"The selloff picked up speed after Iran threatened to block a second global oil chokepoint, pushing oil above $100 and sending investors running from risk assets."
"Bitcoin ETF outflows hit $171 million on March 26, and Ethereum ETFs posted $92.5 million in outflows the same day, marking their seventh consecutive negative session."
"When yields rise and the dollar strengthens, money moves out of crypto and into bonds, exacerbating the bearish trend in the market."
Bitcoin, XRP, Ethereum, and Solana have all dropped 6-8% in a week, contributing to an $80 billion loss in the crypto market. The Fear & Greed Index is at 23, indicating extreme fear. The selloff accelerated after Iran threatened to block oil chokepoints, pushing oil prices above $100. This coincided with a significant crypto options expiry, leading to over $450 million in liquidations. The 10-year Treasury yield is near 4.5%, and the dollar index has risen, prompting a shift of funds from crypto to bonds.
Read at 24/7 Wall St.
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