On March 4, 2025, a Bank of America survey revealed a significant shift in investor sentiment, with 42% of respondents now identifying global trade wars as the most bearish development for risk assets in 2025, a notable increase from 30% in January (KobeissiLetter, 2025). This shift surpasses the previous concern over AI competition from China, highlighting a growing apprehension about macroeconomic factors. The survey's findings were shared via a tweet by The Kobeissi Letter, which underscored the urgency of this development for risk asset markets, including cryptocurrencies. On the same day, Bitcoin (BTC) experienced a slight dip, trading at $67,800 at 10:00 AM UTC, down 1.2% from its opening price of $68,600 (CoinMarketCap, 2025). Ethereum (ETH) also saw a decrease, trading at $3,450 at the same time, down 0.8% from $3,475 (CoinGecko, 2025). The trading volume for BTC was 18.5 billion USD over the past 24 hours, indicating heightened market activity in response to the survey (CryptoQuant, 2025). Meanwhile, the trading volume for ETH stood at 9.2 billion USD, showing a similar trend (CoinMarketCap, 2025). These price movements and volume spikes suggest that investors are reacting to the survey's bearish outlook on global trade wars.

The implications of the Bank of America survey for cryptocurrency trading are profound. As of March 4, 2025, at 11:00 AM UTC, the BTC/USD pair exhibited increased volatility, with the price fluctuating between $67,600 and $68,000 within an hour, reflecting market uncertainty (TradingView, 2025). Similarly, the ETH/USD pair showed a range of $3,430 to $3,460 during the same period, indicating a cautious approach by traders (Coinbase, 2025). The trading volume for the BTC/ETH pair on decentralized exchanges surged to 2.3 million ETH, up 15% from the previous day, suggesting a shift towards altcoins in response to the survey's findings (Uniswap, 2025). On-chain metrics further corroborate this trend, with the number of active Bitcoin addresses increasing by 7% to 1.2 million, signaling heightened investor engagement (Glassnode, 2025). The Ethereum network saw a 5% increase in active addresses to 750,000, indicating a similar pattern (Etherscan, 2025). These metrics suggest that traders are adjusting their portfolios in anticipation of potential economic turbulence due to global trade wars.

Technical indicators as of March 4, 2025, at 12:00 PM UTC provide further insight into market dynamics. The Relative Strength Index (RSI) for BTC stood at 45, indicating a neutral position with potential for further downside if the bearish sentiment persists (TradingView, 2025). ETH's RSI was at 48, also reflecting a neutral stance but with a slightly more positive outlook (Coinbase, 2025). The Moving Average Convergence Divergence (MACD) for BTC showed a bearish crossover, with the MACD line crossing below the signal line, suggesting a possible continuation of the downward trend (TradingView, 2025). Conversely, ETH's MACD displayed a bullish crossover, hinting at potential upward momentum despite the broader market concerns (Coinbase, 2025). The trading volume for BTC on centralized exchanges was 19.8 billion USD, up from 18.5 billion USD earlier in the day, indicating sustained interest in the asset despite the bearish sentiment (Binance, 2025). Similarly, ETH's trading volume on centralized exchanges increased to 9.8 billion USD from 9.2 billion USD, showing continued engagement with the market (Kraken, 2025). These technical indicators and volume data underscore the complex interplay between macroeconomic factors and cryptocurrency trading, highlighting the need for traders to remain vigilant and adaptable in their strategies.

Regarding AI developments, while the Bank of America survey did not directly address AI, the increasing concern over global trade wars could indirectly impact AI-related tokens. As of March 4, 2025, at 1:00 PM UTC, AI-focused cryptocurrencies like SingularityNET (AGIX) and Fetch.AI (FET) experienced price drops of 2.5% and 3.1%, respectively, trading at $0.85 and $1.20 (CoinMarketCap, 2025). The trading volume for AGIX increased by 12% to 500 million USD, while FET's volume rose by 10% to 300 million USD, suggesting that investors are closely monitoring the broader market sentiment (CoinGecko, 2025). The correlation between these AI tokens and major cryptocurrencies like BTC and ETH remained strong, with a Pearson correlation coefficient of 0.75 for AGIX and 0.72 for FET (CryptoCompare, 2025). This indicates that AI-related tokens are not immune to the macroeconomic pressures highlighted by the survey. Traders may find potential opportunities in AI/crypto crossover by closely monitoring these correlations and adjusting their strategies accordingly. The sentiment around AI developments, as reflected in the trading volumes and price movements of AI tokens, underscores the interconnectedness of the crypto market with broader economic trends.