PANews reported on March 29 that Capital Flows published an article on the X platform saying that the decline of US stocks is affecting Bitcoin and listed companies in the crypto sector (such as Coinbase and Strategy). The convergence of Bitcoin and traditional risky asset flows is increasing, but it is still at the far end of the risk curve. Capital must flow "outward" from lower-risk assets and into the crypto market to drive Bitcoin up.

If Bitcoin rebounds back into the $100,000 range, it would require a lasting change in macro liquidity, which has not yet occurred. If macro liquidity fails to adjust sustainably, the next stock market decline could pull Bitcoin down to the $72,000-75,000 range as the implied volatility premium increases.