Strategy, formerly known as MicroStrategy, is signaling another major Bitcoin acquisition following a brief pause. Co-founder Michael Saylor recently posted a BTC chart indicating that the firm is gearing up for another purchase.
On Feb. 10, the company acquired 7,633 BTC for over $742 million, bringing its total holdings to 478,740 BTC. As of now, Strategy’s Bitcoin reserves are valued at over $46 billion, marking a 47.7% increase on its investment, according to SaylorTracker.
Leveraging Bitcoin Investments
Saylor previously revealed that the company intends to intensify its “intelligent leverage” strategy in Q1 2025 to finance further Bitcoin purchases. As the largest corporate holder of BTC, Strategy aims to maximize shareholder value through continued acquisitions.
Institutional Investors Bet on Strategy
Despite concerns over sustainability, institutional investors remain confident in Strategy’s Bitcoin strategy. A Feb. 6 SEC filing revealed that BlackRock, the world’s largest asset manager, has increased its stake in the company to 5%.
Additionally, 12 U.S. states, including California, Texas, and Florida, hold Strategy stock in pension programs or treasury funds. California’s State Teachers’ Retirement Fund leads with nearly $83 million in Strategy stock, followed by the California Public Employees Retirement System with $76.7 million.
New Financing for BTC Expansion
On Feb. 20, Strategy announced a $2 billion convertible note offering to fuel additional Bitcoin acquisitions, further solidifying its commitment to Bitcoin investment.
Two newly launched cryptocurrency exchange-traded funds (ETFs) holding a combination of Bitcoin and Ether have seen modest inflows since their recent debuts, according to data from Cointelegraph.
Franklin Templeton’s Franklin Crypto Index ETF (EZPZ) has attracted around $2.5 million in net assets since launching on Feb. 20, while Hashdex’s Nasdaq Crypto Index US ETF (NCIQ) has gathered just over $1 million since its Feb. 14 debut.
By comparison, Franklin Templeton’s spot Bitcoin ETF (EZBC) saw significantly higher interest, pulling in approximately $50 million on its first day in January 2024, with Bitwise Bitcoin ETF (BITB) reaching nearly $240 million on its debut.
Diversification Limits and Regulatory Barriers
The two ETFs aim to provide investors with exposure to a diverse crypto index. However, due to regulatory restrictions, they currently hold only Bitcoin and Ether, which dominate their portfolios. The hope is to expand to other cryptocurrencies pending regulatory approval.
A broader ETF, the Grayscale Digital Large Cap Fund, already includes assets like Solana and XRP but has yet to be exchange-traded. The SEC continues to evaluate various applications, with analysts expecting more ETF approvals in 2025.
BlackRock’s Bitcoin exchange-traded fund (ETF) now commands a significant 50.4% share of the total U.S. Bitcoin ETF market. The asset management giant currently holds over $56.8 billion worth of Bitcoin, contributing to a combined total of $112 billion managed by all U.S. Bitcoin ETF issuers, according to Dune data.
Bitcoin ETFs Face Sell-Off
Despite BlackRock’s dominance, the overall Bitcoin ETF market has experienced a three-day selling streak. On February 20, Bitcoin ETFs saw cumulative net outflows of $364 million, with BlackRock’s iShares Bitcoin Trust ETF (IBIT) accounting for $112 million, as per Farside Investors data.
Bitcoin’s Price Remains Resilient
Despite ETF outflows, Bitcoin’s price has remained relatively stable, climbing back above $99,300 on February 21.
Marcin Kazmierczak, co-founder of RedStone, believes that ETFs are not the primary force driving Bitcoin’s price movements.
“This indicates that other forces — such as broader market liquidity, institutional accumulation, or macroeconomic trends — are also at play,” he told Cointelegraph.
Price Action Raises Concerns
While Bitcoin has shown resilience, some experts worry about prolonged range-bound trading. Samson Mow, CEO of Jan3, suggested the price movement may be manipulated.
“It seems like it’s some sort of price suppression,” Mow stated at Consensus Hong Kong 2025, adding that Bitcoin’s price has been peaking and then moving sideways in an unnatural manner.
Bitcoin bulls pushed the price close to $100,000 at the Wall Street open on February 21, reaching $99,500 on Bitstamp.
However, a pattern of selling pressure emerged as U.S. markets opened, contrasting with gains seen in Asia and Europe.
Market Liquidity and Resistance Levels
Trading resource Material Indicators noted shifting liquidity dynamics as Bitcoin recovered from a recent dip. “Whether this develops into a bull trap or a bonafide breakout remains to be seen,” analysts stated, emphasizing the importance of the $100K resistance level.
Traders Weigh In on Bitcoin’s Future
Popular trader CRG observed that bears were attempting to cap gains at a key midpoint in Bitcoin’s multimonth trading range. Meanwhile, Rekt Capital highlighted a bullish divergence forming on Bitcoin’s Relative Strength Index (RSI), suggesting potential upside momentum.
