Bitcoin’s relatively stable price movements despite macroeconomic uncertainty is likely due to resilient spot Bitcoin ETF holders and Michael Saylor’s firm continuing to buy aggressively, according to a Bloomberg analyst.

“The ETFs and Saylor have been buying up all ‘dumps’ from the tourists, FTX refugees, GBTC discounters, legal unlocks, govt confiscations and Lord knows who else,” Bloomberg ETF analyst Eric Balchunas said in an April 16 X post.

Bitcoin ETF holders hold despite market volatility

Balchunas pointed out that spot Bitcoin (BTC) ETFs have attracted $131.04 million over the past 30 days and are up $2.4 billion since Jan. 1. Balchunas called this “impressive,” noting it helps explain why Bitcoin has “been relatively stable.”

“Its owners are more stable,” Balchunas said. Balchunas said Bitcoin ETF investors have “much stronger hands than most people think.” He said this “should” increase the stability and lower Bitcoin’s volatility and correlation in the long term. 

As of April 16, Bitcoin ETFs saw a total of $131.04 million in inflows over the past 30 days. Source: Eric Balchunas

Saylor’s firm, Strategy, made its latest Bitcoin purchase on April 14, acquiring 3,459 BTC for $285.5 million at an average price of $82,618 per coin. According to Saylor Tracker, Strategy holds 531,644 Bitcoin at the time of publication.

The Bitcoin Volatility Index, which measures Bitcoin’s volatility over the previous 30 days, is at 1.80% at the time of publication, according to Bitbo data. At the time of publication, Bitcoin is trading at $84,610, according to CoinMarketCap data. 

Over the past 30 days, Bitcoin has traded between $75,000 and $88,000 amid macroeconomic uncertainty primarily driven by US President Donald Trump’s imposed tariffs and ongoing questions about the future of US interest rates. 

Despite this, Bitcoin has remained above its previous all-time high of $73,679, first surpassed in November.

Bitcoin is trading at $84,610 at the time of publication. Source: CoinMarketCap

Participants in the broader financial market have also expressed surprise at Bitcoin’s relative strength in recent times, particularly in comparison to the S&P 500.

Stock market commentator Dividend Hero told his 203,200 X followers on April 5, after Trump’s “Liberation Day,” that he has “hated on Bitcoin in the past, but seeing it not tank while the stock market does is very interesting to me.”

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Yemeni citizens are increasingly using decentralized finance (DeFi) protocols to bank themselves amid US sanctions aimed at the Houthi group, which they have deemed a terrorist organization. 

In the past, internet infrastructure challenges and low financial literacy among the war-torn population contributed to relatively limited crypto adoption, according to an April 17 report from blockchain intelligence firm TRM Labs.

“However, there are signs of growing interest and usage driven primarily by necessity rather than speculation,” the blockchain intelligence firm said. 

“For those who use cryptocurrencies in Yemen, the ability to bypass the disruption in local financial services offers a modicum of financial resilience, especially as banks can be difficult to access or are simply inoperable due to the ongoing conflict.” 

Yemen has been in a civil war between the government and the Houthi group since September 2014. The US has also frequently sanctioned financial infrastructure in the country to disrupt Houthi activity, with the most recent action on April 17 hitting the International Bank of Yemen.

DeFi platforms account for most of Yemen’s crypto-related web traffic, taking up over 63% of observed activity, while global centralized exchanges account for 18% of crypto-related web traffic, TRM Labs data shows.

DeFi platforms account for most of Yemen’s crypto-related web traffic, followed by centralized exchanges. Source: TRM Labs

Some local Yemenis also use peer-to-peer crypto transactions to move funds across borders or conduct remittances.

“Although these interactions do not necessarily imply high transaction volumes, they reinforce that for some individuals in Yemen, decentralized infrastructure may provide a necessary alternative to traditional payment rails,” TRM Labs said.

