Market overview
Bitcoin is changing hands at $75,900 after the Federal Open Market Committee left rates inside the 3.50% to 3.75% band on Wednesday, and Chair Jerome Powell offered nothing in the way of dovish framing. The Fed flagged that short-term inflation could push higher again on energy, a posture that translated almost immediately into ETF redemptions and a rotation out of long-dated risk.
Three consecutive sessions of net outflows from US spot bitcoin ETFs erased $490.4 million, ending a nine-day inflow streak that had brought in just over $2 billion, with last week alone pulling in $824 million. Monday took the worst single-day hit at $263 million, followed by $89.7 million on Tuesday and $137.6 million on the Wednesday print. The rotation reset positioning across the curve.
Geopolitical risk is also live. Crypto Briefing reported a CENTCOM briefing to President Trump that pointed at potential escalation toward regime change in Iran, while a separate report flagged Trump warning that the Strait of Hormuz could be closed if Tehran does not stand down. Treasury Secretary Scott Bessent confirmed on April 29 that the US has seized almost $500 million in Iranian crypto assets under Operation Economic Fury, including a $344 million Tether freeze on two Tron addresses.
The sentiment picture is the strange part. Cryptomat's market pulse prints 92, classified as extreme greed, down a single point on the day. The Crypto Fear and Greed Index, by contrast, has rolled back into fear. The split is the story: news-tape sentiment is still bullish on the way down, while flows say the bid has thinned.