Macro Overview
- US Job Openings: Came in lower than expected and previous, historically positive for crypto due to its inverse relation with labor market strength.
- US Unemployment Rate: Came in at 4.0%, slightly below the expected 4.1%, which is mildly negative for the market. However, the market remained stable, indicating resilience.
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a -11.01% fall, bringing the total market capitalization to $3.14 trillion. Notably, BTC saw a fall of -6.96% and ETH saw a fall of -19.80%. Bitcoin’s dominance stands at 61.60%, while Ethereum’s holds at 10.20%.
- Bitcoin Dropped to 3-Week Low in Early February as Trump Tariffs Rattled Markets – At the start of February, Trump imposed new tariffs on Mexico, Canada, and China, triggering market uncertainty. In response, Canada and Mexico vowed retaliation, while China planned to challenge the move. Most of the crypto tokens dropped over 20% in value. However, the market has since shown signs of stability.
- Ethereum ETFs See Third-Largest Inflow Day Amid $648M Crypto ETF Surge – On Feb. 4, Ethereum funds recorded $307.77 million in net inflows, marking their third-largest inflow day. BlackRock’s iShares Ethereum Trust (ETHA) led with $276.16 million, bringing its total net inflows to $4.41 billion and net assets to $3.72 billion.
- MicroStrategy Resumes Bitcoin Purchases With $742M Buy, Holding 478,740 BTC – MicroStrategy has acquired 7,633 BTC for $742.4 million at an average price of $97,255 per BTC. This follows the sale of Strategy shares for the same amount.
Top Tokens Update
- Ethereum’s Pectra Upgrade Set for Testnet Trials, Accumulation Hits Record High – The Pectra upgrade will go live on Holesky (Feb 24) and Sepolia (Mar 5), bringing key improvements like EIP-7702 (account abstraction) and EIP-7251 (higher validator staking limits). A mainnet launch is expected in early April. Meanwhile, Ethereum accumulation addresses saw a record $883M inflow, signaling strong investor confidence.
- Top Token Unlocks for the Week:
APT (Aptos): $65.6 million (3.97% of supply), with 43.54% unlocked.
SAND (The Sandbox): $77.69 million (6.54% of supply), with 93.15% unlocked.
ARB (Arbitrum): $41.62 million (2.15% of supply), with 38.05% unlocked.
AVAX (Avalanche): $41.45 million (3.96% of supply), with 67.06% unlocked.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Feb-12 | 7:00 PM | US CPI y/y | Actual’ less than ‘Forecast’ is good for crypto |
| Feb-13 | 7:00 PM | US PPI m/m | Actual’ less than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Bullish.
- Bitcoin initially dropped significantly due to global tariff war concerns but has since stabilized, showing signs of recovery. Large inflows and positive technical indicators suggest a bullish outlook for the week. However, the upcoming US CPI data will be a key factor to watch.
- Key support levels to consider are around $95,000 and $91,000 On the upside, resistance level is at $101,700 and $106,000.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Bullish.
- Ethereum experienced the sharpest decline last week due to overall market turmoil but has now cleared liquidity and reached key support levels. ETF flows remain positive, and significant whale accumulation, including from Trump’s World Liberty, adds to the bullish sentiment. With strong technical indicators, the outlook for next week appears positive.
- Significant support levels include $2400 and $2200, while resistance levels to watch are at $2825 and $3150.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
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