Bitcoin Under Pressure as U.S. Macro Risks and Private Credit Strains Build

ChainCatcher report: Bitcoin pulled back after touching $69,000 on Wednesday as President Trump's comments did not reassure markets that the Iran conflict would end. The risk-off mood deepened after WTI crude surged above $110. U.S. Treasury officials flagged risks in the roughly $2 trillion private credit market. Blue Owl, which oversees $307 billion in assets, disclosed "unusual redemption requests" in two private credit funds and imposed a 5% withdrawal cap. Continuing jobless claims climbed to 1.84 million. Bitcoin has held the $66,000 level this week but is facing several sources of selling pressure. U.S.-listed spot Bitcoin ETFs have recorded $450 million in net outflows since March 24. The sector now holds about $88 billion in Bitcoin, led by BlackRock's IBIT with $53.9 billion. On the corporate side, MARA Holdings sold 15,133 BTC in March. Riot Platforms transferred 500 BTC in preparation for a sale, and Nakamoto Holdings sold 284 BTC. Looking ahead, the U.S. federal deficit is projected to reach $1.9 trillion by 2026. Markets view potential fiscal stimulus as a medium-term tailwind for Bitcoin. Ongoing purchases by firms such as Strategy and Metaplanet have helped offset part of the selling pressure.