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Morgan Stanley Says Crypto Markets Are Weakening as Central Banks Look to Tighten
The imminent start of central bank tightening is putting pressure on the crypto market.
Yazan Will Canny
Low interest rates, expansion of central bank balance sheets, and government stimulus were all “drivers of exponential cryptocurrency price rises” in the last two years, Morgan Stanley said in a research note.
- Leveraged crypto markets are now weakening as the U.S. Federal Reserve and other central banks look to slow their balance sheet expansion and prepare the markets for interest rate hikes, the bank’s head of cryptocurrency research, Sheena Shah, wrote in a report published last week.
- Retail investor sentiment on social media has also started to turn less bullish since late last year with the recent downward price momentum also contributing to the bearish sentiment, the bank said.
- Morgan Stanley notes that bitcoin’s market capitalization has tracked the growth of global money supply since late 2013.
- The yearly change in money supply peaked in February 2021, while bitcoin’s annual growth rate topped out a month later in March, which the bank sees as no coincidence.
- Cryptocurrency’s usage as a payment vehicle/exchange of value is what should drive its valuation in the long run. However, the market has been trading most cryptocurrencies like speculative risk assets, as evidenced by the correlation between bitcoin and equity markets in the last six months, the report said.
- Blockchain analytics firm IntoTheBlock said last week that bitcoin’s correlation with M1 money supply has risen to 0.77, suggesting a strong statistical relationship between the two.
Read more: Case for Bitcoin Bottom Near $40K Is Weak as Institutions Stay Away
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Bilinmesi gerekenler:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Crypto Markets Today: Bitcoin Stuck in Post-Fed Range as Altcoins Slump Deepens
Bitcoin remains trapped in a range despite the U.S. rate cut, while altcoins and memecoins struggle to attract risk appetite amid shifting investor behavior.
Bilinmesi gerekenler:
- BTC briefly dipped below $90,000 after Wednesday's 25 basis-point U.S. rate cut before rebounding, but price action lacked a clear fundamental catalyst.
- Tokens such as JUP, KAS and QNT posted double-digit weekly losses, while CoinMarketCap’s altcoin season index fell to a cycle low of 16/100.
- CoinDesk’s Memecoin Index is down 59% year-to-date versus a 7.3% decline in the CD10, highlighting a shift from retail-driven hype to more institutionally led, slower-moving markets.
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