ETF The channel has become a seller again and Bitcoin is finding buyers at $66,700 today. What’s worse is that this process may not take as short a time as thought. Bitcoin, which lost key support again after lingering at $70,000 for a long time, will enable altcoins to test deeper bottoms.
Bitcoin and USA
After South Korean investors largely left the market last year, the influence of US investors on the market increased. The main reason why 2025 did not go as desired was that Asian investors were not as active as 2024. In the last quarter of last year and the first quarter of this year, US investors largely lost their appetite.
Coinbase Premium Index It tells us how much appetite or lack of appetite US investors have compared to global investors. The chart below shared by Maartunn shows that the index turned positive when BTC exceeded $ 70 thousand, but the negativity here has remained the same with market weakness for a while.
The lack of appetite of US investors is an important signal and as the negativity gets stronger, things will get more complicated on the Iran front. of cryptocurrencies It could have devastating consequences for the rest. Sales in the ETF channel both feed this negativity and are triggered by this negativity.
It is necessary for Iran to officially declare that it is at the negotiation table by the April 6 deadline and for the 1-month ceasefire proposed by the USA to begin at this stage. In the opposite scenario, a triple-digit oil price and the closure of the Strait of Hormuz, which causes supply problems for many raw materials, may force the ECB and the Fed to increase interest rates before the end of the year. This causes stagflation concerns to trigger larger sell-offs in the stock market. Of course, big sales in the stock market will also pull crypto down.
Altcoins and Poppe
While it was hoped that the Fed would continue to cut interest rates this year, the first quarter of the year ended badly. It began to stifle crypto with the 2026 Iran attacks, which started with many problems from tariff cancellation to MSCI delist risk. Michael Poppe remains optimistic. Analyst altcoins He wrote that the total market value formed a bottom at these levels.
Even if the bottom is formed, the boring movement may continue. It should also not be forgotten that the following evaluation comes from an analyst who constantly pumps optimism.
“The total market cap of altcoins is currently forming a floor.
It’s not bad to have consolidation, and yes, this consolidation could lead to a retest of the lows or even a slight decline. It’s not bad to have consolidation, and yes, this consolidation could lead to a retest of the lows or even a slight decline.
I think we will have a relatively dull period for a long time before the enthusiasm returns and the gradual upward climb continues. Where does enthusiasm come from? From AI protocols.”
