Matrixport: Uncertainty over U.S. trade war continues to weaken crypto market

In a recent update on X, crypto services provider Matrixport noted that the uncertainty of a trade war initiated by the U.S. and the Federal Reserve's hawkish stance have continued to weaken the crypto market. Crypto futures open interest has experienced a sharp decline amid price drops. The open interest of Ethereum (ETH), in particular, has dipped to lows last seen in the summer of 2024. In spite of U.S. President Donald Trump's mention of a strategic Bitcoin (BTC) reserve and the upcoming White House crypto summit on March 7, Matrixport cautioned that the market is still in risk-off sentiment. This indicates many investors are waiting for clear macroeconomic signals ahead of re-entering long positions.