In the crypto market report prepared by the ICRYPEX Research team and covering the week of February 5 – 12, we compiled the current developments regarding crypto assets, price movements of crypto assets and macroeconomy.
You can take a look at the general flow of this report below, and access all the developments that took place in the 7-day period at Weekly Crypto Market Reports: February 5, 2024 .
Overview of February 5 Weekly Crypto Market Report
In the past week, when economic data was relatively less intense, crypto assets reached record entry levels in ETFs, together with the news of the banking crisis that broke out again in the USA, enabling crypto assets to close the week with great increases.
Bitcoin, which entered last week at 42,500 levels, closed the week at 48,300 dollars with a 13.40% gain in value, while Ethereum, which started at 2290 levels, closed the week at 2507 dollars and gained 9.50% in value. During this period, the total crypto asset market value increased from 1.589 trillion dollars to 1.758 trillion dollars, gaining 10.6% in value.
While Bitcoin differentiates positively compared to all crypto assets and increases its market dominance to 54%, we see that Ethereum dominance continues to decline and retreats to 17%. Additionally, when we evaluate the daily closings, we see that Bitcoin has achieved positive closings for seven consecutive days, the longest series of daily positive closings since January of last year, according to Bloomberg data.
As a general evaluation, after last week was quite positive, we think that this week may be a week where we may encounter profit sales and correction movements with the incoming data and news flows.
When we look at ETFs, we can say that GBTC outflows have eased considerably in the past week and the intense inflows, especially on Thursday and Friday, have had a positive impact on the price. In this process, we see that BlackRock and Fidelity’s funds led the entire fund market, exceeding a total value of $ 6 billion, and after these funds, ARK’s ETF became the 3rd fund to exceed the entry value of $ 1 billion. In GBTC, we see that the total outflow amount is approaching 7 billion dollars, but the outflow size is getting lighter day by day.
Grayscale, which had nearly 620,000 Bitcoins in its possession at the time the ETFs were approved, reduced the number of Bitcoins in its possession to 466,535 after the GBTC outflows. When we look at the average outflows week by week, we see that while sales of 13,000 Bitcoins per day were seen in the first week, it decreased to an average of 2000 BTC after a month. This situation will develop further in the coming period, allowing the expected price and entry-exit balance for ETFs to be established and a healthier pricing environment to be created.
Those who want to get more comprehensive information about the week covering February 5 – 12 can review Weekly Crypto Market Reports: February 5, 2024 .
