Key Takeaways
- Bitcoin fell to $107,700 (-2.7%) on Tuesday, after failing to hold $110,000, as the total crypto market cap fell to $3.64 trillion.
- Spot ETFs continue net redemptions: Ethereum ETFs −$146 million (third day of outflows) and Bitcoin ETFs −$40.47 million (fourth day of outflows).
- Long-term holder (LTH) sales remain elevated; DATs and ETFs have absorbed much supply but cannot do so indefinitely with continued LTH distribution capping near-term upside.
- Macro: Trump signs critical minerals/rare-earths deal with Australia, a strategic policy tailwind for mining and hardware supply chains, but trade friction with China is still a downside risk.
