Bitwise Asset Management has made headlines by filing for a revolutionary Aptos (APT) ETF trust in Delaware, marking a pivotal moment for altcoin investments in the United States. This filing
Oklahoma is making strides towards potentially becoming the first U.S. state to integrate Bitcoin into its public financial reserves through the Strategic Bitcoin Reserve Act. The proposed legislation, known as
On Wednesday, Bitcoin (BTC) prices plummeted to a four-month low, reaching as low as $81,000, as the anticipated “Trump bump” in the markets faded. This has prompted investors and traders to hedge against further decreases, with Bitcoin options indicating a notable interest in put options with a strike price of $70,000. Bitcoin Plummets 20% Since Trump’s Inauguration According to data from Deribit, the largest crypto options exchange, this strike price represents the second-highest open interest among all contracts set to expire on February 28, with a total of $4.9 billion in open interest poised to expire by Friday. Related Reading: Solana (SOL) Sees Red—What’s Next for the Price? Since President Donald Trump’s inauguration in January, Bitcoin has experienced a substantial decline of roughly 20% from its record highs. Market analysts attribute this downturn to a combination of factors, including Trump’s “aggressive geopolitical” stance and ongoing concerns about elevated inflation. Chris Newhouse, director of research at Cumberland Labs, noted, “Tariff policies are further dampening the outlook, and stubbornly high short-term inflation expectations add to the overall caution.” Newhouse also highlighted that the Bybit Ethereum (ETH) hack has not only exerted downward pressure on Bitcoin’s price but has also negatively impacted overall market sentiment. Investors Pull Back Amid Declining Demand For ETFs The market has also witnessed a significant liquidation of bullish bets, with around $2 billion wiped out over the past three days, according to data from Coinglass. Bitcoin perpetual futures—a popular method for offshore investors to leverage their positions—saw a sharp decline in long positions during this timeframe. Adding to the bearish sentiment, demand for Bitcoin exchange-traded funds (ETFs) has waned, with the group experiencing approximately $2.1 billion in outflows over the past six days. This reflects a broader trend of investors pulling back, with more than $1 billion withdrawn from spot Bitcoin ETFs on Tuesday alone, marking the largest outflow since these funds debuted in January of the previous year. The Fidelity Bitcoin Fund (FBTC) and BlackRock iShares Bitcoin Trust ETF (IBIT) were among the hardest hit. Related Reading: Avalanche (AVAX) Overextended—Is A Market Shakeup Imminent? Bohan Jiang, head of over-the-counter options trading at Abra, commented, “This is a mix of spot selling and basis unwind. In my view, nearly all of this is from ETF spot outflows from directional traders.” Ethereum has also felt the impact of the Bybit incident, amplifying its volatility, while Solana (SOL) has surrendered gains achieved in recent months amid declining interest in memecoins. The market’s search for a new catalyst to reverse its bearish sentiment has led many investors to remain on the sidelines, rotating out of cryptocurrencies in a risk-off environment. Ravi Doshi, co-head of markets at crypto prime broker FalconX, stated, “The crypto market is still in search of a new catalyst to reverse bearish sentiment.” Currently, BTC is attempting to find support at $84,578, but has fallen another 4.5% in the 24-hour time frame. Featured image from DALL-E, chart from TradingView.com
The bill would allow Oklahoma to invest up to 10% of its public funds into Bitcoin and other digital assets.
