Well, well, well, what do you know? The great Bitcoin ETF sell-off has simmered down a mite, but don’t go pinning it on ol’ Trump and his fancy “crypto reserve” idea. No siree, it’s just the good ol’ market doing its dance, like a drunkard at a hoedown.
Them Spot Bitcoin ETFs have seen the grandest exodus since they started this here shindig back in January 2024. The selling’s ebbing, sure, but it ain’t because of President Donald Trump’s yapping about a strategic crypto reserve. Nah, it’s ’cause them hedge funds finally decided to stop their tomfoolery with basis trades, says the wise folks at Matrixport.
Today’s #Matrixport Daily Chart – March 3rd 2025🔽
Bitcoin ETFs See Record Outflows—Is the Selling Finally Over?#Crypto #BTC #BTCETF #CryptoMarket
— Matrixport Official (@Matrixport_EN) March 3, 2025
In an X post on March 3, the analysts suggested that hedge funds likely triggered the sell-off by unwinding basis trades, which aligns with the $8 billion drop in CME open interest since the December 2024 FOMC meeting, accounting for over 20% of total ETF inflows. A regular mathematical marvel, that!
“The selling pressure may have been tied to the February futures expiry, which is now behind us. With this overhang removed, ETF selling by hedge funds could ease, allowing them to reevaluate arbitrage spreads heading into late March.”
Matrixport
Now, it’s as clear as mud how long this here lull in selling will last, but Bitcoin and its cronies took a mighty leap when Trump declared his undying love for making America “the Crypto Capital of the World.” His newfangled executive order’s got officials hot on the trail of setting up a national crypto reserve, including Bitcoin (BTC), Ethereum (ETH), and—would you believe it?—even XRP (XRP), Solana (SOL), and Cardano (ADA).
As Bitcoin shot up 8%, breaking $93,000, Ethereum tagged along with an 11% bounce. But the real showstoppers were Cardano with a 66% skyrocket, while Solana and XRP showed off with 20% and 28% gains, respectively. But don’t go thinking it’s all sunshine and rainbows; the Crypto Fear & Greed Index is still cowering in “Fear” territory at 33, as crypto.news reported earlier.
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2025-03-03 12:47