Bitcoin gains momentum, ETFs see rising interest

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State of crypto

• Bitcoin rebounds strongly after briefly dipping on higher-than-expected US CPI data
• Goldman Sachs invested US$2B in Bitcoin and Ethereum ETFs in 2024
• US SEC acknowledges Solana spot ETF filings from VanEck and more
• Blackrock’s IBIT Bitcoin ETF is nearing the world's largest gold ETF in AUM
• US state-based Bitcoin reserve bills could drive US$23B in BTC demand

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Bitcoin rebounds strongly after higher-than-expected US inflation data

Bitcoin’s recent price movement saw a 4% rebound to US$98,000, following a dip below US$95,000 after the release of higher-than-expected US Consumer Price Index (CPI) data. The inflation data reignited concerns in the market, but Bitcoin quickly regained ground as investors absorbed the news and institutional demand remained strong.

The inflation report showed that price pressures remain persistent, raising concerns that the Federal Reserve may delay interest rate cuts. This led to broad market volatility, with risk assets, including Bitcoin, reacting sharply.

That said, Bitcoin’s quick recovery suggests continued confidence among institutional and retail investors. Trading volume and open interest in futures markets indicate strong activity, with traders positioning for potential moves in either direction.

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Goldman Sachs invested US$2B in crypto ETFs

Goldman Sachs significantly expanded its crypto holdings in 2024, investing US$2 billion in Bitcoin and Ethereum ETFs. This move signals increased confidence in digital assets, particularly in the world's two largest cryptocurrencies by market cap.

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SEC acknowledges Solana spot ETF filings

The US Securities and Exchange Commission has officially acknowledged the filings for Solana spot ETFs submitted by 21Shares, Bitwise, and VanEck. This acknowledgment marks a significant step in the regulatory process, potentially paving the way for the introduction of Solana-based exchange-traded funds in the market, following in the footsteps of Bitcoin ETFs.

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BlackRock's Bitcoin ETF approaches world's largest gold ETF in assets

BlackRock's iShares Bitcoin Trust (IBIT) has rapidly accumulated assets under management (AUM), nearing the size of the world's largest gold ETF. As of February 11, 2025, IBIT's AUM has already reached approximately US$55.8 billion. This surge in assets highlights a significant shift in investment preferences, with many now viewing Bitcoin as a viable alternative to traditional assets like gold.

US state-based Bitcoin reserve bills could drive US$23B in BTC demand: VanEck

Asset manager VanEck's analysis indicates that proposed Bitcoin reserve bills across 20 U.S. states could collectively generate up to US$23 billion in Bitcoin purchases, totalling approximately 247,000 BTC, if enacted. This estimate excludes potential acquisitions by state pension funds, suggesting that actual demand could be even higher.

Crypto Fear & Greed Index

Source: Fear & Greed Index

What is ‘Policy Week 2025’ and why should you care?

Policy Week 2025 is a landmark event taking place from 10–14 March in Sydney, Australia, designed to shape the future of the digital economy. It brings together policymakers, industry leaders, and regulatory pioneers to address key challenges and opportunities in digital assets, blockchain, regtech, and fintech.

Why should you care?

Because the regulatory landscape is shifting dramatically, especially in regions like the US, APAC, the UK, and the EU, and these changes will define the future of innovation, investment, and adoption in the digital economy. Policy Week 2025 is focused on creating actionable outcomes, ensuring that frameworks are not only adaptive to these changes but also drive sustainable growth.

If you’re passionate about the intersection of technology and regulation, or if your business operates in this evolving space, Policy Week 2025 offers the chance to influence the conversation, network with industry pioneers, and stay ahead of the curve in shaping tomorrow’s digital landscape.

