A tough weekend for the crypto market. Bitcoin dropped to around $70,950 after attempting to reconnect with the $70,000 level, while negative sentiment on the American indices dragged everything down. Altcoins suffered even more – Solana down 2.69%, Ethereum down 2.36%, Dogecoin down 1.98%, and XRP down 1.48%. Last week’s outperformance evaporated within a few hours.

The culprits are clear. Friday in the U.S. was bad: S&P 500 down 0.4%, Nasdaq down 0.3%, Dow down 1.1%. Nvidia lost another 4.2%, and manufacturing data worsened expectations, showing a 0.5% increase that raises fears of possible inflationary pressures. Massive layoffs at Block Inc. worsened the overall mood – AI is replacing jobs, not just creating them. The crypto market amplified everything: the 0.4% drop in the S&P turned into a 3% decline for Bitcoin and over 6% for altcoins.

Here’s the strange part: US-based spot Bitcoin ETFs saw $1.1 billion in inflows over three days, their best week in months. Yet, it wasn’t enough to contain the overall deteriorating sentiment. Bitcoin remains trapped between $60,000 and $70,000 since the crash on February 5. The question now is whether the bottom will hold as we enter March. Another worrying data point: USDT reserves on exchanges have fallen from $60 billion to $51.1 billion in two months. If they drop below $50 billion, analysts warn of a possible massive sell-off.

Meanwhile, BNB held up better than most, losing only 2.23%. Dom Harz of BOB commented that Bitcoin’s volatility isn’t surprising for those who have experienced previous cycles – what’s different this time is the type of capital behind this asset class. True, but it doesn’t change the fact that worsening macro conditions are weighing more than positive institutional flows. The situation remains tense, and traders are watching whether the lower support of the range will hold.