- Bitcoin remains below $100,000, trading at $97,575 with minimal weekly movement of 1.5% amid market uncertainty.
- Bitcoin ETF outflows reached $650.8 million Monday through Thursday, with a slight recovery of $70.6 million in inflows on Friday.
- Strategy (formerly MicroStrategy) acquired $742.4 million worth of Bitcoin, now holding 478,740 BTC valued at approximately $47 billion.
- GameStop stock rose 5.5% following reports of potential Bitcoin investment plans.
- Eric Council pleaded guilty to the SEC X account hack that caused market volatility in January.
Bitcoin’s price stability near the $98,000 mark reflects ongoing market uncertainty as traders navigate new political dynamics and economic indicators. The cryptocurrency, which has gained over 40% since the November presidential election, faces headwinds from recent consumer price data and geopolitical tensions.
Institutional investment patterns show mixed signals, with Bitcoin ETF products experiencing significant outflows totaling $650.8 million from Monday through Thursday, according to Farside Investors. Friday’s modest $70.6 million inflow failed to offset the week’s losses, marking a stark contrast to January’s robust demand.
Strategy, the company formerly known as MicroStrategy, demonstrated continued confidence in Bitcoin by investing $742.4 million between February 3-9. The company’s rebranding reflects its evolving focus on Bitcoin investments, with its holdings now representing approximately 2.3% of Bitcoin’s maximum supply.
Market attention shifted to GameStop after CNBC reported the retailer’s potential entry into cryptocurrency investments. The news propelled the company’s stock to close at $27.00, marking a 5.5% weekly gain. The development follows renewed interest in the company after Keith “Roaring Kitty” Gill’s return to public commentary.
In regulatory developments, Eric Council, 25, admitted to orchestrating the January SEC X account hack that temporarily disrupted markets. The Alabama resident faces up to 18 years in prison for identity theft and impersonating a federal agency, according to Bloomberg reports, bringing closure to an incident that highlighted cryptocurrency markets’ sensitivity to regulatory news.
The market’s cautious stance reflects broader economic concerns, particularly following higher-than-expected U.S. consumer price data and ongoing policy uncertainties under the new administration.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Crypto Firms Shift Strategy as White House Scraps Digital Asset Council for Roundtables
- Strategy Eyes S&P 500 Inclusion as Bitcoin Price Target Set at $96,337
- Web3 Firm KIP Protocol Reveals Role in Failed Argentine LIBRA Token Launch
- Wisconsin Pension Fund Doubles Down on Bitcoin, Now Holds $336M in BlackRock ETF
- Abu Dhabi Wealth Fund Makes $436 Million Bitcoin ETF Investment, Sparking Global Adoption Race
