1 month ago
By Omkar Godbole (All times ET unless indicated otherwise)
Cardano's ADA is trading higher, buoyed by Grayscale's caller spot ETF application, portion bitcoin (BTC) remains rangebound successful a lackluster crypto marketplace arsenic we cogwheel up for Federal Reserve Chair Jerome Powell's grounds to Congress.
Powell takes the stage connected Capitol Hill aboriginal Tuesday for his semi-annual update connected monetary policy. He'll commencement with the Senate and repetition his show successful the House of Representatives connected Wednesday.
The grounds is apt to bash small to revive BTC's upswing. The statement is that Powell volition uphold his data-dependent approach, reiterating that the cardinal slope isn't successful a unreserved to chopped involvement rates anytime soon and is keen connected observing much advancement with inflation.
Data shared by Bloomberg's Lisa Abramowicz shows that market-implied ostentation rates for the adjacent 2 to 5 years person soared to their highest levels since aboriginal 2023. Meanwhile, President Donald Trump's tariffs could underpin inflation. The CME's FedWatch instrumentality presently shows traders expect conscionable 50 ground points successful cuts by the extremity of adjacent year, importantly little than the Federal Open Market Committee (FOMC) outlined successful its December forecasts.
However, there's a glimmer of hope: If the Consumer Price Index (CPI) merchandise connected Wednesday comes successful weaker than expected, it could make immoderate upside volatility.
In different news, Japanese mobile-game workplace Gumi said it is readying to acquisition bitcoin worthy 1 cardinal yen ($6.6 million), pursuing Tokyo-listed Metaplanet's lead. Metaplanet began buying BTC past twelvemonth and its shares soared a staggering 4,800% successful 12 months.
Social media continues to buzz with debate implicit the imbalance successful Ethereum's ecosystem, wherever layer-2 scaling products clasp astir of the generated gross portion contributing lone a tiny percent backmost to the foundational layer. Solana, meanwhile, continues to outshine Ethereum and different smart-contract blockchains successful decentralized speech trading volumes and revenue.
In accepted markets, golden is taking bull breather portion copper, often seen arsenic proxy for planetary economical health, is trading lower, snapping a six-day winning streak. Stay alert!
What to Watch
Crypto
Feb. 13: Start of Kraken's gradual delisting of the USDT, PYUSD, EURT, TUSD, UST stablecoins for EEA clients. The process ends March. 31.
Feb. 13: Story (IP) mainnet launch.
Feb. 14: Dynamic TAO (DTAO) web upgrade goes unrecorded connected the Bittensor (TAO) mainnet.
Feb. 14, 2:30 a.m. (Estimate): Qtum (QTUM) hard fork web upgrade.
Feb. 18, 10:00 a.m.: FTX Digital Markets, the Bahamas-based subsidiary of FTX, will commencement reimbursing creditors.
Feb. 21: TON (The Open Network) volition go the exclusive blockchain infrastructure for messaging level Telegram’s Mini App ecosystem.
Macro
Feb. 11, 10:00 a.m.: Fed Chair Jerome Powell presents his semi-annual study to the U.S. Senate Committee connected Banking, Housing, and Urban Affairs. Livestream link.
Feb. 11, 2:30 p.m.: U.S. House Financial Services Subcommittee ("Digital Assets, Financial Technology, and Artificial Intelligence") hearing titled "A Golden Age of Digital Assets: Charting a Path Forward." Witness see Jonathan Jachym, who is Kraken's lawman wide counsel. Livestream link.
Feb. 12, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases January’s Consumer Price Index (CPI) report.
Core Inflation Rate MoM Est. 0.3% vs. Prev. 0.2%
Core Inflation Rate YoY Est. 3.1% vs Prev. 3.2%
Inflation Rate MoM Est. 0.3% vs. Prev. 0.4%
Inflation Rate YoY Est. 2.9% vs. Prev. 2.9%
Feb. 12, 10:00 a.m.: Fed Chair Jerome Powell presents his semi-annual study to the U.S. House Committee connected Financial Services. Livestream link.
Feb. 13, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases January’’s Producer Price Index (PPI) report.
Core PPI MoM Est. 0.3% vs. Prev. 0%
Core PPI YoY Est. 3.3% vs. Prev. 3.5%
PPI MoM Est. 0.3% vs. Prev. 0.2%
PPI YoY Prev. 3.3%
Feb. 13, 8:30 a.m.: The U.S. Department of Labor releases the Unemployment Insurance Weekly Claims study for the week ended Feb. 8.
Initial Jobless Claims Est. 216K vs. Prev. 219K
Earnings
Feb. 11: Exodus Movement (EXOD), post-market, $0.14 (2 ests.)
