Bitcoin experienced a volatile start to Q2, initially down 23.8% in Q1 – its worst first quarter since 2018 – despite a rebound in March with $1.32 billion in spot ETF inflows. This downturn was attributed to prior ETF outflows, sticky inflation, and risk-off sentiment. However, positive developments are emerging. Morgan Stanley filed Amendment No. 4 for its Bitcoin ETF, signaling potential approval and intensifying fee competition. Michael Saylor’s Strategy (MSTR) is poised to resume Bitcoin purchases via STRC preferred stock, potentially adding over 1,111 BTC this week, coinciding with a price increase to near $69,300. A significant catalyst for the recent rally is Iran’s indication of willingness to de-escalate conflict, boosting risk assets and causing oil prices to plummet. Bitcoin climbed above $69,000 on this news, outperforming gold during the conflict period. While ETF investors are currently underwater, April historically presents a bullish trend for Bitcoin.
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