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Tuesday was a rough day for the crypto market, as bitcoin (BTC) fell to three-month lows below $87,000, dragging the broader market down. More importantly, investors withdrew funds from U.S.-listed spot bitcoin exchange-traded funds (ETF) at an unprecedented rate.The 11 spot ETFs registered a cumulative net outflow of $937.78 million, the most significant single-day redemption since the funds began trading in January 2024, according to data tracked by SoSoValue.See all newslettersFidelity's FBTC saw the most outflow, totaling $344.65 million, followed by $164.37 million in redemptions from BlackRock's IBIT. The remaining funds registered outflows of less than $100 million each.The weakening appetite for these ETFs could be attributed to the decline in the premium in the CME-listed bitcoin futures, which has dented the appeal of the cash and carry arbitrage. Moreover, these BTC and ETH carry trades now offer barely more than the U.S. 10-year Treasury note, which offered a yield of 4.32% at press time. The strategy, heavily favored by institutions since early last year, involves buying the spot ETF and simultaneously selling the CME futures to pocket the premium while bypassing the price direction risks.According to Velo Data, the annualized one-month basis (premium) in the CME bitcoin futures dropped to 4% Tuesday, the lowest in nearly two years, and down significantly from almost 15% in December. In other words, the yield available on the cash and carry strategy has declined dramatically in two months.The basis in ether futures has also declined sharply to around 5%. The spot ether ETFs listed in the U.S. witnessed a total outflow of $50 million Tuesday.

BTC enters a critical offensive and defensive battle in the short term, intensifying the game between long and short funds. Coinbase major investors bought $13.01 million at market price with the intention of pushing the price up, while Binance major investors were evenly bullish by $35.37 million in the range of $88800 to $89400, with significant long short divergence. The current BTC price is supported by the EMA24 moving average with a 45 minute custom cycle. If it stabilizes, it is expected to challenge the $90230 (EMA52 moving average pressure level) in the short term; If lost, it may once again seek support from $86000. The data is sourced from PRO members, for reference only, and does not constitute any investment advice!

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Bitcoin (BTC) neared $89,000 in Asian morning hours after a 24-hour low of $86,200, slightly improving market sentiment with major tokens showing signs of a recovery.XRP and BNB Chain’s BNB led a gradual majors rebound Wednesday as traders continue to reel from Tuesday’s carnage — one that saw overall capitalization drop as much as 10% and at least $1.2 billion in losses on bullish bets.See all newslettersXRP rose 3%, while BNB and Solana’s SOL added 5%. Dogecoin (DOGE) and Cardano’s ADA showed a slight 1.2% gain, while Tron’s TRX was down 5% in the past 24 hours. The broad-based CoinDesk 20 (CD20) was down 2%.The move higher was in line with a CoinDesk analysis on Tuesday, as a five-month low in a sentiment index and a large-scale liquidation event indicated assets were likely oversold and could see relief in the short term.Gold fell 1.3% on Tuesday after a profit-taking bout following a record rally where it touched a new high Monday, but rose higher in Asian morning hours Wednesday.Reasons for Tuesday’s panic ranged from money flowing out of bitcoin ETFs, with over $1 billion pulled out in the last two weeks, to a stronger yen, a perceived safe-haven currency whose growth tends to pull down riskier bets.Expectations for easier U.S. Federal Monetary policy have surged, however, with prediction markets putting chances of a May rate cut to 30% over the past week, and the chances of two rate cuts by June have more than tripled to 15%.These hopes come after a guage of U.S. consumer confidence marked its deepest fall since August 2021, decreasing 7 points in February to 98.3 in its third straight decline. U.S economic data and policies tend to impact prices of risk assets such as bitcoin, as crypto traders bet on expectations of retail participation as idle cash frees up.Hopes of an altcoin rally remain muted among traders, with fresh dollar inflows expected to flow exclusively to BTC.BTC finally broke out of its range, dipping below 90k for the first time in a month and now hovering just below that level, triggering over USD 200mm in liquidations over the past few hours.Market sentiment remains under pressure following Trump’s decision to implement tariffs on Canada and Mexico and curb Chinese investment. Front-end gamma was covering as BTC broke lower, with 1M IV now back around 50v, while skews interestingly remain largely unchanged.“Zooming out, equities, fixed income, and gold have largely shrugged off the data points previously blamed for broader market weakness, with BTC remaining flat,” Singapore-based QCP Capital said in a broadcast message late Tuesday. “Rising BTC dominance and sliding altcoin prices suggest that alt bulls may already be fully long, with any new dollar inflows going exclusively into BTC.”“We remain cautious. Recent BTC demand has been driven primarily by institutions like MicroStrategy financed through equity-linked note issuances. With crypto-related issuance accounting for roughly 19% of total issuance over the last 14 months, the market for such financing may be nearing saturation — potentially dampening institutional demand if spot continues to stay muted,” it added.Players like Strategy (previously MicroStrategy) have been the main drivers of BTC demand in the past weeks and months, funding their purchases by raising their stock. But here’s the catch: companies might struggle to justify more purchases since the hype isn’t increasing prices.Less institutional buying could cool off BTC demand and lead to big investors pulling back, affecting the market further.

Odaily Planet Daily News: According to official announcements, Binance will remove and cease trading of the following spot trading pairs on February 28, 2025 at 03:00 (UTC): BNB/UAH、ETH/UAH。 In addition, Binance will terminate the spot trading robot service for these trading pairs at the same time. Users need to update or cancel their spot trading robots before this to avoid potential losses. (This news is generated with AI assistance)