Bitcoin rebounds on news of a Powell investigation, but markets stay cautious…ETF outflows, weak leverage demand
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Summary
- Bitcoin briefly broke above $92,000 after news of a criminal investigation into Fed Chair Powell, then slipped back into the $91,000 range, with investor reaction described as limited.
- Bitcoin is about 23% below its October 2025 peak, while gold and silver have hit new record highs, raising questions about bitcoin’s role as a digital store of value.
- With the annualized premium on bitcoin futures stuck around 5% and U.S. spot bitcoin ETFs seeing about $1.38 billion in net outflows over the past four trading days, the odds of a strong rally toward $105,000 were seen as limited.
Despite political and legal uncertainty surrounding the chair of the U.S. Federal Reserve (Fed), the bitcoin (BTC) market is showing more of a wait-and-see stance than clear risk-off demand.
According to Cointelegraph on the 13th (local time), bitcoin briefly climbed above $92,000 after reports that U.S. federal prosecutors had opened a criminal investigation into Fed Chair Jerome Powell, but it failed to extend gains and traded in the $91,000 range. Despite the political headline, investor reaction was limited.
Bitcoin remains about 23% below its October 2025 peak, while gold and silver have extended their rallies, setting fresh record highs in 2026. This has also raised questions about bitcoin’s role as a “digital store of value.” Adding to the headwinds, Goldman Sachs withdrew its call for a March rate cut, citing inflation and employment data, dampening expectations for further improvement in the macro backdrop.
Derivatives and spot supply-demand indicators also support the cautious view. The annualized premium on bitcoin futures has hovered around 5%—below levels typically seen as a bullish signal—and U.S. spot bitcoin exchange-traded funds (ETFs) have recorded net outflows of about $1.38 billion over the past four trading days. Based on these trends, the market sees limited scope for a strong rally toward $105,000 in the near term.
