I noticed interesting movement in the cryptocurrency market this week. Bitcoin broke above the $75k mark, but retreated quite quickly. Analysts say it was more of a maneuver by traders in derivatives than genuine demand. The price fell below the $74.4k level, which served as support last year—apparently, without a serious catalyst above this level, nobody wants to buy.

But what interests me the most is the weekly performance of cryptocurrencies overall. All major coins rose by at least 5% over seven days. Эфир gained 9.3%, Solana about 5%, Dogecoin 2.6%. This is the biggest rally since the period of the Iranian conflict. And it’s happening right before the Fed decision—coincidence?

What’s most interesting is that this crypto move is backed by real flows. Last week, around $767 million flowed into spot Bitcoin ETFs. This is the third week in a row with positive inflows after several weeks of outflows earlier in the year. Plus, Bitcoin has started to pull away from gold in terms of returns—this spread has narrowed sharply since early March. The narrative of digital gold is breathing new life again.

The Fed meeting begins today and ends on Wednesday. The rate decision itself is unlikely to be a surprise, but what Powell says at the press conference could set the tone for risk assets for the whole month. The labor market is weakening, and oil is above $100. If the Fed sounds dovish, cryptocurrencies could get an additional boost.