According to the data from FARSIDE Investors, Bitcoin Exchange-Traded Funds (ETFS) saw a net outflow worth $ 330 million on March 7 as investors responded to the plan of Donald Trump’s strategic Bitcoin protection zone on March 7.
This leak has made institutional investors a Bitcoin protection zone after Trump’s March 6 administrative order, but the government has not ordered the government to purchase Bitcoin.
Alvin KAN, the chief operating officer of Bitget Wallet, said, “Trump’s administrative order) recognizes the role of Crypto in global finance, but recognizes the lack of a disappointing market.
source: Ryan Las Mussen
relevant: US BITCOIN Reserve UPS volatility, gift recoil
Subtle presentation
On March 6, Trump signed an administrative order to create a strategic Bitcoin protection zone and separately had digital asset stockpiles to have different cryptocurrencies.
They are initially composed of assets obtained by law enforcement agencies and other legal procedures.
The order asks officials to “ask the US taxpayers to develop a budget neutral strategy to acquire additional bitcoin if they do not impose an increase in the cost of incremental.”
Temujin Louie, CEO of Wanchain, a cross chain interoperable protocol, told Cointelewraph, “This limited range has been disappointing, less than the market expectation.
But Trump’s “Order opens up the possibility of acquiring additional bitcoin unless the taxpayer pays the acquisition.
“This can introduce a new buyer to the Bitcoin ecosystem.”
Market reaction
According to Google Finance’s data, Bitcoin’s spot price has fallen more than 2% in March 7.
Meanwhile, the data of CME, the largest derivatives exchange in the United States, has been shown to have decreased more than 2% of Bitcoin’s forward curves, which includes a futures contract that expires on the staggering date.
A gift is a standardized contract that indicates a contract to purchase or sell assets in a certain future.
Even if the US government does not actively purchase Bitcoin, “US strategic Bitcoin reserve means… Other countries will buy Bitcoin.
Austin Arnold, co -founder of Altcoin Daily, told Cointelegraph to “selling rumors, news events.” “In the long run, this is optimistic.”
magazine: Trump’s encryption venture raises conflicts of understanding, internal rich trading questions.