Daily News | 9 Spot Bitcoin ETFs Surpassed MicroStrategy Holdings; ERC-404 Sector Fell; Ethereum L2 TVL Rose 7.77% on February 7

Crypto Daily Digest: The ERC-404 track was generally down, APE and other tokens will be unlocked this week

On February 11, according to HODL15 Capital, nine spot Bitcoin ETFs had purchased 216,309 Bitcoins (worth $10.3 billion) within 21 days of their launch, exceeding MicroStrategy’s current holdings of 190,000 Bitcoins.

Previously reported, MicroStrategy (MSTR.O) stated that as of February 5, 2024, the company held 190,000 Bitcoins with a total cost of $5.93 billion and a cost of $31,224 per Bitcoin.

On February 12, according to Gate.io market data, Bitcoin has exceeded $48,000 and is currently reported at $48,166, with a 24-hour increase of 1.02%; Ethereum has surpassed $2,500 and is now quoted at $2,503, a decrease of 0.13% within 24 hours.

According to CoinGecko data, there has been a general sharp decline in the ERC-404 token track, with PANDORA experiencing a 24-hour decline of 38.7% and currently quoting $15,095; DEFROGS has experienced a 24-hour decline of 36.5% and is currently quoted at $1246; RUG experienced a 24-hour decline of 43.5% and is now quoted at $265.

On February 11, according to L2BEAT data, the current total lockup volume (TVL) of Ethereum Layer2 was $23.1 billion, with a 7-day increase of 7.77%. Among them, the top five locked warehouse quantities are:

Arbitrum One ($11.46 billion, 7-day increase of 7.13%);

OP Mainnet ($5.8 billion, 7-day increase of 10.99%);

Manta Pacific ($1.62 billion, 7-day increase of 2.45%);

Base ($800 million, 7-day increase of 7.06%);

Metis ($703 million, up 11.98% on the 7th).

In terms of market fluctuations, according to Santiment data, Bitcoin Whale has purchased 140,000 BTCs worth $6.16 billion in the past three weeks.

In addition, according to Spot On Chain monitoring, Ethereum co-founder Jeffrey Wilcke deposited 4,300 ETHs ($10.7 million) into Kraken for $2,482 approximately 14 hours ago.

It is worth noting that the last time he deposited 22,000 ETH into Kraken at a price of $1,870 ($41.1 million) was in June 2023, just before the market crash.

Currently, Jeffrey Wilcke still holds 146,000 ETHs ($362 million).

On February 11th, according to Nansen 2 data, Smart Money’s 24-hour Ethereum network fund inflow tracking list is as follows:

ALT: Approximately $870,000, currently quoted at $0.35, a decrease of 5.4% within 24 hours;

OLAS: Approximately $400,000, currently quoted at $4.95, with a 24-hour increase of 24.5%;

LDO: Approximately $390,000, currently quoted at $2.97, with a 24-hour decrease of 1.39%.

On February 12, Token Unlocks data showed that this week, tokens such as CYBER, SAND, and APE will experience a one-time large unlock, with a total release value of over $130 million. Among them:

CYBER (CyberConnect) will unlock 2.36 million CYBER tokens worth approximately $17.99 million at 8:00 (UTC) on February 14, accounting for 15.93% of the circulating supply;

SAND (The Sandbox) will unlock 205 million tokens worth approximately $97.32 million at 16:00 (UTC) on February 14, accounting for 9.19% of the circulating supply;

APE (ApeCoin) will unlock 15.6 million APE tokens worth approximately $22.47 million at 20:00 pm (UTC) on February 16, accounting for 2.61% of the circulating supply.

Macro: Bitcoin breaks through $48,000 but remains bullish in the future

Congratulations on the Chinese New Year! The beginning of the Year of the Loong was accompanied by the strong performance of Bitcoin. BTC broke the $48,200 mark in the early morning, showing its strong sorting mode on the four-hour level chart.

From the overall trend, the market has gone through a series of consolidation and upward cycles, and is currently in a period of high consolidation, indicating that the support level is gradually moving upwards. The market expects Bitcoin to continue its upward trend, and once the bottom stabilizes and trading volume increases, Bitcoin prices are predicted to enter a slow upward phase.

During this process, the countdown to the halving of Bitcoin also added anticipation to the market. Looking back at the trend since Bitcoin broke through the $30,000 mark in October 2023, the market had strong expectations for Bitcoin spot ETFs.

At the moment when the ETF was approved, the price of Bitcoin was pushed to a high of $49,000. However, as institutions and large investors took advantage of the grayscale-smashing behavior, the price briefly fell back to $38,554.

Nevertheless, the nine major Bitcoin spot ETFs continue to increase their holdings, indicating that the Flow of funds between institutional investors has not stopped.

The impact of market voices on the price of Bitcoin cannot be ignored. Some voices have predicted that Bitcoin will fall to $26,500 or even lower in February, which is in line with the behavior of large investors selling out contracts, causing significant market volatility. During this period, many investors suffered losses due to panic selling.

However, the recent breakthrough rise in Bitcoin may have triggered another round of contract defaults.

In this ever-changing crypto market, simple effort does not always guarantee success. More importantly, it is important to make the right choices and have a deep understanding of the market.

As we enter the Year of the Loong, investors need to change their previous operating strategies if they continue to seek opportunities in the encryption market. The pattern of the crypto market is undergoing changes, especially after the era of Bitcoin spot ETFs.

Ethereum also saw a bullish increase in volume in the evening, with prices stabilizing above $2,500. From the four-hour chart, Ethereum shows a fluctuating upward trend and rebounds to a new high after finding support around $2,320. The four-hour chart shows that Ethereum has the momentum to break through high levels. As the low point gradually rises, the market is waiting for strength to accumulate to break through new highs.

Whether it’s Bitcoin or Ethereum, although both will experience partial pullbacks, the overall trend is still bullish. Investors should pay attention to the support level and participate in long trading promptly after the low point falls.

Correct strategies and decisions are crucial in this market full of variables and opportunities.