Over the past two weeks, Bitcoin and a wider cryptographic market have slightly recovered. However, the Crucible Meltem Demirerors general partner issued a cautious tone of the future of the cryptographic rally. IN interview In Bloomberg on March 25, Demirers took care of everything, from trade volumes and ETF inflows to concerns about the “hidden lever” in the cryptographic ecosystem.
“This is a story about two cities. The sentiment is positive. You see a lot of enthusiasm about the direction of the Trump’s administration policy,” she said, referring to the renovated cryptographic noise in political rhetoric. “But if we look at the markets, the volumes are terrible. We will return to the commercial levels that we saw pre -election.”
While media relations regarding pro-digit signals from President Trump and World Liberty Financial caused entertainment, Demirerors emphasized the need to separate the noise from concrete market activity. She noticed that until now the data suggest restricted purchasing pressure – it results from earnest questions about where each ongoing offer for bitcoins and other cryptographic assets comes from.
By discussing the triggers of the results in 2024, Demirers emphasized the role of institutional strategies for ETF trade in shaping demand: “We had ETF buyers. If we look at ETF buyers based on 13F applications from December, most companies do the basis of trade, right? They are not long -term.
She explained that these companies often “buy ETF and then short bitcoins”, recording price spreads, and not the search for fundamental exhibition. The dynamics around the arbitration of MicroStrategy – where enormous institutional players employ publicly traded Bitcoins MicroStrategy – including complicated market flows. Demirers marked “growing concerns about the potential black swan if trading is resting.”
In recent sessions, some Altcoins have registered compact -term rallies, which on the surface can mean a renovated appetite among traders. Demirers quickly contextualized these moves: “If we take out bitcoins and ether, [there’s been] Without changing the capitalization of the market for this long cryptocurrency tail and without changing the volume of rotation, it was flat. Only the names rotate. This is a game of musical chairs. “
Market observers buzzing in the online comments of President Trump and closer ties between the main financial players – such as Cantor Fitzgerald and Tether – in wider regulatory conversations in Washington. Demirers suggested, however, that these changes are only part of the cycle: “Does this value accreinate? We pull smoothness from the cryptographic ecosystem, putting it in the banking sector or putting it in the pocket of the creators of these coins. Is this the accretion value to enhance the volume of bitcoins and Broader Crypto?
Despite this, she repeated optimism as to Bitcoin’s resistance, indicating the dominance of Bitcoins to about 70%-the best level of many years.
However, she also expressed concerns about the hidden lever in the system. From potential unwinding scenarios including Bitcoin shares of Microstrategy to enormous distribution from MT creditors and the non -existent FTX platform, Demirerors sees a possible wave of sales pressure: “We have Mt Gox, which starts, from where there are distribution of coins. FTX is a distribution which can become net sellers from which it comes from eternal?
The question about inversion of the tide remains open, especially among disappointing volume data. “I am a simple girl,” DEMIIRORS added. “Every time I say, I say it’s about flows.”
During the BTC press it traded at USD 87,926.
