News
According to BTC.com, the current block height is less than 60 days away from the Bitcoin halving time. Since a halving occurs every 210,000 blocks, the next Bitcoin halving is expected to occur when the block height reaches 840,000 in April 2024, at which point the block reward will decrease from 6.25 BTC to 3.125 BTC.
On February 21st, according to Whale Alert data, Tether issued 1 billion USDT on the Ethereum network. Paolo Ardoino, the CEO of Tether, stated that this issuance of 1 billion USDT is a replenishment of inventory on the Ethereum network. This authorized but unissued transaction indicates that the issuance will be used for the next issuance request and cross-chain exchange inventory.
According to Spot On Chain monitoring, market maker Flow Traders received 5 million STRK tokens, deposited a total of 3.6 million STRK tokens into Binance and Crypto.com, and exchanged 943,000 STRK tokens (approximately $3.6 million) for ETH and USDC at an average price of $3.82 through Uniswap.
Market Review
The market for Bitcoin surged to 43,000 yesterday evening and then consolidated, aligning with the expectations outlined in my previous article. The level at 50,800 remains relatively strong. Bitcoin will continue to oscillate for a period of time, during which Ethereum and altcoins will have room to perform. Ethereum also broke through 3,000 and then consolidated after hitting the support level, briefly reaching the target level near 3,030. Follow the dominant trend and navigate the world of cryptocurrencies.
Market Analysis
Macro Analysis: Last week, the inflow of funds into digital asset investment products reached a historic high of $2.45 billion, bringing the total inflow for the year to $5.2 billion and raising the total managed assets to $67 billion, the highest since December 2021. Matt Hougan, Chief Investment Officer of Bitwise, stated that the launch of Bitcoin spot ETF is the IPO of BTC in the US market, sparking significant interest from traditional finance. After the inflow of funds into spot ETFs and the upcoming halving, a supply shortage is expected. Stepping back two steps in the crypto market until the end of next year, the bullish atmosphere is strong. During this period, the most common activity for investors is to continuously seek undervalued projects, from last year's AI, NFT, and L2 hot sectors to this year's AI, L2, and today's storage sector, with one wave after another rising, led by new coins!
In the last bull market, many leading projects in various sectors reached a market value of over 10 billion, with SOL even entering the threshold of a trillion. In a bull market, there is less doubt and more trust! After the listing of BTC spot ETF on the US stock market, BTC and cryptocurrencies are becoming an important asset class. Only nine new funds have flowed in since the beginning of the year, totaling $14 billion. Spot ETF funds are starting to overflow, Ethereum has broken through $3,000, and funds will continue to overflow into various altcoins, leading to more crypto prosperity!
Grayscale has been researching the Brc20 track internally, and in its latest research report on halving, Grayscale specifically elaborated on BRC-20 tokens.
Looking at the four-hour chart, it can be seen that yesterday's up and down movements did not break the range, and the rebound is still being resisted near the upper rail of 52,500, with the MACD showing signs of a return to the zero axis. There may be a pullback during the day, but it is not advisable to be bearish. The first support below is around 51,300-51,000, and breaking below 50,600 will reach around 49,900-50,100. As shown in the chart, there may be a decline followed by a rise. Bitcoin is showing weak oscillation. The reason is that funds are flowing out to other currencies, but the overall trend is still bullish. Reject bearishness, embrace bullishness, and the resistance remains at 52,500/53,000. Stabilizing at 53,000 will lead to 55,000. It's just a matter of oscillating high and buying low.
As for Ethereum, it was resisted and pulled back near 3,030, but the bullish trend is still very strong, and the ultimate target is 3,300. Those who have taken profits can wait for a pullback before entering again. The first support below is around 2,920-2,940, and the second support remains around 2,880-2,890. Focus on stabilizing at 3,050 to reach the target of 3,300. In summary, as long as Bitcoin continues to oscillate, it is believed that Ethereum will reach the ultimate target in no time.
Exercise caution when entering the market. Trading carries risks.
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