1. Market observation
Keywords: ETF, ETH, BTC
Bitcoin (BTC) has been in a consolidation phase recently, trading between $94,000 and $100,000, and market sentiment has become cautious. Notably, the launch of the Grail Bridge testnet, a cross-chain solution by BitcoinOS, marks an important step in Bitcoin's versatility beyond payments. Despite the volatility in the market, Raoul Pal, CEO of Real Vision, remains optimistic about BTC, Ethereum, Solana, and Sui.
On the Ethereum (ETH) side, large investors have actively increased their holdings during the recent market correction, with new holdings reaching $2.5 billion. Ethereum prices seem to be showing bullish signals after remaining below $3,000 for several weeks, suggesting that funds may be transferred from Solana. At the same time, a mysterious Chinese programmer made a donation of millions of dollars in ETH tokens and then destroyed the same amount, which attracted market attention.
Currently, Bitcoin's dominance in the cryptocurrency market continues to rise, while macro uncertainty has led to sluggish performance of other altcoins. The Texas Senate is considering establishing a strategic Bitcoin reserve to diversify the state's cash reserves. It is worth noting that amid increasing uncertainty and analysts' different opinions on the direction of Bitcoin prices, short leveraged positions exceed long positions by $120 million, indicating that the short-term market may be bearish.
In the ETF market, institutional investors have controlled more than a quarter of the total assets of Bitcoin ETFs. Although Bitcoin and Ethereum ETFs have seen an outflow of funds overall, BlackRock's IBIT ETF has received inflows against the trend. In addition, JPMorgan Chase holds over a million dollars worth of Bitcoin and Ethereum ETF shares. It is worth mentioning that Bitcoin supporter Michael Saylor has released the "21 Rules of Bitcoin" guide, which provides in-depth insights into the adoption, ownership and ideology of digital currencies.
2. Key data (as of 10:00 HKT on February 19)
S&P 500: 6,129.58 (+4.22% year-to-date)
Nasdaq: 20,041.26 points (+3.78% year-to-date)
10-year Treasury yield: 4.552% (-2.50 basis points year-to-date)
US dollar index: 107.07 (-1.30% year-to-date)
Bitcoin: $95,461 (+2.17% YTD), with daily spot volume of $38.42 billion
Ethereum: $2,671.62 (-20.12% year-to-date), with a daily spot volume of $24.10 billion
3. ETF flows (February 18 EST)
Bitcoin ETF: -$123.1 million
Ethereum ETF: +$4.6 million
4. Important Dates (Hong Kong Time)
Initial jobless claims (20 February 20 21:30)
Actual: To be announced / Previous value: 213,000 / Expected: 215,000
Federal Reserve meeting minutes (February 20, 03:30)
5. Hot News
Galaxy: LIBRA's "runaway" incident further hit investors' demand for SOL holdings
Charles Schwab creates digital asset manager position to expand cryptocurrency services
Google is exploring using Google Sign-In to log into Bitcoin wallets
Crypto-backed Howard Lutnick confirmed by Senate as U.S. Commerce Secretary
Kraken Completes FTX Estate’s First Fund Distribution, Compensating Over 46,000 Creditors
Bankless Ventures Announces Second Fund with $50 Million Target
Bubblemaps: A trader turned $1.09 million into $109 million by trading the meme coin TRUMP
DigitFT to launch tokenized version of $6.3 billion Invesco fund
Bullish obtains Hong Kong virtual asset trading platform license
K33 Research: Bitcoin market in "low state" since US election
US SEC confirms receipt of Bitwise’s spot XRP ETF application
Curve founder’s new project Yield Basis raises $5 million at a $50 million token valuation
LIBRA Token Co-creator Hayden Davis Claims He Paid Bribe to Argentine President’s Sister
Strategy announces $2 billion convertible bond issuance to support future Bitcoin purchases
US SEC Seeks Public Feedback on Approving Grayscale and Bitwise Ethereum ETF Options Trading
FTX's next round of repayment distribution will begin on May 30
Coinbase International will launch EURC perpetual contracts
Grayscale Announces the Launch of Grayscale $PYTH Trust
Robinhood plans to launch crypto products in Singapore by 2025
KernelDAO to conduct $KERNEL token TGE in February
ESMA launches public consultation on developing crypto-asset advisory standards
Market News: LIBRA team is negotiating with the Nigerian government to launch Meme coin
Argentine President: I did not promote LIBRA, I just shared LIBRA information
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