1. Market Observation
Keywords: ETF, ETH, BTC
In the cryptocurrency space, Bitcoin (BTC) continues to attract attention. The CEO of CryptoQuant predicts that the price of Bitcoin will drop to $77,000 before potentially resuming a bull market. However, the recent theft of assets during the Bybit hack, which were converted into Bitcoin by cybercriminals, has raised concerns about the relationship between cybercrime and cryptocurrency.
In contrast, Michael Saylor from Strategy presented a more optimistic view at CPAC 2025, emphasizing Bitcoin's transformative potential in corporate finance and personal economic independence. Against this backdrop, Ethereum (ETH) is also showing bullish signs, especially after Bybit conducted a large-scale ETH buyback.
Meanwhile, business intelligence firm Strategy updated its profile picture, sparking speculation about a potential Bitcoin purchase. Previously, Michael Saylor hinted that Strategy's 21/21 plan is making progress, aimed at further accumulating Bitcoin. Although Bitcoin's price remains below $100,000, some altcoins are also showing growth potential.
Despite facing selling pressure, Bitcoin's price has dropped 3% and stabilized above $95,500, but key indicators suggest a possibility of a rebound. However, the significant price drop following the Bybit hack indicates that holders may have chosen to abandon their positions in the short term. Ethereum has also experienced turmoil with a death cross, but some analysts remain optimistic about its long-term upward trend.
Additionally, Bitcoin's role in the U.S. economy has become a focal point of discussion. VanEck stated that strategic Bitcoin reserves have the potential to eliminate $21 trillion in debt by 2049. This view resonates with expectations that Bitcoin is preparing to break through its latest historical high of $108,824. However, as gold prices approach $3,000, Bitcoin seems to be lagging in performance, raising concerns in the market about the largest cryptocurrency.
2. Key Data (as of February 24, 10:10 HKT)
S&P 500: 6,013.13 points (YTD +2.24%)
Nasdaq: 19,524.01 points (YTD +1.10%)
10-Year U.S. Treasury Yield: 4.430% (YTD -14.60 basis points)
U.S. Dollar Index: 106.20 (YTD -2.10%)
Bitcoin: $96,178 (YTD +2.96%), daily spot trading volume of $18.45 billion
Ethereum: $2,794.17 (YTD -16.46%), daily spot trading volume of $22.35 billion
3. ETF Flows (February 21 EST)
Bitcoin ETF: -$62.9 million
Ethereum ETF: -$8.9 million
4. Important Dates (HKT)
Second Estimate of GDP Quarterly Growth Rate (February 28, 21:30)
- Actual: N/A / Previous: 3.1% / Expected: 2.3%
Core PCE Price Index MoM (February 28, 21:30)
- Actual: N/A / Previous: 0.2% / Expected: 0.3%
Personal Consumption Expenditures MoM (February 28, 09:30)
- Actual: N/A / Previous: 0.7% / Expected: 0.2%
5. Hot News
This Week's Macro Outlook: How Will the Cautious Fed Make Its Next Move? Focus on PCE
Bybit CEO: ETH Gap Fully Recovered
Georgia Proposes Second Bitcoin Reserve Bill
Pump.fun Suspected Internal Testing of AMM Liquidity Pool, New Swap Section Added
Multi-signature Wallet Associated with Mantle Purchased 200 Million WLFI 6 Hours Ago
Arkham Exchange Will Offer Spot Trading to Users in 17 U.S. States Starting March 1
Bybit Hack Surpasses Fidelity and Vitalik, Becoming the 14th Largest ETH Holder Globally
Franklin Templeton Submits Spot Solana ETF S-1 Filing to the U.S. SEC
Supported by OSL - Hong Kong's largest over-the-counter trading platform, continuously providing regulated digital asset services to the market since 2018.
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