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Crypto News
According to CoinShares, crypto fund investments fell $415 million last week after five weeks of inflows; the decline was the largest since early September. Bitcoin investments were down $430 million; Ethereum was down $7 million; Solana was up $9 million; and XRP was up $8.5 million. The outflows came after 19 weeks of inflows totalling $29.4 billion.
Analyst Omkar Godbole of CoinDesk notes that the most popular position on cryptocurrency exchange Deribit in February was bitcoin call options at $110,000 with an expiry date of 28 March.
According to Bernstein analysts, growing interest from banks, institutional investors and corporations is paving the way for BTC to compete with gold. With a capitalisation of $2 trillion, bitcoin is still significantly inferior to gold, which has an estimated market value of $18 trillion.
Prominent crypto analyst PlanB has shifted capital from bitcoin holdings to BTC-based spot ETFs, explaining that it is easier to manage assets like stocks. Messari co-founder Dan McArdle called it a mistake, noting that ETFs are suitable for speculation but not for ‘hedging against global fiat.’
The hype around meme coins on Solana has allowed insiders and infrastructure players to make between $3.6bn and $6.6bn, DeFi Llama calculated. However, negative consequences in the segment may undermine the development of the crypto industry.
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