On February 11, news reports indicate that influenced by the shift toward a hawkish outlook in U.S. macroeconomic prospects, Bitcoin and mainstream cryptocurrencies collectively weakened in early Wednesday trading. Data shows that Bitcoin’s price fell below $67,000, declining about 3% in the past 24 hours to around $66,800; Ethereum also retreated to approximately $1,960. Major tokens like XRP and BNB each dropped over 4%, with market risk appetite significantly cooling.
Analysts point out that the core driver of this correction stems from a re-pricing of expectations regarding U.S. monetary policy. Andri Fauzan Adziima, Head of Research at Bitrue, stated that after Kevin Warsh was nominated as Federal Reserve Chair, the market generally believes future policies will lean more toward tightening, with liquidity conditions likely to remain restrictive and room for rate cuts shrinking. This expectation directly dampened the willingness to allocate to high-risk assets.
From a derivatives perspective, Vincent Liu, Chief Investment Officer at Kronos Research, said that the recent rapid decline has cleared most excess leverage, and funding rates and position structures indicate the market is undergoing a deleveraging process. He also noted that institutional funds remain cautious, waiting for clearer catalysts such as continued ETF inflows or new macro signals.
On-chain and funding data also show divergence. On Tuesday, spot Bitcoin ETFs recorded approximately $166 million in net inflows, higher than the previous trading day, while spot Ethereum ETFs saw a significant slowdown, with inflows of only about $13.8 million. This suggests that long-term funds are still positioning but with a more cautious pace.
In traditional markets, Asian stocks rose in early Wednesday trading, with the Korea KOSPI index up over 1% and Hong Kong’s Hang Seng index slightly higher; U.S. stocks showed mixed performance the previous day. The market is awaiting upcoming U.S. employment data to gauge the direction of interest rates and global risk asset sentiment.
Against the backdrop of ongoing macroeconomic uncertainty, whether Bitcoin can hold the $60,000 to $65,000 range will be a key focus for the short-term market. (The Block)
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
BlackRock deposits approximately $140 million in ETH and BTC to a certain CEX custody service
Gate News: On March 20, according to Lookonchain monitoring, a BlackRock address deposited 47,728 ETH to a CEX custody service, valued at approximately $102 million, while simultaneously depositing 544 BTC, valued at approximately $38.3 million, totaling approximately $140.43 million.
GateNews21m ago
Bitcoin Whale Address Dormant for 13.7 Years Activated, Holding 2,100 BTC Worth $147 Million
Gate News reports that on March 20, according to Whale Alert monitoring, a Bitcoin whale address that had been dormant for 13.7 years was just activated. The address holds 2,100 BTC, valued at approximately $147 million at current prices. This batch of Bitcoin was worth only $13,685 in 2012, and after holding for 13.7 years, the value has increased more than 10,000 times.
GateNews23m ago
Dormant Bitcoin Whale Moves Funds After 13.5 Years
Gate News bot message, a whale holding 2,100 BTC ($148M) transferred a small amount of funds to a new wallet after remaining dormant for over 13.5 years. The whale originally received 2,100 BTC when BTC was priced at $6.59, with a total value of $13,839 at that time.
GateNews23m ago
Bitcoin Rebounds Without Increase in Open Interest, May Still Be Range-Bound
On March 19, when Bitcoin's price declined, open interest (OI) rose instead, showing that short positions increased, with price touching around $68,750. The current rebound lacks new long position support and appears more like range-bound consolidation. Attention should be paid to changes in price and OI.
GateNews1h ago
