Cryptocurrencies slipped last night following comments by MicroStrategy CEO Michael Saylor to CNBC, where he expressed disappointment with institutional support for Bitcoin, which dropped to a low of $93,800. It has now rebounded and currently trades at $95,700, up 0.40% in the past 24 hours, with the 24h volume increasing over 34% to $38.15bn. Ether experienced an even bigger correction (-4% from 15:30 to 19:00 CET) to $2,600, but currently trades 1.6% higher than a day ago at $2,700.
Saylor expressed confidence in Bitcoin's long-term growth, but emphasized that institutional investors are still under-allocated to the asset. He also said he intends to continue Strategy's Bitcoin buying spree.
US BTC spot ETFs recorded yet another day of net outflows at $-129m on the first trading session of the week on Feb 18. Meanwhile, ETH ETFs recorded a modest net inflow of $4.6m.
K33 Research's weekly report indicated growing declines in BTC Chicago Mercantile Exchange (CME) premium and yields, signaling slowing institutional demand for Bitcoin futures. The CME premium reflects the extent to which Bitcoin futures on the CME trade above the spot price. A decline in this premium suggests that institutional traders are less willing to pay extra for BTC exposure. Likewise, falling BTC yields—the returns from holding or lending Bitcoin—indicate a decrease in demand for leveraged positions in the market.
Yesterday during Hong Kong Bitcoin Tech Carnival, Google web3 specialist Kyle Song revealed that Google is working to simplify the use of Bitcoin for Google users, actively working on integrating Bitcoin into its ecosystem by allowing users to log into Bitcoin wallets using their Google accounts and making crypto payments as seamless as traditional Web2 transactions. To enhance security and trust, Google plans to implement Zero-Knowledge Proofs or similar encryption technologies.
Data from Santiment shows that the average fee for an Ethereum transfer is currently just $0.41, significantly lower than the $15.21 peak seen over the past two years. Low Ethereum transaction fees typically indicate that the network is not congested. According to them, when users don’t have to pay high fees to transfer ETH or tokens, it generally signals a positive outlook for mid- to long-term prices as they make it easier for new buyers to enter the market.
On Feb 18, Mara Holdings, a publicly traded cryptocurrency company focused on Bitcoin mining, announced the completion of its acquisition of a wind farm in Hansford County, Texas. They acquired the wind farm to reduce reliance on traditional power grids and lower operational costs. CEO Fred Thiel sees this as a key step in shifting from an asset-light to an asset-heavy model, extending miner lifespan and reinforcing sustainability efforts. However, Mara reported a 12% drop in Bitcoin production in January 2025 due to network difficulty fluctuations, and to offset costs, the company launched a Bitcoin lending program, lending 7,377 BTC (16% of its holdings) to generate additional revenue.
An announcement on Feb 19 revealed that Bullish Global, the Paypal CEO Peter Thiel-backed cryptocurrency exchange, has secured two licenses for its Hong Kong arm, allowing it to offer securities dealing, automated trading, and operate a regulated virtual asset trading platform. Bullish HK will initially serve institutional and professional investors, following similar regulatory approvals in Europe, including a license from Germany’s BaFin. This brings the total number of licensed exchanges in the city to 10.
FTX has started repaying creditors yesterday at 16:00 CET, beginning with those in the “Convenience Class” – creditors with claims of $50k or less, who will receive full repayment along with 9% annual interest accrued since November 2022. FTX has partnered with BitGo and Kraken to handle repayments. Recipients are expected to receive their funds within one to three business days. Today, they announced claims larger than $50k will be reimbursed starting May 30, 2025.