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Bitcoin Shows Signs of Recovery as Leverage Decreases and Outflows Rise

Bitcoin is now experiencing a break from last week’s steady decline, which saw the asset drop as low as $94,000. As of today, BTC’s price has steadily climbed, topping $98,000 at the time of writing.

Bitcoin had lost nearly more than 4% last week, as escalating U.S.-China trade tensions sparked liquidity fears, and kept investors away from speculative assets like crypto.

The prospect of sticky U.S. inflation and high-for-longer U.S. interest rates also pressured crypto, largely offsetting optimism over friendlier regulations under Trump.

Saylor’s Strategy Resumes Bitcoin Purchases After Posting Loss

Strategy, the self-styled Bitcoin Treasury company that until recently was called MicroStrategy Inc., said it acquired $742.2 million of the digital asset over the past seven days, resuming weekly purchases that began in late October.

The Tysons Corner, Virginia-based enterprise software company turned leveraged Bitcoin proxy has announced purchases of the cryptocurrency in 12 of the last 13 weeks. Strategy now owns around $47 billion of the original cryptocurrency, or more than 2.5% of all the tokens that will ever exist.

Strategy purchased 7,633 Bitcoin at an average price of approximately $97,255 from Feb. 3 through Feb. 9, according to a filing with the US Securities and Exchange Commission on Monday. Strategy changed its name last week.

"High Odds" XRP, Solana, Dogecoin and Litecoin ETFs Approved: Analysts

Bloomberg ETF Analysts James Seyffart and Eric Balchunas view recent filings for exchange-trade products which track top cryptocurrencies XRP, solana, dogecoin and litecoin as having “high odds” of securing the necessary approvals.

Leading in terms of their likelihood of gaining approval, the analysts estimate that Litecoin ETFs have a 90% chance of approval, followed by Dogecoin products, which possess a 75% chance. 

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Monday was $186.28 million. The total net asset value of Bitcoin spot ETFs is $114.44 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.93%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net outflow on February 10 was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net outflow of $136.09 million. Following that was Grayscale Bitcoin Trust (GBTC), with a net outflow of 46.26 million, according to SoSoValue.

Source: SoSoValue