Macro signals offer limited direction. Markets are pricing a 98% probability that the Federal Reserve will hold rates steady at its April meeting, according to Polymarket data, with minimal expectations for near-term cuts or hikes.
Bitcoin’s relationship with global monetary policy may be shifting, with ETFs changing not just the scale of demand but its timing.
A recent Binance Research report finds bitcoin’s correlation with its Global Easing Breadth Index, which tracks 41 central banks, has turned sharply negative since 2024, the same year U.S. spot ETFs were approved. Before then, bitcoin tended to follow easing cycles with a lag. That relationship has now flipped, with the inverse effect nearly three times stronger.
The shift reflects who sets the marginal price. Retail once reacted to macro after the fact. ETF-driven institutional flows are more forward-looking, positioning ahead of expected policy moves.
“BTC may have evolved from a macro 'lagging receiver' to a 'leading pricer,'” Binance Research wrote.
ETF inflows continue to absorb supply and anchor prices, which could explain the continued daily inflow.
If what Binance Research proposes holds, bitcoin may keep trading as a forward-looking asset, pricing in central bank pivots before traditional markets rather than reacting to them after the fact.