According to Farside Investors, rotary funds (ETFS) on March 7, net funds worth almost $ 370 million, when investors reacted to the plan of President Donald Trump for the American strategic Bitcoin reserve, according to Farside Investors.
. drains Indicate institutional investors are afraid of the Bitcoin (BTC) exhibition after Trump’s executive order on March 6 – which created the National Bitcoin reserve, but did not instruct the government to buy Bitcoin – disappointed traders.
“One sec [Trump’s executive order] He recognizes the role of Crypto in global finances, the lack of fresh purchases of disappointed markets, “said CointeLraph Alvin Kan, operating director of Bitget Wallet.
Source: Ryan Rasmussen
Related: US Bitcoin reserves variability, Futures recoil
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On March 6, Trump signed a contract executive order Creating a Bitcoin strategic reserve and separately, digital assets to store other cryptocurrencies.
Initially, both will consist of assets acquired by law enforcement agencies and other court proceedings.
The order asks officials to “develop neutral strategies under the budget in order to acquire additional bitcoins, provided that these strategies do not impose any additional costs on American taxpayers.”
“This limited scope did not meet market expectations and caused a significant disappointment,” said Cointelegraph Tękjin Louie, general director of Wanchain, a cross -country interoperability protocol.
However, “Trump’s Order also opens the possibility of buying an additional Bitcoin, because the acquisitions do not cost taxpayers,” said Cointelegraph Bryan Armor, strategic research director at Morntelegraph.
“This can introduce a new buyer to the Bitcoin ecosystem.”
Market reaction
According to data from Google Finance, the price of Bitcoin dropped by more than 2% 7 March.
Meanwhile, data from CME, the largest exchanges of derivative instruments in the US, show declines by more than 2% in most Bitcoin curve, which includes futures contracts expiring on spreading dates.
Futures are standardized contracts representing a contract for the purchase or sale of assets at a specified future date.
Even without the US government, he actively buys bitcoins, “the American Strategic Bitcoin reserve means … Other countries will buy bitcoins … [and] Financial institutions have no excuse, “so as not to add BTC allocation, Ryan Rasmussen, head of the BitWise manager research, said WX post.
The sale is “a simple rumor, sell an information event,” said CointeLraph Austin Arnold, co -founder of Altcoin Daily. “Long -term, it’s stubborn.”
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