets.
Crypto Unlocks on the Horizon
On the cryptocurrency front, data from Tokenomist.ai reveals that approximately $751.2 million in tokens are set to be unlocked this week, including significant amounts from projects like SUI and DYDX. This unlock cycle is expected to escalate in May, with about $4.4 billion worth of tokens anticipated to be released into the market at current prices.
As traders navigate these developments, both the cryptocurrency and stock markets remain on high alert, adapting to the evolving economic landscape.
