The only driver that comes to mind that could justify today’s risk-off move would be Strategy’s sale of a tiny portion of its Bitcoin stash.
That said, Ethereum ETFs show that market sentiment has soured. Investors have been taking money out of these vehicles for more than 12 days in a row. In total, these vehicles have shed more than $600 million during this period.
Meanwhile, the Fear and Greed Index is nearing “Extreme Fear” mode at 26, as most other cryptocurrencies are experiencing sharp drops.
Macroeconomic and Geopolitical Variables Are Not Helping Cryptos Either
The situation in the Middle East seems to be getting worse, and investors may see no end in sight.
President Donald Trump said that he “does not care” about Iran walking away from negotiations.
Meanwhile, Tehran threatened to keep the Strait of Hormuz blocked, showing a lack of fear for the consequences that this could bear to the country if the U.S. decides to resume its strikes.
