On-chain indicators show weakening participation with BTC trading below major trend levels and spot demand failing to absorb selling pressure.
U.S. spot bitcoin ETFs shift into net outflows, widening the year-over-year demand gap and signaling the absence of the key buyer base that usually drives upside cycles.
Prediction markets lean toward no Fed rate cuts in April, keeping liquidity constrained and limiting the chance of a meaningful near-term crypto rebound.
Bitcoin slides toward $70,000 as on-chain data signals a weakening bull cycle
Bitcoin continues drifting toward the low 70,000s as on-chain indicators point to fading demand and tightening liquidity. CryptoQuant’s latest report shows the Bull Score Index at zero, suggesting the weakness is structural rather than a temporary correction. Spot volumes remain muted, seller absorption is thinning, and participation has declined across both retail and institutional segments.
U.S. spot bitcoin ETFs, previously a major source of demand, have flipped into sustained net outflows, creating a year over year gap in buying power measured in tens of thousands of BTC. Glassnode data reinforces this trend, highlighting a genuine demand vacuum rather than forced capitulation. Stablecoin supply growth has also stalled, with USDT’s market cap turning negative for the first time since 2023, signaling broader liquidity compression in the system.
Macro expectations remain cautious. Prediction markets imply the Federal Reserve is likely to hold rates unchanged in April, with only limited expectations for easing later in the year. President Donald Trump’s remarks about his Fed nominee Kevin Warsh have added uncertainty by raising questions about the independence of future rate decisions. In Asia, the tone is defined by hesitation, with rebounds being viewed as temporary rather than trend-shifting.
Multicoin Capital co-founder Kyle Samani steps down after nearly a decade
Kyle Samani, co founder of Multicoin Capital, announced he is stepping down as managing director after nearly ten years shaping one of crypto’s most influential venture firms. Samani described the decision as bittersweet, emphasizing that he remains highly confident in the long term trajectory of digital assets and believes crypto is “rewiring the circuitry of global finance.”
Although stepping away from daily operations, he will continue to invest personally and maintain his role as chairman of Forward Industries, a Solana treasury firm. Samani highlighted the importance of upcoming U.S. policy developments, especially the Clarity Act, which he expects will unlock major new institutional interest by providing clearer legal classification for digital assets.
Multicoin, founded in 2017, gained early recognition for backing Solana and Helium before they became mainstream, bridging venture investing with liquid token markets in a way few firms attempted. Operational leadership now falls to Managing Partner Tushar Jain and CFO/COO Brian Smith. Samani has not specified his next step but suggested he will explore broader technological fields while remaining an active participant in crypto.
CFTC resets U.S. prediction-market policy, withdrawing Biden-era restrictions
The U.S. Commodity Futures Trading Commission, led by new Chairman Mike Selig, has withdrawn a 2024 proposal that sought to ban political event contracts in prediction markets. The earlier rule would have treated political outcomes as prohibited contracts on par with war or terrorism, a position now reversed as the agency shifts toward a more innovation-friendly stance under the Trump administration.
Selig described the prior proposal as a “frolic into merit regulation” and confirmed that the CFTC will restart the process with a new rule grounded in a clearer reading of the Commodity Exchange Act. The regulator also rescinded a September advisory that had unintentionally created confusion among platforms such as Kalshi and Polymarket.
The pivot comes as prediction markets gain institutional and political relevance, with traditional financial players including Coinbase and Cboe assessing opportunities in the space. The updated regulatory direction aligns with broader legislative efforts in Congress to formalize the CFTC as the primary regulator for non security digital-asset markets. Industry participants expect the new framework to provide a more stable foundation for event-contract innovations going forward.
CME Group hints at launching its own ‘CME Coin’ as tokenization push accelerates
CME Group CEO Terry Duffy has signaled that the derivatives giant is exploring the creation of a proprietary token that could operate on a decentralized network, marking the first time the exchange has explicitly floated the concept. The discussion surfaced during an earnings call focused on tokenized collateral, where Duffy noted growing comfort with tokens issued by major financial institutions and their potential integration into margin systems.
This initiative appears distinct from CME’s “tokenized cash” product being developed with Google, expected to launch later this year with a large depository bank supporting settlement. The firm is simultaneously preparing to roll out 24/7 trading for all crypto futures and expand its offerings to include new contracts tied to cardano, chainlink and stellar.
CME’s average daily crypto volume reached $12 billion last year, underscoring its central role in institutional crypto liquidity. A potential CME issued token — whether used for settlement, collateral or institutional transfers — would represent a significant step in the convergence of traditional finance and blockchain infrastructure, echoing moves like JPMorgan’s tokenized deposit rollout.
Europe’s regulatory clarity positions the EU to lead the next phase of tokenisation
This week’s Crypto Long & Short highlights how the European Union has emerged as the most strategically prepared region for large scale tokenisation of real world assets. The value of tokenised RWAs surged 260 percent in the first half of 2025, reaching $23 billion on chain, driven by growing participation from institutions such as BlackRock, JPMorgan and Goldman Sachs.
With MiCA now fully in force and the DLT Pilot Regime enabling regulated issuance of digital securities, Europe has progressed beyond experimentation into active deployment. Banks have already issued more than €1.5 billion in tokenized bonds, and asset managers are testing on chain fund structures designed for retail channels. Analysts argue that Europe’s unified regulatory framework has become a competitive advantage by giving institutions the clarity they need to allocate real capital.
The next stage focuses on interoperability. As more tokenized products enter the market, fragmented liquidity and siloed infrastructures risk recreating old financial inefficiencies. The EU is positioned to define global standards for cross chain connectivity and disclosure frameworks, enabling tokenised markets to scale in a structurally coherent way. With rules now stable and infrastructure maturing, Europe is widely viewed as the most credible leader in the next wave of institutional tokenisation.
〈CoinRank Daily Data Report (2/5)｜Bitcoin slides toward $70,000 as on-chain data signals fading demand and tighter liquidity〉這篇文章最早發佈於《CoinRank》。