Gate News reports that on March 7th, the cryptocurrency industry experienced several positive developments on Wall Street: Morgan Stanley chose BNY Mellon as the custodian for its spot Bitcoin ETF exposure, a certain CEX was approved to access the Federal Reserve payment system, and a certain CEX was valued at $25 billion with ICE investment. However, Bitcoin, after approaching nearly $74,000, fell back below $69,000, with the total market cap evaporating about $110 billion. Macro factors such as a strong dollar, rising oil prices, and changing interest rate expectations are suppressing risk asset performance. On-chain data shows that short-term holders transferred over 27,000 BTC (about $1.8 billion) to exchanges when the price neared $74,000, taking profits and increasing short-term selling pressure. There are some positive signals in the funding market: last week, U.S. spot Bitcoin ETFs saw approximately $787 million in net inflows, marking the first positive flow since mid-January this year.
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