VanEck's HODL, a BTC ETF, saw a surge of over 2,200% in trading volumes on Tuesday, with individual traders driving the move. The ETF traded over $400 million, a 22-fold increase from its daily average of $17 million. The surge in volumes came ahead of a planned fee cut on Wednesday, with VanEck reducing its offering fees from 0.25% to 0.20%. The ETF now holds nearly $200 million worth of bitcoin, with the surge in volumes contributing to the highest volume day for bitcoin ETFs since their launch in January.

According to Coingecko data, BTC's market value has returned to $1 trillion, currently valued at $1,026,205,886,144, setting a record for the past two years.

Bitcoin's recent surge above $52,000 has been followed by a rebound and pullback frenzy, causing some concern about a potential sell-off. Over 840,000 new Bitcoin addresses that bought BTC during the rally have incurred significant losses, which could lead to increased selling pressure. Crypto analyst Michaël van de Poppe predicts a potential correction before the Bitcoin price peaks between $53,000 and $58,000. Despite this, TradingView has given Bitcoin a "Strong Buy" indicator and the cryptocurrency currently boasts a market capitalization of $1.01 trillion.

On February 20th, it was reported that earlier in the day, Bitcoin rose to a total value of $539 million in buy and sell orders within a 2% market depth (meaning within a 2% range of the market price) across 33 centralized exchanges. Data tracked by Kaiko shows that this is the highest level since October of last year and represents a 30% increase since the launch of the spot ETF on January 11th.

According to IntoTheBlock data, 848,390 addresses bought 481,710 BTC (worth $25 billion) at an average price of $52,125. These addresses are currently in a loss position and may create selling pressure when their positions reach breakeven.

According to a report by CryptoQuant on February 20th, a whale withdrew over 18,000 bitcoins (worth about $1 billion) from Coinbase last weekend. These bitcoins were then distributed to multiple new wallets, each with a balance ranging from $45 million to $171 million. This move caused Coinbase's bitcoin reserves to drop to 394,000 BTC, worth about $20.5 billion, the lowest level since 2017.

According to Coinglass data, as of January 19th, the current open interest of Bitcoin futures is $24.211 billion, with a 24-hour increase of 1.83%. This number is approaching the historical high point of $24.268 billion in mid-April 2021.

Bitcoin Singapore 2024 will take place on March 9th and will last for one day. The conference will focus on exploring the development of the Bitcoin ecosystem and the latest community developments. The conference will gather many experts and senior participants in the Bitcoin ecosystem, covering topics such as technological progress, new product ideas, and different cultural characteristics, comprehensively exploring the Bitcoin ecosystem. Bitcoin Singapore 2024 is jointly organized by Nervos CKB and ABCDE, with strategic support from LNP/BP Association and Bitlight Labs. Matt Quinn, Executive Director of the Nervos Foundation, Arnaud, a member of the LNP/BP Association Board of Directors, Super Testnet, a contributor to BitVM, BTCStudy contributor Zeng Mi, and Lightning Labs engineer Yong, and other heavyweight guests will explore the Bitcoin ecosystem from multiple perspectives such as RGB, BitVM, Lightning Network, and UTXO.

Bitcoin investors have been rewarded for their patience and conviction, with BTC prices rallying to multi-year highs above $50k. The volume of supply held at a loss is also thinning quickly, with just 13% falling into this category.

According to BTC.com data, the current best transaction fee for the Bitcoin network is 14 Satoshi/vbyte.

The Bitcoin development organization Brink has received $3.6 million from cryptocurrency exchange Coinbase on the X platform. It is reported that Brink was established in 2020 with the aim of promoting the development of the Bitcoin protocol through research and development, as well as supporting the Bitcoin developer community.

Bitcoin and Ethereum experienced significant pullbacks, with Bitcoin approaching a fall below $52,000 and Ethereum dropping below the $2,800 level for the first time in two years. Other altcoins, including XRP and Cardano, also saw volatility. The trading volume for Bitcoin and Ethereum both decreased, while the market cap for Bitcoin remained at $1.02 trillion and the market valuation for Ethereum was $335.53 billion. Bitget Token was the top gainer, surging by 29.68%, while Pepe Coin experienced a notable decline of 5.14%.

Bitcoin's price has seen double-digit gains in the past week due to institutional demand, as evidenced by major inflows to spot Bitcoin ETFs. This has led to a drop in retail participation during the ongoing rally. Crypto analyst Ali Martinez suggests that this indicates a potential reconfiguration of market dynamics as institutional interest takes center stage. Despite expectations of a supply shortage due to heightened demand from US spot Bitcoin ETFs, liquidity in the cryptocurrency market has actually improved since their introduction. However, there is a surplus of tokens circulating within the market and selling pressure may increase due to court rulings permitting companies to liquidate their GBTC holdings and miners increasing their selling activity.

According to data from HODL15Capital, Canadians continue to sell shares of the Purpose Bitcoin ETF. Purpose sold 188 bitcoins yesterday, and has sold 4,000 bitcoins since the launch of the US ETF.

The donation went through Coinbase’s GiveCrypto initiative, which the exchange announced in December it planned to wind down.

The National Banking and Securities Commission of Honduras imposed the ban because of the country’s lack of regulation.

On February 17th, Celsius announced that its qualified creditors have claimed over $2 billion worth of Bitcoin and Ethereum through channels such as PayPal, Venmo, and Coinbase. The official statement mentioned that the team is exploring solutions to restrict mailing USD checks and will allow some creditors to choose to receive fund allocations through wire transfer.

Bitwise CEO Hunter Horsley posted on social media that on February 16, $21 million flowed into BITB, representing investors buying Bitcoin.  The total inflow this week reached $230 million, and the asset management scale is now about $1.2 billion.

The market shows that BTC has fallen below $52,000 and is now trading at $51,997.3, with a daily increase of 0.21%. The market is highly volatile, so please be prepared for risk control.

Why does bitcoin’s long-term price just keep going up? This seemingly evergreen topic has a tendency to bring out some of the wildest takes imaginable, with institutional proximity tending to be inversely related to explanatory power.