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What a volatile week. Luckily for crypto, this isn’t an isolated incident, it started by being mostly a macro story.
Traders were shaken by President Trump's tariff threat and recent economic reports signaling potential trouble ahead. On Thursday, Trump announced a 10% tariff hike on China set for March 4th, which spooked the markets. China's response was swift, vowing to take "all necessary countermeasures to defend its legitimate rights and interests."
The BTC market saw a significant downturn through the week, culminating on Friday, with the digital asset hitting a three-month low amid escalating trade tensions, triggering a wave of liquidations totaling nearly $1 billion. Bitcoin briefly dropped below $78,000, marking its worst week since the 2022 FTX collapse and its poorest performance month since November 2022. Short-term holders who bought near the top have been unloading their spot positions, but there’s no leverage driving this move, as the funding rate remained stable at that time and wasn’t in negative territory.
Despite the rough ride, there was a turn of events on Sunday, offering some hope. The crypto market saw a rebound following Trump’s announcement of a U.S. strategic crypto reserve, which would include BTC, ETH, SOL, XRP, and ADA. Bitcoin surged 11%, hitting nearly $95,000, after touching a low of $78,000 just a day before. This sparked another round of liquidations, bringing the total over $1 billion in the past 24 hours. This marks the first time Trump has explicitly backed a crypto "reserve" over a mere "stockpile." This news also reignited interest in $100K strike calls, with traders betting on further gains despite the volatile environment.
Since the announcement, we've seen solid gains across the board: BTC +11%, ETH +16%, SOL +28%, XRP +34%, and ADA +81%.
Looking ahead, Friday’s February jobs report will be a key event, with expectations pointing to a slowdown in job creation.
The News Room
Trump Confirms Crypto Strategic Reserve Will Hold Bitcoin and Ethereum
President Donald Trump clarified on Truth Social that Bitcoin and Ethereum will be "at the heart" of his planned Crypto Strategic Reserve. This follows his Sunday announcement that the reserve would also include Cardano, Solana, and XRP. Trump's January executive order initially referred to a "national digital asset stockpile," but his latest posts mark the first time he has called it a "Crypto Strategic Reserve," signaling potential differences in purpose and management.
Metaplanet Buys $13.4M in Bitcoin, Increases Total Holdings to 2,391 BTC
Japanese investment firm Metaplanet acquired an additional 156 BTC for $13.4 million, bringing its total holdings to 2,391 BTC at an average price of $82,100 per bitcoin. The Tokyo-listed firm has been aggressively accumulating bitcoin since April 2024, aiming to reach 10,000 BTC by the end of 2025. Metaplanet’s stock surged 21.15% on Monday amid a broader crypto market rally, with bitcoin climbing 6.5% to $91,891.
Tether Appoints Simon McWilliams as New CFO Amid Push for Full Financial Audit
Tether has appointed Simon McWilliams as its new Chief Financial Officer, with former CFO Giancarlo Devasini transitioning to Chairman. The company described the move as a "historic step" toward completing a full audit, reinforcing its push for transparency and regulatory engagement. While Tether has previously provided attestations on its reserves, critics have called for a comprehensive independent audit. CEO Paolo Ardoino stated that McWilliams’ leadership would help advance Tether’s institutional expansion strategy, which includes its recent relocation to El Salvador.
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Crypto Charts
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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