Feb. 11: HIVE Digital Technologies (HIVE), post-market, $-0.15
Feb. 12: Hut 8 (HUT), pre-market, $0.05
Feb. 12: IREN (IREN), post-market, $-0.01
Feb. 12: Reddit (RDDT), post-market, $0.25
Feb. 12: Robinhood Markets (HOOD), post-market, $0.41
Feb. 13: Coinbase Global (COIN), post-market, $1.89
Feb. 14: Remixpoint (TYO: 3825)
Token Events
Governance votes & calls
Aave DAO is discussing recognizing HyperLend arsenic a affable fork of Aave deployed connected the Hyperliquid EVM chain, arsenic good arsenic the deployment of Aave v3 connected Ink, Kraken’s layer-2 rollup network.
Sky DAO is discussing, among different things, onboarding Arbitrum One to the Spark Liquidity layer, expanding the PSM2 complaint limits connected Base and minting 100 cardinal USDS worthy of sUSDS into Base to accommodate maturation connected the network.
Morpho DAO is discussing a 25% reduction successful MORPHO rewards connected some Ethereum and Base aft different simplification took effect connected Jan. 30.
DYdX DAO is voting connected the dYdX Treasury subDAO taking control implicit the stDYDX wrong the protocol’s Community Treasury and immoderate tokens accrued done car compounding staking rewards.
Feb. 12 2 p.m. : Render (RENDER) to host an AI Scout Discord AMA session.
Unlocks
Feb. 12: Aethir (ATH) to unlock 10.21% of circulating proviso worthy $23.80 million.
Feb. 14: The Sandbox (SAND) to unlock 8.4% of circulating proviso worthy $80.2 million.
Feb. 16: Arbitrum (ARB) to unlock 2.13% of circulating proviso worthy $42.93 million.
Feb. 21: Fast Token (FTN) to unlock 4.66% of circulating proviso worthy $78.8 million.
Token Launches
Feb. 12: Avalon (AVL) to beryllium listed connected Bybit.
Feb. 12: Game7 (G7) to beryllium listed connected Bybit, Gate.io, HashKey, MEXC, XT, and KuCoin.
Feb. 13: EthereumPoW (ETHW) and Polygon (MATIC) to nary longer beryllium supported astatine Deribit.
Conferences:
CoinDesk's Consensus to instrumentality spot in Hong Kong connected Feb. 18-20 and in Toronto connected May 14-16. Use codification DAYBOOK and prevention 15% connected passes.
Feb. 12-13: Frankfurt Digital Finance (FDF) 2025
Feb. 13-14: The 4th Edition of NFT Paris.
Feb. 18-20: Consensus Hong Kong
Feb. 19: Sui Connect: Hong Kong
Feb. 23 to March 2: ETHDenver 2025 (Denver, Colorado)
Feb. 24: RWA London Summit 2025
Feb. 25: HederaCon 2025 (Denver)
Derivatives Positioning
Litecoin's adjacent 10% terms surge successful the past 24 hours is accompanied by an 18% emergence successful perpetual futures unfastened interest. HBAR, UNI person besides seen notable increases successful unfastened interest, according to Velo Data.
Speaking of perpetual backing rates, SOL, SUI are seeing antagonistic readings successful a motion of bias for bearish abbreviated positions.
At 11%, ETH's CME futures ground is greater than BTC's, which whitethorn gully successful transportation traders, resulting successful a beardown uptake for ether spot ETFs.
BTC, ETH enactment skews connected Deribit person eased slightly. Flows person been muted.
Market Movements:
BTC is up 0.62% from 4 p.m. ET Monday to $97,989.64 (24hrs: +0.27%)
ETH is up 0.53% astatine $2,702.45 (24hrs: +2.07%)
CoinDesk 20 is up 1.79% to 3,269.36 (24hrs: +1.77%)
Ether CESR Composite Staking Rate is up 8 bps to 3.05%
BTC backing complaint is astatine 0.01% (10.95% annualized) connected Binance
DXY is unchanged astatine 108.31
Gold is up 0.58% astatine $2,931.2/oz
Silver is down 0.74% to $32.15/oz
Nikkei 225 closed unchanged astatine 38,801.17
Hang Seng closed -1.06% astatine 21,294.86
FTSE is unchanged astatine 8,767.36
Euro Stoxx 50 is up 0.1% to 5,363.27
DJIA closed Monday +0.38% astatine 44,470.41
S&P 500 closed +0.67% astatine 6,066.44
Nasdaq closed +0.98% astatine 19,714.27
S&P/TSX Composite Index closed +0.85% astatine 25,658.9
S&P 40 Latin America closed +0.77% astatine 2,428.87
U.S. 10-year Treasury complaint was unchanged astatine 4.49%
E-mini S&P 500 futures are down 0.33% to 6,068.5
E-mini Nasdaq-100 futures are down 0.47% astatine 21,743.5
E-mini Dow Jones Industrial Average Index futures are down 0.21% astatine 44,488
Bitcoin Stats:
BTC Dominance: 61.21% (-0.59%)
Ethereum to bitcoin ratio: 0.02752 (0.77%)
Hashrate (seven-day moving average): 802 EH/s
Hashprice (spot): $53.19
Total Fees: 4.58 BTC / $445,648
CME Futures Open Interest: 166,695 BTC
BTC priced successful gold: 33.3 oz
BTC vs golden marketplace cap: 9.46%
Technical Analysis
BTC's monthly illustration serves arsenic an fantabulous illustration of however trendlines drawn from large terms points enactment arsenic enactment levels.
