BTC, BCH, and USUAL Tokens in the Spotlight Amid Renewed Macroeconomic Challenges

Bitcoin (BTC), Bitcoin Cash (BCH), and USUAL (UST) are in the spotlight as the cryptocurrency market faces fresh macroeconomic challenges.

Bitcoin’s resilience above $80,000, despite elevated U.S. Dollar Index (DXY) levels and a more hawkish outlook from the Federal Reserve, highlights its relative decoupling from traditional market trends.

On-chain metrics and investment flows provide further insights into BTC’s trajectory and the role of institutional participation.

Bitcoin (BTC) price showcased remarkable resilience as the U.S. Dollar Index (DXY) hovered at 110, a level historically associated with BTC trading around $20,000.

However, a recent tweet highlighted the stark divergence, with Bitcoin currently positioned above $80,000. This suggests a significant departure from its traditional inverse correlation with the DXY, a relationship that has been observed over extended periods.

A closer examination of on-chain data and investment flows provides further evidence to support this claim.

The Short-Term Holder NUPL metric reveals that short-term holders remained profitable despite macroeconomic uncertainties, with no sharp declines into loss territory. This indicates confidence among recent buyers and reduces the likelihood of a widespread sell-off.

Meanwhile, Net Transfer Volume from/to Exchanges highlighted consistent outflows, peaking during BTC’s rally in November 2024 and moderating in December 2024. These outflows support the narrative of long-term accumulation trends, further tightening Bitcoin’s liquid supply.

Furthermore, the Realized Cap HODL Waves chart strengthens the bullish outlook. It reveals that over 65% of Bitcoin’s circulating supply has been held for over a year, a sharp increase since late October 2024.

This accumulation by long-term holders underpins Bitcoin’s price stability, even as macroeconomic conditions become more challenging.

Finally, investment flows also validate these on-chain trends. According to CoinShares, Bitcoin attracted $214 million in inflows last week, the highest among digital assets, despite broader market outflows of $940 million triggered by stronger-than-expected macroeconomic data.

Year-to-date inflows for BTC stood at $799 million, solidifying its position as the preferred asset for institutional investors. In contrast, Ethereum suffered $256 million in outflows, reflecting broader risk-off sentiment in tech assets.