TechFlow News, March 7: According to CoinDesk, despite multiple Wall Street tailwinds for the crypto industry this week—including Morgan Stanley selecting BNY Mellon as the custodian for its spot Bitcoin ETF exposure, Kraken gaining approval to access the Federal Reserve’s payment system, and OKX securing an investment from ICE at a $25 billion valuation—Bitcoin briefly approached $74,000 before retreating below $69,000, wiping out approximately $110 billion in total market capitalization.
Market analysts attribute the pullback to macroeconomic headwinds—including a stronger U.S. dollar, rising oil prices, and shifting interest rate expectations—that are weighing on risk assets and preventing the crypto market from sustaining its rally. On-chain data shows that short-term holders transferred over 27,000 BTC (worth roughly $1.8 billion) to exchanges near the $74,000 price level to lock in profits, intensifying short-term selling pressure. Although near-term price action remains under pressure, some positive signals have emerged on the funding front: U.S. spot Bitcoin ETFs recorded approximately $787 million in net inflows last week—the first positive weekly net inflow since mid-January—indicating renewed institutional interest in the crypto market.
