On March 2, 2025, the Swiss National Bank (SNB), under the leadership of President Martin Schlegel, officially announced its decision to reject Bitcoin as part of its reserve holdings (Source: WallStreetBulls Twitter, March 2, 2025). This announcement was made at 10:00 AM CET, and the immediate market reaction was a significant drop in Bitcoin's price. At 10:05 AM CET, Bitcoin was trading at $52,340, down 3.5% from its opening price of $54,200 (Source: CoinMarketCap, March 2, 2025). The trading volume surged to 12.5 million BTC within the first hour of the announcement, indicating heightened market volatility and investor reaction (Source: CryptoQuant, March 2, 2025). Additionally, the rejection by SNB led to a ripple effect across other major cryptocurrencies, with Ethereum dropping 2.8% to $3,100 and Cardano declining 4.1% to $0.45 at 10:15 AM CET (Source: CoinGecko, March 2, 2025). The decision was also reflected in the Bitcoin futures market, where open interest decreased by 10% to $28.3 billion (Source: BitMEX, March 2, 2025). This event underscores the sensitivity of the crypto market to institutional decisions and their potential impact on investor sentiment and market dynamics.

The trading implications of the SNB's decision are multifaceted. Following the announcement, the Bitcoin/USD trading pair saw an increase in sell orders, with the order book depth at $52,000 showing a 20% increase in sell orders compared to the previous day (Source: Binance, March 2, 2025). This suggests a shift in market sentiment towards a bearish outlook. Moreover, the Bitcoin/EUR pair experienced a similar trend, with the price dropping to €48,500 at 10:30 AM CET, a 3.2% decline from its opening price of €50,100 (Source: Kraken, March 2, 2025). The trading volume for the Bitcoin/EUR pair increased by 15% to 3.2 million BTC, indicating a higher level of trading activity in the European market (Source: CryptoCompare, March 2, 2025). On-chain metrics further corroborated this trend, with the number of active Bitcoin addresses decreasing by 5% to 800,000, suggesting a reduction in network activity (Source: Glassnode, March 2, 2025). The rejection by SNB also influenced the broader crypto market, with the total market capitalization declining by 2.5% to $2.1 trillion (Source: CoinMarketCap, March 2, 2025). These indicators highlight the significant impact of institutional decisions on market dynamics and trading strategies.

From a technical analysis perspective, the rejection of Bitcoin by the SNB led to a breach of key support levels. At 10:45 AM CET, Bitcoin's price fell below the 50-day moving average of $53,000, signaling a potential bearish trend (Source: TradingView, March 2, 2025). The Relative Strength Index (RSI) for Bitcoin dropped to 35, indicating that the asset was approaching oversold territory (Source: Coinigy, March 2, 2025). The trading volume for the day reached a peak of 15 million BTC at 11:00 AM CET, which is a 20% increase from the average daily volume (Source: CryptoQuant, March 2, 2025). The Bollinger Bands widened significantly, with the lower band at $51,000 and the upper band at $55,000, suggesting increased volatility (Source: TradingView, March 2, 2025). The Moving Average Convergence Divergence (MACD) indicator also showed a bearish crossover, with the MACD line crossing below the signal line at 10:50 AM CET (Source: Coinigy, March 2, 2025). These technical indicators, combined with the high trading volumes, suggest that traders should monitor these levels closely for potential entry or exit points in their trading strategies.

In terms of AI-related developments, no direct AI news was associated with the SNB's decision on Bitcoin. However, the broader sentiment in the crypto market can influence AI-related tokens. For instance, the AI token SingularityNET (AGIX) experienced a 1.5% drop to $0.30 at 11:00 AM CET, reflecting the general market downturn (Source: CoinGecko, March 2, 2025). The correlation coefficient between Bitcoin and AGIX over the past month was 0.65, indicating a moderate positive correlation (Source: CryptoQuant, March 2, 2025). This suggests that movements in Bitcoin can influence AI tokens, although the impact may be less pronounced. Traders interested in AI/crypto crossovers should monitor these correlations and consider potential trading opportunities in AI tokens during significant market events like the SNB's decision. Additionally, AI-driven trading volumes remained stable, with no significant changes observed in the volume of AI-related tokens on major exchanges (Source: CoinMarketCap, March 2, 2025). This stability indicates that while AI tokens may be affected by broader market sentiment, AI-driven trading strategies are not yet significantly impacted by such institutional decisions.