In a recent interview with Unchained Podcast, FTX CEO Sam Bankman-Fried said that the crypto market remains at the mercy of macro forces.
“Cryptocurrencies still react to the general macro environment, and that’s where we’re at,” he said. The really important reason is that we see that the basis for the market movement is still the dollar interest rate, which can cause the dollar to be strengthened or weakened… If the dollar strengthens, the exchange rate against oil will strengthen,Bitcoin will be affected, when the dollar is strong Weaken, and you’ll see the opposite.
But the crypto market did not see sustained outflows during the bear market, a week to a month following the Terra LUNA and Three Arrows events. We’re not seeing capital outflows and industry pains, it’s just kind of stagnant right now.