1/ The past two weeks tested every narrative in crypto. 1️⃣ The Fear and Greed Index touched 10, a level we haven't seen sustained since the 2022 bear market bottom. 2️⃣ Yet, nearly $1 billion flowed into U.S. spot Bitcoin ETFs in March alone. The surface story is volatility but the underlying market structure tells a different story. More below👇

3/ Crypto was the only major market open when it happened. BTC took the hit, but recovered. No capitulation. No mass exodus to exchanges.

4/ The ETF bid held firm. U.S. spot Bitcoin ETFs have pulled in nearly $1B across seven trading days in March, absorbing a $227M outflow on March 5. Source: @FarsideUK

5/ Whale-retail dynamics are worth watching. Since early Feb, whales (10-10,000 BTC) have been reducing their share from ~68.9% to 68.04% as BTC dropped from ~$79K to ~$69K. Over the same period, small holders (0-0.01 BTC) ticked up from ~0.245% to ~0.25%. Retail absorbed the selling. When retail absorbs whale distribution, corrections often extend. Source: @santimentfeed

6/ Tokenized gold had a breakout moment. With traditional markets closed, XAUT and PAXG were the only live gold exposure. Both hit $5,400+. The tokenized gold market is now ~$5.65B. RWAs aren't just for bull markets, they are also being used when legacy markets can't operate. Source: @CoinMarketCap