Over the past 2 months, the downside has consistently been capped astatine astir $90,000. This level is defined by a trendline connecting the duplicate peaks from 2021.
Crypto Equities
MicroStrategy (MSTR): closed connected Monday astatine $334.62 (+2.16%), up 0.15% astatine $335.11 successful pre-market.
Coinbase Global (COIN): closed astatine $280.22 (+2.09%), up 0.23% astatine $280.86 successful pre-market.
Galaxy Digital Holdings (GLXY): closed astatine C$27.24 (+1.3%)
MARA Holdings (MARA): closed astatine $16.76 (unchanged), up 0.36% astatine $16.82 successful pre-market.
Riot Platforms (RIOT): closed astatine $11.63 (-0.1%), down 0.1% astatine $11.62 successful pre-market.
Core Scientific (CORZ): closed astatine $12.82 (+2.07%), up 0.1% astatine $12.83 successful pre-market.
CleanSpark (CLSK): closed astatine $11.18 (-1.32%), down 0.54% astatine $11.12 successful pre-market.
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed astatine $23.50 (+1.51%), unchanged astatine $23.5 successful pre-market.
Semler Scientific (SMLR): closed astatine $49.61 (+0.83%), up 2.6% astatine $50.90 successful pre-market.
Exodus Movement (EXOD): closed astatine $51.18 (+5.81%), down 2.31% astatine $50 successful pre-market.
ETF Flows
Spot BTC ETFs:
Daily nett flow: -$186.3 million
Cumulative nett flows: $40.52 billion
Total BTC holdings ~ 1.177 million.
Spot ETH ETFs
Daily nett flow: -$22.5 million
Cumulative nett flows: $3.16 billion
Total ETH holdings ~ 3.791 million.
Source: Farside Investors
Overnight Flows
Chart of the Day
Solana-based decentralized exchanges person hosted much trading measurement than Ethereum since October.
While You Were Sleeping
Ether Has Underperformed, but Total Value Locked connected Ethereum Is Rising: Citi (CoinDesk): A Citi probe insubstantial says ether has underperformed bitcoin this year, contempt Ethereum's improving fundamentals, rising full worth locked (TVL), continued ETF inflows and imaginable for crypto-friendly U.S. regulation.
Hedge Funds Are Short Ether CME Futures Like Never Before. Is It Carry Trade oregon Outright Bearish Bets? (CoinDesk): Hedge funds clasp grounds ether futures shorts connected CME, chiefly for transportation trades profiting from the quality betwixt spot ETH ETF and ETH futures pricing. Bearish bets whitethorn besides beryllium contributing.
Trump Sets 25% Tariffs connected Steel, Aluminum, Widening Trade War (Bloomberg): President Trump placed a 25% tariff connected each imported alloy and aluminum, effectual March 12, with the purpose of boosting home accumulation and creating caller jobs.
Chinese Companies Don’t Know Where to Put Their Cash — and It’s Sparking a Record Rise successful Dividend Payouts (CNBC): Chinese companies are offering grounds dividends and stock buybacks, encouraged by authorities reforms to amended shareholder returns.
UK Inflation Threat Receding, Says BoE Rate-Setter Who Voted for Big Cut (Financial Times): Catherine Mann, an outer subordinate of Bank of England's Monetary Policy Committee, said she had voted for a 50 ground constituent complaint chopped past week, citing reduced inflationary pressures.
WazirX Offers 85% of Stolen User Funds arsenic Rebalancing Ends (CoinDesk): Indian crypto speech WazirX, hacked past year, hopes to commencement archetypal money organisation successful April, aiming to instrumentality 85% of the dollar worth of users' crypto holdings, with much to travel later.
In the Ether
English (US) 