Analysis: Despite the positive news from Wall Street, BTC still falls below $70,000, as macro factors suppress the rebound in the crypto market

Despite several positive developments for the cryptocurrency industry this week, such as Morgan Stanley choosing BNY Mellon as the custodian for its spot Bitcoin ETF exposure, Kraken being approved for access to the Federal Reserve's payment system, and OKX receiving a $25 billion valuation from ICE, Bitcoin briefly approached $74,000 before falling back below $69,000, with the total market capitalization evaporating by approximately $110 billion.

Market analysis suggests that macro factors such as a stronger dollar, rising oil prices, and changes in interest rate expectations are suppressing the performance of risk assets, preventing the crypto market from maintaining its upward momentum. On-chain data shows that short-term holders transferred over 27,000 BTC (approximately $1.8 billion) to exchanges to take profits when the price was close to $74,000, exacerbating short-term selling pressure. Despite the short-term bearish trend, there are some positive signals in the funding landscape, as the U.S. spot Bitcoin ETF recorded a net inflow of approximately $787 million last week, marking the first positive inflow since mid-January of this year, indicating that some institutional funds are refocusing on the crypto market.