Bitcoin slides toward $70,000 as on-chain data flags bear market and traders bet Fed holds in April: Asia Morning Briefing

Bitcoin is entering the Asian trading day near the mid-$70,000s, with on-chain data from CryptoQuant and Glassnode signaling structural weakness, a thin buyer base, and tightening liquidity, suggesting a bear market phase rather than cyclical weakness. Key indicators include a zero Bull Score Index, weak spot volumes, and U.S. spot bitcoin ETFs flipping to net sellers, creating a significant year-over-year demand gap. Furthermore, the negative Coinbase premium since October shows U.S. investors are not absorbing lower prices, and stablecoin expansion has stalled. Macro factors also weigh heavily, as traders anticipate the Federal Reserve will hold rates in April, limiting near-term liquidity relief, complicated by political commentary regarding Fed independence under the new chair pick. Consequently, the market is characterized by thin conviction, even as bounces remain possible.

(Source：CoinDesk)