Bitcoin’s Bearish Signals Deepen as Liquidity Dries Up and ETF Flows Turn Negative

Bitcoin is struggling to regain momentum as it trades in the mid-$70,000s, with on-chain metrics flashing full bear-market warnings and institutional demand evaporating. Analysts from CryptoQuant and Glassnode point to a structural shift in the market—one where selling pressure is not being met with sustained buying, and liquidity conditions are tightening.

The Bull Score Index has hit zero, and bitcoin remains well below its October peak. U.S. spot bitcoin ETFs, which were net buyers at this time last year, have now flipped to net sellers, creating a demand gap measured in tens of thousands of BTC. Meanwhile, the Coinbase premium has stayed negative since October, signaling that U.S. investors are not stepping in despite lower prices.

Stablecoin growth, a key driver of crypto market liquidity, has stalled for the first time since 2023, further compounding the lack of fresh capital. Technically, bitcoin remains below its 365-day moving average, with major support clustered between $70,000 and $60,000.

The macro backdrop is equally challenging. Prediction markets still price in no Fed rate cut at the April meeting, with only modest odds for June. President Trump’s recent comments suggesting his Fed nominee Kevin Warsh “would not have gotten the job” if he wanted to raise rates have further muddied the central bank’s independence narrative, dampening hopes for near-term liquidity relief.

In Asia, the result is a market defined less by panic than by absence—where bounces are possible, but conviction remains thin.

Market Movement

• BTC: Drifted lower into the mid-$70,000s, with rebounds fading as spot demand remains thin.
• ETH: Hovered just above the low $2,000s, struggling for momentum amid soft risk sentiment.
• Gold: Rebounded toward $5,000–$5,100, fueled by safe-haven buying after U.S.–Iran tensions and mixed economic data.
• Nikkei 225: Edged 0.3% lower, tracking Wall Street’s tech sell-off, though broader Japanese equities stayed relatively resilient.

Elsewhere in Crypto:

• Binance denies issuing legal threats over insolvency allegations (The Block)
• Multicoin Capital co-founder Kyle Samani steps down after nearly a decade to pursue other areas of tech (CoinDesk)

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