Bitcoin stabilises at US$96K

Key market insights

• Bitcoin consolidation signals potential breakout: After a volatile start to the week, Bitcoin has stabilised around US$96,000, forming key support. Traders are watching for a decisive move.
• Institutional demand drives confidence: BlackRock’s European Bitcoin ETP launch, and Strategy’s (formerly MicroStrategy) expanded holdings highlight ongoing institutional accumulation despite market uncertainty.
• Altcoin performance remains mixed: While Litecoin surged 8.36% on ETF speculation, Ethereum and Cardano posted declines, reflecting diverging risk sentiment across the market.

Bitcoin steadies as institutional demand underpins market

Bitcoin has been consolidating since last Thursday, following significant price volatility earlier in the week. On Monday, February 3rd, the price dipped to a low of US$91,231 before rebounding sharply to close the session at US$101,328.

However, bullish momentum faded on Tuesday, with Bitcoin opening lower and falling to US$97,763, where it established key support. Since then, the price has remained range-bound, fluctuating within the US$96,000 zone for the past four days. This consolidation phase suggests a potential breakout, with traders closely monitoring key technical levels for the next move.

Despite broader market headwinds, Bitcoin has demonstrated resilience, showing a 1.12% weekly gain. Institutional interest continues to support the market, with BlackRock’s Bitcoin ETP launching and Strategy (formerly MicroStrategy) expanding its BTC holdings.

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The weekly trading stats as of Monday, February 10th at 11:00 am AEDT, based on data from Tradingview in USD.

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Altcoins rally as market sentiment remains mixed

Large-cap altcoins posted strong gains despite broader market pressures, with Litecoin (LTC) surging 8.36%, Chainlink (LINK) rising 5.27%, Solana (SOL) climbing 4.12%, and XRP advancing 4.19%, all exceeding expectations and closing the week in positive territory.

However, not all altcoins followed suit. Ethereum (ETH) slipped 6%, while Cardano (ADA) declined 8.4%, reflecting a more cautious risk sentiment in parts of the market.

The total cryptocurrency market capitalisation currently stands at US$3.12 trillion, down 1.05% for the week, as mixed performance across digital assets highlights broader market uncertainty.

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Litecoin surges on growing optimism for a spot ETF approval

Litecoin’s recent price rally has been largely fuelled by increasing anticipation that the U.S. Securities and Exchange Commission (SEC) may approve a spot Litecoin ETF.

Investor sentiment received a boost after the SEC acknowledged Canary Fund’s proposal for a Litecoin ETF, sparking optimism that approval could come before the end of 2025. This momentum was further reinforced by Nasdaq’s recent 19b-4 filings with the SEC to list CoinShares’ XRP and Litecoin ETFs.

If approved, these ETFs could open the door for greater institutional investment, enhancing market liquidity and driving further demand for Litecoin. Several analysts believe this price surge could mark the beginning of a longer-term uptrend for the asset.

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BlackRock expands Bitcoin offering with European ETP launch

BlackRock, the world’s largest asset manager, is set to launch a Bitcoin exchange-traded product (ETP) in Europe, according to Bloomberg. The move follows the success of its iShares Bitcoin Trust (IBIT) in the U.S., which has amassed US$57 billion in net assets since its January 2024 debut, making it the country’s most popular spot Bitcoin ETF. The new European Bitcoin ETP will reportedly be domiciled in Switzerland, with marketing expected to begin this month. This marks BlackRock’s first Bitcoin ETP outside North America, reinforcing its push to expand crypto investment products globally. With institutional inflows into Bitcoin ETFs continuing to surge, analysts predict further demand growth.

MicroStrategy rebrands to 'Strategy' in bold Bitcoin pivot

MicroStrategy has rebranded as "Strategy", reinforcing its Bitcoin-focused identity and commitment to being the world's largest corporate Bitcoin holder. The company introduced a new logo featuring a stylised "B" and adopted orange as its primary colour, symbolising Bitcoin, energy, and intelligence. Under Michael Saylor’s leadership, Strategy continues to expand its Bitcoin treasury, now holding 471,107 BTC valued at approximately US$50 billion as of January 2025. This rebrand cements the company’s strategic shift toward Bitcoin as a hedge against inflation and a core asset in its business model.

Looking ahead

According to market analysts, Bitcoin’s current range-bound movement suggests a potential breakout, with traders monitoring key levels. Institutional activity, including BlackRock’s European Bitcoin ETP launch, continues to provide long-term support. Meanwhile, Litecoin’s rally on spot ETF anticipation could signal renewed investor interest in altcoins. Market participants should remain cautious of short-term volatility as regulatory developments and macroeconomic conditions unfold.

Stay tuned for next week’s update as we track institutional flows and macroeconomic developments shaping the crypto sector.

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