U.S. Dollar Weakness Provides Tailwind
Bitcoin and other risk assets received support from a weakening U.S. dollar, with the U.S. Dollar Index (DXY) dropping to 106.38, its lowest level since December 2024. Analysts believe this could provide a favorable environment for further Bitcoin gains.
Cryptocurrency app downloads in the United Arab Emirates (UAE) have seen a massive uptick in 2024, according to data from app analytics firm AppsFlyer.
The report revealed that downloads of the top 49 crypto apps soared from 6.2 million in 2023 to 15 million in 2024, marking a 41% increase. This surge was particularly prominent in the latter half of 2024, with over 1 million installs per month in the final quarter. December alone recorded a staggering 2.8 million downloads.
Key Drivers Behind the Growth
AppsFlyer attributed this rapid adoption to a combination of favorable market conditions and significant political developments.
On November 6, 2024, Donald Trump secured the U.S. presidential election, which was widely seen as a positive shift for the crypto industry. Trump had vowed to end regulatory crackdowns on digital assets and position the U.S. as the global hub for crypto innovation.
“There has been a strong correlation between these market factors and the UAE’s crypto market momentum,” said Shani Rosenfelder, director of market insights at AppsFlyer.
Trump’s Memecoin and Investor Surge
Adding to the excitement, Trump launched his own memecoin in January 2025, attracting a wave of new investors. According to a survey by NFT Evening, many first-time crypto users entered the market following the launch.
The U.S. crypto app market also experienced a boom, with platforms like Crypto.com, Moonshot, and Coinbase dominating the Apple App Store’s finance category.
However, while Trump’s memecoin drew in fresh investors, a Chainalysis report indicated that 813,000 wallets suffered losses of up to $2 billion after purchasing the token, highlighting the volatile nature of the crypto market.
Bitcoin (BTC) has remained locked in a tight trading range for over two months, oscillating between $92,400 and $106,500 since December 18, according to Cointelegraph Markets Pro. Despite billions in institutional inflows, the cryptocurrency has failed to break out significantly.
A brief exception occurred on January 20, coinciding with U.S. President Donald Trump’s inauguration, when Bitcoin surged to an all-time high of $109,000 before swiftly retreating into its established range.
Market Manipulation Suspicions
Some industry leaders believe Bitcoin’s price stagnation may not be entirely organic. Samson Mow, CEO of Jan3 and founder of Pixelmatic, suspects deliberate price suppression. Speaking at Consensus Hong Kong 2025, Mow noted:
“If you look at the price movement, we peak, and then we stay steady and chop sideways. It just looks very manufactured.”
Mow further emphasized the unnatural nature of Bitcoin’s restricted price fluctuations, raising concerns about external forces shaping the market.
ETF Inflows and Institutional Buying Fail to Move Price
Despite steady accumulation by institutions and retail investors, Bitcoin’s price remains stagnant. Companies like Michael Saylor’s MicroStrategy continue to buy Bitcoin in large quantities, yet the price refuses to budge. According to Mow, this suggests that substantial selling pressure is counteracting these inflows.
“If Bitcoin’s price isn’t moving despite accumulation, then someone must be selling,” he explained.
FTX Repayments and Potential Sell-Off Pressure
Adding to market dynamics, FTX has begun repaying creditors, distributing over $1.2 billion based on Bitcoin’s November 2022 price of around $20,000. This could lead to increased selling pressure as recipients cash in on their gains. Mow pointed out that Bitcoin sales at mid-$20K levels are likely impacting market movements, preventing upward momentum.
Despite these concerns, analysts remain optimistic, with 2025 price targets ranging between $160,000 and $180,000. However, for now, Bitcoin remains firmly within its controlled price range.
Coinbase has proposed a significant regulatory shift, advocating for the U.S. Commodity Futures Trading Commission (CFTC) to assume full authority over spot cryptocurrency markets. If implemented, this move would curtail the influence of the Securities and Exchange Commission (SEC) in the sector.
Coinbase’s Legislative Push
Faryar Shirzad, Coinbase’s chief policy officer, recently submitted a proposal to Congress urging swift action on regulatory clarity and consumer protections. His six-point legislative plan includes granting the CFTC full oversight of the crypto spot market.
“Digital assets like Bitcoin and Ethereum are commodities, not securities. Legislation must empower the CFTC to oversee the crypto spot market, ensuring transparency and protecting consumers from fraud and manipulation,” wrote Shirzad.
Balancing the SEC’s Role
While advocating for reduced SEC influence, Coinbase acknowledges the agency’s importance in certain areas. Shirzad suggested that Congress establish SEC rules for capital raising, ensuring blockchain projects have clear funding pathways without all tokens being classified as securities.
Industry Support for CFTC Oversight
Many within the crypto industry and Republican lawmakers support shifting oversight to the CFTC. Notably, Representatives Glen Thompson and Tom Emmer reintroduced the Digital Commodity Exchange Act in 2022 to give the CFTC regulatory authority over digital assets.
