For the previous 9 months, general macro circumstances have taken a again seat to the idiosyncratic failures (FTX, Terra’s LUNA/UST, BlockFi, CoinDesk sister firm Genesis) and success tales (the Ethereum Merge, numerous layer 2 launches) that drove many of the worth motion. But macro regained its place behind the wheel over the previous few weeks. The banking disaster and subsequent coverage response have taken heart stage – solely this time it’s affecting digital belongings positively on the expense of different asset lessons. A fast take a look at the bitcoin (BTC) worth versus the regional banking exchange-traded fund (KRE) tells you all it’s good to know concerning the winners and losers for the reason that first week of March.