“The interest in DeFi services may reflect the appeal of systems that allow users to transact without intermediaries, particularly where local banking institutions are inaccessible or unreliable.” 

Increasing sanctions could spark higher crypto adoption in Yemen 

Currently, Yemen doesn’t have legislation in place for the use of crypto; TRM Labs speculates that increasing sanctions against the Houthis could be the spark that ignites higher crypto adoption in Yemen.

Following the Biden administration’s relisting of the Houthis as a Specially Designated Global Terrorist in January 2024, a Yemen-based cryptocurrency exchange tracked by TRM experienced a 270% increase in overall volume, the blockchain intelligence firm said. 

Related: US DOJ says it seized Hamas crypto meant to finance terrorism

It eventually returned to pre-spike levels, but it saw another uptick again, this time by 223%, in the three months following the election of US President Donald Trump and the reinstating of the Houthis as a foreign terrorist organization by the US on Jan. 22. 

“Given the intensifying international sanctions on the Houthis and their primary backer, Iran, the group’s use of cryptocurrency is likely to grow in both scale and sophistication,” TRM Labs said. 

“As traditional financial avenues become increasingly restricted, decentralized digital currencies offer an alternative that is less susceptible to oversight and harder to trace.” 

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American film producer, record executive and art collector David Geffen has hit back at crypto entrepreneur Justin Sun in a countersuit disputing ownership claims over a multimillion-dollar sculpture.

The billionaire American media mogul filed a counterclaim against Sun on April 16, calling the Tron founder’s suit a “sham” and adding claims of “unethical and/or illegal business activities.”

Sun sued Geffen in February, claiming that the statue was stolen from him by a former employee who then sold the artwork to Geffen in a deal worth around $65 million in artwork and cash.

Sun purchased the Alberto Giacometti sculpture titled “Le Nez” at a Sotheby’s auction in 2021 for $78 million, working with the assistance of his former art adviser, Xiong Zihan Sydney.

In the 100-page countersuit, Geffen claims that Sun and Xiong “contrived this fraudulent lawsuit” after they couldn’t profitably sell two paintings that Geffen had exchanged for the sculpture, along with $10.5 million in cash.

“Sun’s claims concerning Le Nez, a sculpture by the artist Alberto Giacometti, are utterly without merit and constitute a bad-faith, tortious attempt to interfere with Geffen’s ownership of Le Nez,” the counterclaim read. 

Geffen also claims that Sun was eager to sell the sculpture because crypto markets were crashing throughout 2022 and 2023 and his crypto platforms Poloniex and HTX were repeatedly hacked for hundreds of millions of dollars in 2023.  

Alberto Giacometti’s Le Nez. Source: Fondation Giacomett

Key disputes include whether Xiong confessed to stealing the sculpture, inconsistencies in Sun’s claims about how much money Xiong allegedly stole, and Geffen’s claim that Sun still has the money and the paintings, which are being held by art dealers.

Fraudulent behavior allegations 

Geffen takes things further by alleging Sun has a history of fraudulent behavior, such as being sued by former employees for punishing them for refusing to engage in “unethical and/or illegal business activities,” and making false statements in other lawsuits. 

Related: Justin Sun ‘not aware’ of circulating reports about CZ plea deal

On April 17, Sun’s lawyer, William Charron, refuted essential aspects of Geffen’s countersuit, according to ArtNet. 

Ms. Xiong confessed to her theft, was arrested in China, and is in detention in China today, he said before adding: 

“In spite of these facts, Mr. Geffen goes all-in on the idea that Ms. Xiong was not a thief; that she supposedly spoke for Mr. Sun at all times; and that she is walking freely in China today. Mr. Geffen’s pleading is extremely misguided.” “We eagerly look forward to litigating this case and to recovering Mr. Sun’s property,” he said. 

In November, Sun bought Maurizio Cattelan’s Comedian — a banana taped to the wall — at Sotheby’s New York for $6.2 million, and then ate the banana at a press conference in a publicity stunt. 

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