Former CFTC Chair Chris Giancarlo has also urged the Senate Agriculture Committee to endorse CFTC oversight. Meanwhile, reports suggest President Donald Trump is considering granting the agency jurisdiction over the sector.
Wresting Control from the SEC
Currently, the SEC regulates spot crypto markets, although it has acknowledged Bitcoin and Ethereum as non-securities. Former SEC Chair Gary Gensler previously argued that most cryptocurrencies fall under SEC jurisdiction due to their structure. However, the agency abandoned an investigation into Ethereum’s status in mid-2024, potentially to avoid further legal setbacks.
With growing political and industry support, the push for CFTC oversight could redefine cryptocurrency regulations in the U.S., providing long-sought clarity to investors and developers alike.
Bitcoin (BTC) could drop as low as $77,000 and still maintain its bullish trajectory in 2025, according to CryptoQuant CEO Ki Young Ju. In a series of posts on February 19, Ju emphasized that a 30% correction would align with historical trends while keeping the uptrend intact.
No Bear Market in Sight
Despite Bitcoin’s sideways price action and failure to reclaim $100,000, Ju remains confident in its long-term growth.
“I don’t think we’ll enter a bear market this year,” he stated, analyzing investor cost bases.
According to Ju, even a drop to $77,000 would not signal a bear market but rather a standard correction within a broader bull cycle.
Key Support Levels and Market Dynamics
Ju highlighted key price levels, including the cost basis of U.S. spot Bitcoin exchange-traded fund (ETF) investors at $89,000, which has served as strong support since November. Other crucial levels include:
- $59,000 – Aggregate breakeven for Binance traders.
- $57,000 – Bitcoin mining companies’ profitability threshold.
Historically, falling below these levels has indicated bear markets, such as in May 2022, March 2020, and November 2018.
Post-Halving Performance Signals More Upside
According to CryptoQuant, Bitcoin’s post-halving performance remains “unfinished.” Contributing analyst Timo Oinonen noted that since the last halving in April 2024, Bitcoin has only gained 60%.
Oinonen expects a potential sell-off in May, followed by a sideways summer and a strong Q4 rally, as seen in past cycles. He emphasized that major corrections could be months or even a year away.
With historical patterns supporting continued bullish momentum, Bitcoin’s long-term outlook remains promising, even in the face of short-term volatility.
Bitcoin’s price action is showing similarities to August 2023, with on-chain data indicating that extreme volatility may be imminent. CryptoQuant’s research suggests that BTC/USD is “ready” for a significant move after a prolonged period of stagnation.
Choppiness Index Signals Incoming Volatility
Bitcoin has been trading within a narrow range with declining volumes, a setup that often precedes a major price movement. CryptoQuant contributor Percival highlighted the Choppiness Index, which currently sits at 62 on the daily chart and 72 on the weekly chart, indicating the need for a directional breakout.
“In 2023, before the uptrend, price cleared all traders of ‘boring’ positions in the opposite direction due to low volatility,” Percival noted. This suggests that another liquidity grab could be on the horizon before a decisive move.
Key Price Levels and Support Zones
Should BTC’s price follow a similar trajectory as August 2023, investors should watch critical support levels. The short-term holder (STH) cost basis at $92,000 is one area of interest, while the 200-day exponential moving average (EMA) at $85,000 serves as a key fallback level.
“The possibility of false moves before the bull run is strong, many breakout traders are positioned in these zones, and the sovereign market tends to blow up these positions and return to the expected course,” Percival concluded.
With traders bracing for a major shakeout, Bitcoin’s next move could define the trajectory of the broader crypto market in the coming months.
FTX Digital Markets, the Bahamian division of the collapsed FTX exchange, is set to issue its first round of repayments to creditors on Feb. 18. This marks a major development in the crypto industry’s recovery following FTX’s near $9 billion collapse.
The exchange’s downfall led to a series of insolvencies and the longest crypto winter in history, with Bitcoin bottoming at $16,000. Now, creditors owed less than $50,000 in claims will receive repayments, marking a critical step toward financial resolution.
$1.2 Billion in Capital Reintroduced to Market
According to Sunil, a member of the FTX Customer Ad-Hoc Committee, the first batch of repayments will amount to an estimated $1.2 billion. This could positively impact market liquidity and investor sentiment.
Bitget Wallet’s COO Alvin Kan noted, “The $1.2 billion repayments may see a significant portion reinvested into cryptocurrencies, potentially impacting market liquidity and prices.”
Controversy Over Repayment Valuation
Despite the positive impact, some creditors have criticized the repayment model, which bases reimbursements on cryptocurrency values from November 2022—when Bitcoin was trading nearly 370% lower than current prices.
Limited Market Impact, But a Victory for Justice
While these repayments may not significantly move the market, they represent an important step toward restoring trust in the crypto industry. Magdalena Hristova, PR manager at Nexo, stated:
“The collapse impacted many investors and cast a shadow over crypto. For retail investors, especially those without diversified portfolios, these repayments offer not just the return of funds but a sense of stability and peace of mind.”