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Crypto markets have seen significant profit taking in recent weeks with retail investors playing a bigger role than institutions, the report said.

The CD20/USDC perpetual futures traded at a premium to the index price early Thursday, indicating a bullish broader market sentiment.

Digital assets are expected to stay highly correlated with equities amidst the upcoming macro calendar, the report said.

Most of the $16 billion inflow into spot bitcoin ETFs since their launch likely came from existing digital wallets on exchanges, the report said.

The CD20/USDC perpetual futures traded at a premium to the index price early Thursday, indicating a bullish broader market sentiment.

Investors should brace for waves of fear, uncertainty and doubt – or FUD – over the next few months, a K33 Research analyst said.

These influences include rising geopolitical tensions, higher interest rates for longer, reflation and ballooning national debts, the report said.

Bitcoin miners have been running down inventory in a rising market, moving away from the accumulation strategy seen ahead of prior halving in May 2020.

Several Democrats on the House Financial Services Committee have a bill coming this week to target money laundering through cryptocurrency mixing services, said Rep. Sean Casten (D-Ill.), one of its backers.

Separately, France's markets regulator said crypto remains a high risk for money laundering.