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Bitcoin in Standstill at $85K as Trump Increases Pressure on Fed's Powell

Bitcoin (BTC) was treading water just below $85,000 late Thursday as tensions between U.S. President Donald Trump and Federal Reserve Chair Jerome Powell added another layer of uncertainty for investors.

Markets dipped on Wednesday after hawkish comments from Powell, who criticized Trump’s tariffs policy, saying that it would likely result in a slowing economy and rising prices — what economists call “stagflation." In his remarks, Powell made clear his larger focus for now would be on prices, suggesting tighter Fed policy than otherwise thought.

Bitcoin Nears Capitulation as Short-Term Holders Face Deep Losses

Bitcoin’s (BTC) on-chain metrics are flashing a key signal once again, as the short-term holder (STH) MVRV ratio fell to 0.82 — a level historically associated with market stress and capitulation, according to Glassnode data.

This metric compares the market value (current BTC price) to the realized price (average cost basis of coins held by short-term holders). A STH MVRV value below 1.0 indicates that recent buyers are, on average, underwater, holding unrealized losses. At 0.82, this means short-term holders are down roughly 18% on average, a sign that many are experiencing significant pain.

Binance Dominated the CEX Market in Q1 with $8.4 Trillion Trading Volume

Despite regulatory hurdles and listing concerns, a new report from TokenInsight shows that Binance is comfortably leading the CEX market. Increasing competition from MEXC and Bitget saw Binance’s market share drop 1%, but it still dominates more than one-third of the CEX trades.

“Binance maintained its market-leading position in both quarters, with a trading volume of $9.95 trillion in Q4 2024. Due to market volatility, its trading volume in Q1 2025 was approximately $8.39 trillion. Binance continued to lead in market share, holding 36.5% in Q1 2025,” the report claimed.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Wednesday was $107.83 million. The total net asset value of Bitcoin spot ETFs is $94.51 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.59%.

The Bitcoin spot ETF with the highest net outflow on Apr. 16 was iShares Bitcoin Trust , with a net inflow of $80.96 million. Following that was Fidelity Wise Origin Bitcoin Fund , with a net inflow of 25.9 million, according to SoSoValue.