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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. Trade BTC and ETH with up to 10X leverage on Bitget Spot Trading today! New Events Flash Wednesday: Zero fees when you buy crypto with credit/debit card Flash sale! Get BGB at a 5% discount everyday on Bitget P2P! Bitget Will List Veloce (VEXT). Come and grab a share of 35,000 VEXT! Bitget Will List Ice Network (ICE). Come and grab a share of 1,700,000 ICE! Bitget Will List Sora (SORA). Come and grab a share of 170,000 SORA! Follow and Engage, Share Unlimited Prizes! Extended! New user exclusive: Buy crypto to get up to a 50% rebate! Extended! Institutional accounts only: deposit EUR for a free 30-day VIP pass! Buy/Deposit 10 USDT to share US$500,000 in BABYELON, BABYBONK, SUI, BTC more! 100% guaranteed: Win a share of 700,000 BGB instantly! Spin Airdrop: Win BGB, WLD, STRK, and PIXEL! Daily zero-interest loan offer: grab a share of 50,000 USDT + margin trading prize pool! Join Bitget x Starknet Community Campaign Now to Claim Your Special $2,000 STRK Rewards! Join Bitget x OLAS Community Campaign Now to Claim Your Special $2,000 OLAS Rewards! Join Bitget x DIMO Community Campaign Now to Claim Your Special $2,000 DIMO Rewards! Join Bitget x AINN Community Campaign Now to Claim Your Special $2,000 AINN Rewards! 1000 USDT giveaway to NGN merchants every week! Buy crypto with IDR/PHP/VND/MYR/THB via Alchemy Pay with 0% fees! Deposit to List: NADA Protocol Token (NADA) - Deposit and Share 429,332 NADA Rewards! Complete spot trading, net deposit, and referral tasks on CandyBomb to earn STRK! Complete spot trading, futures trading, net deposit, and referral tasks on CandyBomb to earn HTX! Complete spot trading, futures trading, net deposit, and referral tasks on CandyBomb to earn ETH! Complete spot trading, futures trading, net deposit, and referral tasks on CandyBomb to earn ANIM! Exclusive offer: Buy crypto with PLN via credit/debit card and enjoy 0 fees! Good Reads Understanding Spot Bitcoin ETFs: A Beginner's Guide Understanding ERC-404: The Game-Changing Token Standard Shaking Up the Crypto World What Is a BRC-20 Token? Exploring the 5 Must-Watch Tokens of 2024 How to Buy BRC-20 Tokens on Bitget Wallet IQ (IQ): Where Blockchain Meets AI for a Smarter Tomorrow Autonolas (OLAS): Rediscovering LEGO The Crypto Way DIMO (DIMO): Revolutionizing Vehicle Connectivity and Data Ownership

Bitget Hot Takes (February 19 - February 25, 2024) - All About Bitget

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 • BGB enters a period of extremely tight spread, with volume almost decreased by half. • ETH crossed US$3K for the first time since May 2022; BTC was teasing US$50K rather than continue with the above-US$52K momentum. • Bitget Markets: average crypto OI, Bitcoin OI and spot volume all went up. BGB Weekly Spread Dropped By 76% After BGB hit the new ATH at US$1.15 on February 17, 2024, there has been a price plateau with the token's weekly spread dropped by 76% and the lowest daily spread is recorded at US$0.013457. We can also see flat MACD, RSI or Accum/Dist lines, which suggest neither a drop in bullish pressure nor in bearish pressure. Meanwhile, BGB 7D volume, though decreased by 39.2%, remained at US$189 million. A combination of narrow spread and low volume often precedes explosive moves, but which way then? In the recent in-depth analysis of all BGB ATH records, we talked about how BGB has the capability to break away from BTC movements for decent gains but still tends to move in the same direction with the largest crypto. So it's safe to say that what's in store for BGB will most likely depend on BTC. In terms of liquidity, the volume-to-mcap ratio of BGB remained on the same level as that of BTC. Want to learn more about BGB? Check out our BGB White Paper and BGB Intro and don't miss any new issues of Bitget Hot Takes, which always covers the latest analysis of BGB weekly performance! The Latest Bitget News Dragon Year for up-in-the-sky movements? Well yeah, BGB definitely took initiative since the first day of 2024 and eventually breached US$1 this month. We're also proud to invite all users to apply for and try out the brand new Bitget Card! This is the perfect off-ramp solution for any crypto advocates out there, not just Bitget lovers - we'd love to see crypto embraced in our everyday life in the most practical way. Check out the Bitget Card Introduction to know why you've got to own this powerful card! As the leader in the copy trading sector, Bitget constantly provides new features and upgrades to better serve our community of 130,000+ elite traders and their 650,000+ followers. The latest update is for futures traders who use iOS devices, please update the app to version 2.25.0 to enjoy a smoother, faster, better experience! If we assigned the growth in volume of Bitget Spot Trading from February 12 to February 18 to BGB recording new ATH predominantly, this week it's in view of the wide token selection on our spot market, which includes both blue-chips and trendy hot tokens. And of course activities on Bitget Futures Trading were also on the rise, with the average Bitcoin OI increase almost equal to the average crypto OI. Top daily gainers saw the spotlight on some new Bitget Listings, such as PIXEL/USDT , STRK/USDT , BEANS/USDT , DIMO/USDT , OLAS/USDT and HTX/USDT . To understand the hype behind these tokens, check out our guides below: Pixels (PIXEL): A Fun and Innovative Blockchain-Based Gaming Experience Starknet (STRK): Making Ethereum Faster, Cheaper, and Safer With zk-STARKs DIMO (DIMO): Revolutionizing Vehicle Connectivity and Data Ownership Autonolas (OLAS): Rediscovering LEGO The Crypto Way It's worth noting that thanks to the renewed hype on UNI and JASMY, these two also made it to the top daily gainers (although with a 24H gain of less than 50%) with different pairings: JASMY/ETH (+46.3% on February 21), JASMY/USDT (+45.7% on February 21 and +32.7% on February 24), UNI/USDT (+56.8% on February 23) and UNI/USDC (+56.3% on February 23). 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Exclusive pools for new users as well! • Bitget Snowball and Bitget Smart Trend : New subscription period begins every Monday! • Weekly exclusive earning opportunities: Up to 10% APR on Bitget Wealthy Tuesday • Bitget CandyBomb: Complete given tasks to STRK , HTX , ETH , and ANIM FOR FREE! All Bitget Earn guides are available here: Bitget Range Sniper | Bitget Shark Fin | Bitget Dual Investment | Bitget Smart Trend | Bitget Snowball | Bitget Wealth Management New Events Extended! New user exclusive: Buy crypto to get up to a 50% rebate! Extended! Institutional accounts only: deposit EUR for a free 30-day VIP pass! Buy/Deposit 10 USDT to share US$500,000 in BABYELON, BABYBONK, SUI, BTC & more! 100% guaranteed: Win a share of 700,000 BGB instantly! Spin & Airdrop: Win BGB, WLD, STRK, and PIXEL! Daily zero-interest loan offer: grab a share of 50,000 USDT + margin trading prize pool! Join Bitget x Starknet Community Campaign Now to Claim Your Special $2,000 STRK Rewards! 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Good Reads Understanding ERC-404: The Game-Changing Token Standard Shaking Up the Crypto World What Is a BRC-20 Token? Exploring the 5 Must-Watch Tokens of 2024 How to Buy BRC-20 Tokens on Bitget Wallet Simply create an account, and start exploring the incredible Bitget-Verse today!