Bitfinex Report: Macro Conditions Will Impact Bitcoin’s Trends in the Coming Weeks

Odaily News Bitfinex reported that in February, Bitcoin plunged 17.39%, the worst February since 2014 and the second worst month in history. Bitcoin has been volatile over the past week, plunging 18.4% to a low of $78,617 before rebounding. The plunge was largely due to record Bitcoin ETF outflows, which reached more than $1.1 billion on February 25 as institutional outflows weakened.
On March 2, U.S. President Donald Trump announced that he would establish a U.S. cryptocurrency reserve, a move that triggered a sharp reversal in Bitcoin, which rose 20% from its local low and gained more than 12% on the day, but the subsequent sell-off pushed Bitcoin down to about $92,000. Until more details on the proposed cryptocurrency reserve are released, broader macro conditions, including the performance of the S&P 500, will heavily influence Bitcoin's performance in the coming weeks. The market remains fragile, and without new institutional inflows, sustained bullish momentum may be difficult to achieve.