Bitget Hot Takes (February 19 - February 25, 2024) - Market Updates

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, which sums up BGB performance, what's new at Bitget, and the latest market movements.

The latest Bitget Hot Takes can be found here: All About Bitget | Market Updates

Central Themes

• Bitcoin crossed US$54K yesterday and has just topped US$57K.

• Bitcoin spot ETFs saw the first day with net outflow since January 26 last week; yesterday's volume however surpassed that of Day Two at US$3.2 billion.

• Ethereum prices are back to US$3K for the first time since April 2022.

Week 8: Bitcoin Spot ETFs Saw The First Day With Net Outflow Since January 26

Bitcoin's failing to hold the momentum after breaching US$52,000 resulted in red for most Bitcoin ETFs and crypto stocks, except for ProShares Short Bitcoin Strategy ETF (BITI). No trading last Monday in the U.S. and, to some extent, uncertainty about Bitcoin's next moves contributed to a drop in crypto stock volume. The only ones with a surge in volume are VanEck's HODL, Franklin's EZBC, Hashdex's DEFI, WisdomTree's BTCW and Valkyrie's BRRR, with HODL volume positively influenced by the fee cut from 0.25% to 0.20% by VanEck and DEFi most likely because of selling pressure - after all, Hashdex Bitcoin fund has yet to have a week with capital inflow surpassing US$1 million since the launch of all 11 spot Bitcoin ETFs back in January.

A summary of spot Bitcoin ETFs can be seen below:

• Three broke their volume record since launch on Tuesday (February 20): BITB (US$179,420,396), HODL(US$401,121,590), and BTCW (US$223,095,665)

• Lowest net weekly inflow: DEFI (US$616,000)

• Highest net weekly inflow: IBIT (US$567,303,000)

• Grayscale's GBTC net weekly outflow: US$542,443,000

• Top 3 most traded: IBIT (US$1,940,586,624), FBTC (US$1,144,609,564) and GBTC (US$1,628,791,070). These three are also the only three with a weekly trading volume of over US$1 billion.

On Thursday a.k.a. the third day that Bitcoin stayed at US$50,000, the daily net flow of 11 spot Bitcoin ETFs combined turned negative for the first time since January 26 at minus US$35,654,000. Regardless, data shows that Bitcoin's recent performance is enough to draw in more funds and investors are willing to switch from gold to Bitcoin, per Reuters .

Source: Reuters

Setting The Tone: Monday Performance

With Bitcoin crossing US$54,000, Ether US$3,000 yesterday (February 26), it's no surprise that we have now entered a new phase of extreme greed. 13 mining stocks combined saw US$5.6 billion in trading volume, and 11 spot Bitcoin ETFs US$3.27 billion, beating their Day Two (January 12) volume of US$3.15 billion. BlackRock iShares Bitcoin ETF (IBIT) alone accounts for 40% of that number, registering a new daily record at US$1.32 billion (+31% from February 12's US$1.007 billion). Hashdex's DEFI continued to fall behind both in terms of performance (5.9%) and daily volume (US$217,920).

It's worth noting, though, that MicroStrategy's X (formerly Twitter) was compromised on February 26. The hacker(s) tweeted about a fake airdrop for an Ethereum-based $MSTR token, which is obviously also a non-existing token, and successfully stolen US$440,000 thanks to the airdrop's fishing link. One victim lost nearly US$425,000 in wBAI, CHEK, and wPOKT.

Bitcoin prices have briefly touched US$57,000 today (February 27, 2024) and Ethereum US$3,270.

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