On Sunday, US President Trump announced plans to impose additional 25% tariffs on steel and aluminum imports into the United States, supplementing current metal tariff rates, saying further reciprocal tariffs would be announced either Tuesday or Wednesday.
The total crypto market volume over the last 24 hours increased 40.58% to $102.96bn, with the global crypto market cap decreasing 0.37%, currently at $3.17tn.
Bitcoin experienced price fluctuations over the weekend, briefly dipping to $95,000 from $97,000, before recovering to trade between $97,000-$98,000 on Monday morning. While the cryptocurrency gained 2.32% over the week and twice touched $100,000 during this period, trading activity shows mixed signals. Despite a 74.45% surge in 24-hour trading volume, the February 9th daily volume of $27.7 billion represents a significant decline of 55.9% compared to the previous month.
Ethereum faced steeper losses, dropping below $2,600 after losing over 8.6% last week. By Monday morning, ETH trades at around $2,650 with daily trading volume of around $17bn on Feb 9 2025, down from $29 billion a month ago.
An Ethereum whale address is suspected of selling 8,139 ETH ($21.18m) that it acquired two years ago, which possibly triggered a rapid 3.5% price drop within 30 minutes on Sunday night. The Ethereum Foundation also moved 50,000 ETH ($131.6m) to a DeFi multi-signature wallet on Feb 9, a transfer which according to blockchain security firm PeckShield wasn't a sale but rather a reallocation of funds meant to support projects within Ethereum's decentralized finance ecosystem, however, the transfer still raised concerns about further selling pressure.
The week showed mixed investment sentiment in US BTC and ETH spot ETFs. While Bitcoin funds initially lost $140 million, they rebounded later with $340 million in new investments, making the net weekly inflows for BTC ETFs $203.8m. Ethereum ETFs demonstrated stronger performance, drawing in over double the inflows of BTC ETFs, with $420.2 million in net investments, suggesting institutional investors remain bullish on ETH regardless of its price performance.
Major financial institutions are raising their gold price forecasts due to growing trade war fears and central bank accumulations, leading gold backed tokens such as PAXG and XAUt to outperform the digital assets market.
Over the week, possibly market-moving events will take place including today's speech by ECB President Christine Lagarde. On Feb 11 and 12, USFed Chair Powell testifies on the semiannual Monetary Policy Report, US CPI and PPI MoM data will be released on Feb 12, and retail sales data released on Feb 14.
B3, Brazil's primary stock exchange, plans to expand its cryptocurrency offerings in 2025 by introducing bitcoin options trading as well as futures contracts for ETH and SOL. This expansion follows the successful launch of bitcoin futures in April 2024, which has been averaging monthly trading volumes of approximately $860m.
Hong Kong immigration authorities have begun accepting cryptocurrency holdings, specifically bitcoin and ether, as qualifying assets for investor visas. In two recent cases, digital assets were counted toward Hong Kong's HK$30 million investment requirement for residency applications.
Japan's Financial Services Agency (FSA) is considering the reclassification of cryptocurrencies as financial products similar to securities, aiming to enhance investor protection through stricter disclosure requirements, and to lift the ban on Bitcoin spot ETFs.
