CMC Market Pulse: Crypto Strategic Reserve Established
By CMC
The week started off strong, with the sudden announcement of the formation of a Crypto Strategic Reserve over the weekend, directly from President Trump. The rest of the week saw volatility on speculation around the details and execution of the reserve, especially with the looming March 7th White House Crypto Summit. Total crypto market cap saw a slight increase over the week, from $2.917T to $3.048T.
Bitcoin (BTC) ended the week down 4.04%, while Ethereum (ETH) underperformed slightly, closing at 4.51% down from the prior week.
Daily liquidations jumped early on in the week, primarily on the long side, in the ensuing volatility following the announcement. A total of $1.2B in longs were liquidated over the early half of the week, with only approximately $300M in shorts during the same period. Liquidations cooled down towards the end of the week as market volatility slowly reduced. Funding rates largely remained flat to negative, with funding falling especially hard on assets mentioned in Trump’s post, perhaps to hedge against the news at the Summit