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The week ahead: economic events

Thursday February 13th

• 6:00pm UK GDP Growth Rate

Friday, February 14th

• 12:30am US Producer Price Inflation MoM

Saturday, February 15th

• 12:30am US Retail Sales

Monday, February 17th

• 12:30pm Japan GDP Growth Rate

Tuesday, February 18th

• 2:30pm Australia Interest Rate
• 6:00pm UK Unemployment Rate
• 9:00pm German ZEW Economic Sentiment Index

Wednesday, February 19th

• 12:30am Canada Inflation Rate
• 10:50am Japan Balance of Trade
• 6:00pm UK Inflation Rate

Thursday, February 20th

• 12:30pm US Building Permits & Housing Starts
• 6:00am US Fed Funds Interest Rate
• 11:30am UK Unemployment Rate

Source: Trading economics

Market reflections

Overview

Australia’s trade surplus narrowed as imports surged, though business and consumer confidence improved. Rural goods exports grew, but rising imports offset gains. In the US, inflation remained high at 3.4%, with a 0.3% CPI increase adding pressure on the Fed. The services sector cooled as job growth slowed, missing expectations.

Australia

• Australia’s trade surplus declines as imports surge, but business confidence rebounds
• Consumer confidence inches up while trade surplus hits lowest level in months
• Rural goods exports grow, but rising imports shrink Australia’s trade surplus

Australia’s trade surplus shrinks, but business and consumer confidence rise

Australia's trade surplus fell in December 2024, as exports grew less than imports. On the consumer side, confidence saw a slight increase in February, while business confidence took a positive turn in January, bouncing back to its first positive reading in months.

The rise in business confidence suggests that companies might feel more confident about prospects, even though some industries, like retail, are facing challenges. Meanwhile, the increase in consumer confidence, albeit small, hints that Australians may be feeling a bit more secure in their spending habits, which could support retail sales in the coming months. However, with the trade surplus shrinking and imports rising, businesses will need to navigate a changing economic landscape carefully.

United States

• US inflation stays high at 3.4% as job growth slows in January
• January CPI rises 0.3%, adding pressure on Fed as hiring weakens
• Services sector cools as inflation persists and job gains miss expectations

US inflation remains sticky as job growth slows and services sector cools

Inflation remained persistent in January 2025, with the Consumer Price Index (CPI) rising 0.3% month-over-month, slightly above expectations of 0.2%. On an annual basis, inflation held steady at 3.4%, while core CPI, which excludes food and energy, increased 0.4% month-over-month and 3.8% year-over-year. The data suggests that price pressures remain elevated, adding complexity to the Federal Reserve’s policy outlook.

Meanwhile, the US economy added 143K jobs in January, falling short of forecasts (170K) and well below December’s revised 307K gain. Hiring was strongest in health care, retail, social assistance, and government, with the Bureau of Labor Statistics noting that severe weather and wildfires had no discernible impact on employment.

The ISM Services PMI declined to 52.8 in January from 54 in December, indicating slower expansion in the sector. Business activity and new orders weakened, while employment and export orders saw modest gains. Companies cited poor weather and tariff concerns as factors weighing on sentiment.

Regulation roundup

Trump finalises key crypto regulatory appointments

President Donald Trump has completed major appointments for his crypto regulation team, nominating Jonathan Gould, a former top lawyer at the Office of the Comptroller of the Currency (OCC) and ex-chief legal officer at Bitfury, to serve as its lead. Additionally, Trump has selected Jonathan McKernan from the Federal Deposit Insurance Corporation to head the Consumer Financial Protection Bureau. These nominations signal the administration's commitment to shaping a crypto-friendly regulatory environment.

Scam awareness

Types of scams on social media

Be suspicious of anyone who unexpectedly contacts you on social media. Scammers use these platforms to gain your trust and steal your money.

Scammers set up fake profiles on social media, messaging platforms and apps. They may pretend to be a friend, family member or interested in a relationship. They impersonate the government, real businesses, employers and investment or online trading platforms.

Scammers learn a lot about you from what you share on social media and deceive you into sharing personal information. They use this to guess your passwords or target you with other scams.

Learn more at scamwatch.gov.au

Discover more on our ‘Compliance conversation’ blog page, where we share the latest updates on safeguarding against scams and protecting your assets. Stay informed and stay protected!

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