{"id":23281,"date":"2025-04-23T00:01:40","date_gmt":"2025-04-23T00:01:40","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=23281"},"modified":"2025-04-23T00:01:40","modified_gmt":"2025-04-23T00:01:40","slug":"why-is-bitcoin-up-today-bitwise-answers","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=23281","title":{"rendered":"Why Is Bitcoin Up Today? Bitwise Answers"},"content":{"rendered":"
\n

Bitwise Asset Management\u2019s Weekly Crypto Market Compass \u2013 opens with a stark assessment: \u201cWith political pressure mounting on Powell and the dollar falling, Bitcoin\u2019s outperformance reflects growing structural divergence from risk assets.\u201d That single line distils the essence of the cryptocurrency\u2019s run over the last few days, hitting $88,800 today\u2014its highest print since early March\u2014and frames the narrative around a weakening US dollar, and a distinct shift in investor psychology.<\/p>\n

Why Is Bitcoin Price Up?<\/h2>\n

The note<\/a> points first to the macro backdrop. A US Dollar Index sliding below 98.5 \u201camid growing speculation that President Trump may seek to oust Federal Reserve Chair Jerome Powell\u201d has undermined demand for dollar\u2011denominated stores of value. Bitwise cites National Economic Council Director Kevin Hassett, who told reporters that the administration is \u201cactively exploring\u201d the removal of Powell<\/a>\u2014language the firm characterises as a public assault on monetary independence that \u201cis beginning to reward sovereign\u2011free stores of value.\u201d<\/p>\n

Against that political theatre, Bitcoin\u2019s statistical profile has become conspicuously defensive. Month\u2011to\u2011date the currency is up more than 7%, while the Nasdaq 100 and S&P 500 are both down between 7% and 9%. The report calls the gap \u201cearly\u2011stage decoupling\u201d and illustrates it with a chart in which the orange Bitcoin line bends decisively upward as the two equity indices turn lower.<\/p>\n

On\u2011chain data reinforce the impression that the bid is coming from strategic rather than speculative capital. \u201cOver 63.5% of Bitcoin supply has remained unmoved for at least a year,\u201d the analysts write, adding that long\u2011term\u2011holder supply has climbed to a year\u2011to\u2011date high of 69%. Exchange balances continue to grind lower; at 2.60 million BTC they are now at a multi\u2011year low, a trend the desk attributes to \u201cwhales<\/a> removing a further \u2011260,455 BTC\u201d during the last weekly interval. These numbers, Bitwise argues, \u201cunderscore strong conviction among long\u2011term holders\u201d even as short\u2011term traders fade in importance.<\/p>\n

Derivatives markets echo that tone. BTC futures open interest expanded by \u201caround +15.8 k BTC\u201d and perpetual open interest by \u201c+10.7 k BTC,\u201d while the three\u2011month annualised basis widened to 5.7%, up from 5.2% the previous week. Funding rates on perpetual swaps stayed positive, indicating that traders are paying a premium to maintain long exposure. Meanwhile, at\u2011the\u2011money implied volatility for one\u2011month options sits near 49% per annum\u2014a level the firm describes as \u201cmodest\u201d in historical context and therefore not suggestive of froth.<\/p>\n

Spot\u2011market flows provide a nuanced but broadly supportive picture. Global crypto ETPs experienced net outflows of roughly $30 million last week, a sharp deceleration from the prior week\u2019s exodus of $835 million. Crucially, US spot Bitcoin ETFs bucked the trend, attracting US $15.8 million in fresh capital. Bitwise\u2019s own BITB took in $23.8 million, while Grayscale\u2019s GBTC registered no change and BlackRock\u2019s IBIT absorbed a healthy $186.5 million.<\/p>\n

Notably, $381 million flowed into spot Bitcoin ETFs yesterday. These are record inflows since February.
\nThese allocations come on top of corporate treasury demand: Japanese public company Metaplanet<\/a> added 330 BTC at an average cost of $85,605, lifting its holdings near the $420 million threshold, and Strategy Inc. <\/a>disclosed the purchase of 6,556 BTC for roughly $556 million.<\/p>\n

Not all industry news is benign. The Compass devotes a full page to the mining sector, noting that \u201chashprice is at all\u2011time lows\u201d just as the US government prepares tariffs of up to 46% on ASIC rigs imported from Southeast Asia. With an estimated 40% of global hashrate located in the United States, those levies threaten to squeeze a segment already wrestling with thinning profit margins.<\/p>\n

Some operators, such as Bitfufu and Bitdeer, are redeploying machines to Ethiopia, Norway and Bhutan; others, including Riot and CleanSpark, moved shipments forward to beat the deadline. The report warns that public companies holding Bitcoin on balance\u2011sheet \u201ccrowd out\u201d miners by offering investors price exposure without operational risk or large capital expenditures.<\/p>\n

Yet the firm\u2019s central conclusion is unambiguous: the macro forces that have lifted Bitcoin off its March lows remain intact. \u201cBitcoin outperformed both the S&P 500 and Nasdaq this month,\u201d the authors remind readers, \u201cas US dollar dominance shows signs of erosion.\u201d Their proprietary Cryptoasset Sentiment Index has shifted from \u22120.23 to +0.21, its first positive reading in two months, even as breadth remains narrow\u2014only 20% of tracked altcoins beat Bitcoin last week. In Bitwise\u2019s interpretation, concentrated leadership is not a weakness but a sign that \u201ccapital is being re\u2011allocated toward assets perceived as sovereign\u2011free macro hedges.\u201d<\/p>\n

The final paragraph of the Compass captures the firm\u2019s thesis in a phrase that reads like a coda to this week\u2019s price action: \u201cWith portfolios globally diversifying away from dollar\u2011denominated assets, Bitcoin\u2019s positioning as a sovereign\u2011free macro hedge and emerging store of value is helping it absorb a growing share of institutional allocations.\u201d For now, Bitcoin\u2019s ascendancy is less about momentum or retail enthusiasm than about a crisis of confidence in the monetary regime that underpins the global financial architecture. As that edifice wobbles, Bitwise sees investors reaching for the one asset that, by design, has no central bank at all.<\/p>\n

At press time, BTC traded at $88,861.<\/p>\n

\"Bitcoin<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitwise Asset Management\u2019s Weekly Crypto Market Compass \u2013 opens with a stark assessment: \u201cWith political pressure mounting on Powell and the dollar falling, Bitcoin\u2019s outperformance reflects growing structural divergence from risk assets.\u201d That single line distils the essence of the cryptocurrency\u2019s run over the last few days, hitting $88,800 today\u2014its highest print since early March\u2014and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-23281","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/23281","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23281"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/23281\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}