Bitcoin (BTC) has experienced one of its largest price pullbacks in recent times, plunging from $96,131 on February 24 to a potential local bottom of $85,418 today. The decline triggered liquidations exceeding $1.5 billion, with the majority coming from long positions. Is It Time To Buy Bitcoin? The recent price action suggests that the crypto market is reacting to bleak macroeconomic conditions, driven by US President Donald Trump’s proposed trade tariffs and a hawkish stance from the US Federal Reserve (Fed). The total crypto market cap has now fallen below $3 trillion for the first time since November 2024, signaling growing bearish sentiment around risk-on assets. Major altcoins like Ethereum (ETH) have fallen by more than 10% in the past week. Related Reading: As Bitcoin Sell Pressure Fades, Could A Local Bottom Be Forming? Analyst Explains However, despite yesterday’s downturn, overall sentiment toward the crypto market appears to be improving. In an X post, Andre Dragosch, European Head of Research at Bitwise, suggested that the worst may be over for BTC. Dragosch shared the following Cryptoasset Sentiment Index, which is flashing a strong contrarian buy signal for the flagship cryptocurrency. The analyst added: Wide-spread bearishness among flows, on-chain, and derivatives data implies that downside risks are fairly limited. Risk-reward appears to be quite favourable at these prices. To further illustrate the level of bearishness surrounding risk-on assets, Dragosch highlighted that US spot Bitcoin exchange-traded funds (ETFs) recorded their single largest daily net outflow on record yesterday. Data from SoSoValue supports this assessment. Additionally, the Crypto Fear & Greed Index remains in bearish territory. Dragosch noted that sentiment levels are “already as bearish as during the macro capitulation last August.” At that time, BTC made a local bottom at $49,000 before rallying to multiple new all-time highs (ATHs). On a more optimistic note, on-chain data indicates that crypto whales are capitalizing on market uncertainty. According to crypto analyst Ali Martinez, long-term holders have accumulated nearly 20,400 BTC following the recent sell-off. Strategy Falls With BTC Crash In line with BTC’s decline, Strategy stock MSTR has also suffered, plummeting 55% from its peak of $543 in November 2024. At the time of writing, MSTR trades at $249, down approximately 29% over the past month. Despite the overall bearish sentiment, recent analysis comparing BTC’s returns to other assets, such as gold and stocks, shows that while Bitcoin’s cumulative annual growth rate has slowed in recent years, it continues to outperform traditional asset classes significantly. Related Reading: Is Bitcoin Showing Early Signs Of Bullish Divergence? Analyst Explains However, not all analysts share Dragosch’s optimism. In stark contrast, Standard Chartered recently warned that BTC may face further downside before resuming its bullish trajectory. At press time, BTC trades at $87,086, down 1% in the past 24 hours. Featured image from Unsplash, Charts from X, Yahoo! Finance and TradingView.com
BlackRock’s Bitcoin ETFs have haemorrhages $420 million in one day
In a recent report by COINOTAG News dated February 27th, it has been revealed that a prominent crypto whale experienced significant fallout after being liquidated on the HyperLiquid platform. Approximately
Marathon Digital Holdings, a key player in Bitcoin mining, has reported remarkable financial results for Q4 2024, despite operational challenges stemming from Bitcoin’s recent halving. The company achieved a record
Despite reduced Bitcoin production, MARA's quarterly revenue surged to $214.4 million, driven by a significant rise in Bitcoin prices.
The post Slow but Steady: Lawmakers Make Gradual Progress on Digital Assets Legislation appeared first on Coinpedia Fintech News Lawmakers could face possible delays in creating clear rules for the cryptocurrency market. Senator Cynthia Lummis recently led the first meeting of the Senate Subcommittee on Digital Assets, which is a major step toward creating rules for cryptocurrencies. The subcommittee was formed to help create a set of rules that will support innovation while also protecting consumers. “I’m excited that we can finally begin this important work on digital asset regulations,” Senator Lummis said at the meeting. “We’ve come a long way from when people were just starting to understand Bitcoin and stablecoins. Now, we’re ready to make progress. We’re in the early stages of bitcoin and digital assets. If we are going to pass any legislation, we’ll need bipartisan support. Today’s hearing was the first step.” Although this meeting was a big step, it showed that lawmakers are still moving slowly when it comes to passing important laws. The proposed rules include the Lummis-Gillibrand Responsible Financial Innovation Act , which focuses on market structure, and the Genius Act for stablecoins. These laws aim to keep the U.S. dollar competitive in the digital world while making payments faster and cheaper. Lummis said, “Many members of the Senate are still trying to wrap their heads around ‘what is a Bitcoin;’ ‘what is a digital asset,’ ‘what is a stablecoin. I hope we can get the legislation to President Trump for his signature this year.” (SIC) However, lawmakers are currently focusing on stablecoins rather than broader rules for the whole market, which shows they are taking a careful approach. The Genius Act is expected to protect the U.S. banking system and create equal rules for stablecoin regulations at both the state and federal levels. This slower pace of action is in contrast to the earlier promises made by newly appointed “Crypto Czar” David Sacks, who had said he would push for crypto reforms within the first 100 days of President Trump’s second term. But the meeting showed that lawmakers are proceeding at a slower pace. Despite these delays, there is still hope that progress will be made. Senator Lummis said she was confident that rules for stablecoins could be ready soon, which could lead to more legislation in the future.