Today (March 28, 2026), the cryptocurrency market was hit by a dual impact of "macroeconomic policy shift" and "derivative market expiration," leading to a risk-averse market sentiment and downward pressure on Bitcoin prices.

Concerns over inflation triggered by geopolitical conflicts and the large-scale expiration of options caused Bitcoin to briefly fall below the $66,000 mark in early trading today, hitting the lowest point since March 2. As of today, its price has hovered around $66,000, with a 24-hour decline of over 3.6%.

📊 Today's Key Event Analysis

Event Dimension Specific Performance Impact on the Market
Macroeconomic Pressure U.S. Treasury yields soared (10-year at 4.42%), with market pricing indicating an increased probability of rate hikes in 2026. As a liquidity-sensitive asset, Bitcoin was sold off under "rate hike expectations," leading to capital outflows from risk assets.
Geopolitical Tensions Escalated tensions in the Middle East, with Iran's nuclear facilities attacked, raising concerns over oil supply and runaway inflation. Market risk aversion increased, with investors withdrawing from cryptocurrencies and other risk assets, shifting to traditional safe havens like gold.
Derivative Market Impact About $14 billion worth of Bitcoin options expired yesterday, accounting for 40% of Deribit’s open interest. The large expiration increased market volatility and revealed a cautious market tone post-expiration, causing prices to decline.
Funding Flows Institutional investors like BlackRock experienced a net outflow of $201 million from Bitcoin ETFs in a single day. This indicates weakening institutional sentiment, increased short-term selling pressure, and Coinbase premium turning negative, suggesting selling pressure mainly from U.S. investors.

📉 Impact on Bitcoin Price Trends

Overall, today’s events point to one conclusion: Bitcoin is short-term shifting from a "safe-haven narrative" back to a "macro liquidity narrative," with clear downside pressure.

· Market Sentiment Deterioration: Many long positions were liquidated. Over the past 24 hours, more than 126,000 traders were liquidated across the network, with a total liquidation amount of $440 million, nearly 90% of which were long positions, indicating heavy losses for leveraged traders. Panic spread in the market, and predictive data shows traders now believe Bitcoin has a higher probability of dropping to $55,000 than rebounding to $84,000.
· Core Contradiction Shift: The previous "war safe-haven" logic failed to support Bitcoin’s rise. The core market contradiction has shifted to "secondary inflation" and "rate hike expectations" driven by the war. As long as U.S. Treasury yields and rate hike expectations remain high, Bitcoin as a risk asset will continue to face selling pressure.
· Short-term Outlook: In the near term, Bitcoin’s movement will heavily depend on macroeconomic data (such as PCE inflation data) and geopolitical developments. With liquidity tightening expected, the market needs time to digest negative news, and prices may find new support in the $60,000–$66,000 range.

Regarding the current market correction, do you plan to wait and see for stabilization, or do you see an opportunity to build positions gradually? $BTC