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From Credit Spreads to HODLing Models: Navigating the Crypto Market Changes in February

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Welcome to the February CryptoSlate Alpha Monthly Snapshot, an exclusive summary designed for our CryptoSlate Alpha subscribers.

In February, our comprehensive reports and insightful articles delved deeper into the crypto ecosystem, offering a blend of market analysis, research insights, and forward-looking trends that could shape the future of finance and technology.

Our February Alpha Market Reports included an in-depth look at the economic implications of the Fed’s Reverse Repurchase Facility (RRP) and its potential ripple effects on Bitcoin, as well as a critical analysis of credit spreads and their importance to the crypto market.

We also examined why governments should prioritize the regulation of stablecoins over the development of central bank digital currencies (CBDCs), providing a nuanced perspective on the governance of digital currencies.

Research articles have highlighted record economic investment in Bitcoin, analyzed the calm before the storm in Bitcoin market behavior, and presented the unprecedented stability of Bitcoin futures and open interest options.

Our analyzes notably highlighted the critical role of US exchanges in providing liquidity to the Bitcoin market and the changing trend towards long-term holding as exchange balances fell to their lowest level since 2018.

Our core Alpha Insights provide a comprehensive view of the crypto landscape, from the implications of HODL waves and on-chain metrics suggesting a speculative market and potential decline in network health to the significant impact of near-term trading volumes and institutional participation.

We analyzed the true cost of mining a Bitcoin, examined the speculative and resilient nature of Bitcoin investors, and provided granular analysis of Bitcoin trading patterns, supply distribution, and the effects of ETFs on market dynamics.

Join us as we tackle these topics, providing our Alpha subscribers with a wide range of data-driven analysis and expert commentary on the evolving crypto space.

February α Market Reports

The Economic Implications of the Fed’s Reverse Repurchase Facility (RRP)

CryptoSlate explores the intricacies of the RRP mechanism, its impact on traditional financial markets, and its potential effects on Bitcoin.

What are credit spreads, why are they tight, and what does this mean for Bitcoin?

CryptoSlate dives into the concept of credit spreads and analyzes their current state to understand their impact on the broader financial and crypto markets, particularly Bitcoin.

Why governments should regulate stablecoins instead of developing CBDCs

CryptoSlate examines the benefits of stablecoin regulation to determine why it would serve private and public interests better than CBDCs.


February α Research articles

Record cap achieved shows unprecedented economic investment in Bitcoin

The Bitcoin network and its participants have never been more economically invested in BTC than today.

Bitcoin Market Faces Critical Moment Amid Surge in Unrealized Profits

One-time ETF inflows and bullish sentiment support Bitcoin, despite potential volatility from unrealized gains.

Bitcoin’s surge to $57,000 did not result in a liquidation storm, defying the expected trend

Despite Bitcoin’s high flight, liquidations remain stuck, indicating a cautious market.

Bitcoin Futures and Options Open Interest Soars in February

Bitcoin Options Lean Towards Bullish Calls, Despite Near-Term Rise in Defensive Puts

Bitcoin network congestion eases with memory pool removal in February

Bitcoin’s memory pool unclogged in February, bringing a breath of fresh air to transaction processing.

How do US exchanges contribute to the liquidity of the Bitcoin market?

U.S. exchanges account for a relatively small share of global trading volume but provide 49% of global liquidity, suggesting they have greater market depth to facilitate larger transactions for a smaller number of traders .

Bitcoin exchange balance falls to lowest since 2018 as market turns to HODLing

Bitcoin holders are moving away from exchanges in a long-term holding trend.

Growing supply of stablecoins shows capital influx into crypto market

The growing market cap of the stablecoin shows an increase in capital flows into crypto and investor readiness for market movements.

On-Chain Data Shows Bitcoin Supply Tightening

Unspent transaction results and accumulation trends signal a tightening supply of Bitcoin amid growing institutional interest.

Futures Open Interest Hits Two-Year High With Bitcoin Above $50,000

Bitcoin futures’ record open interest aligns with its price breakthrough.

Bitcoin’s Risk-Adjusted Return Potential Skyrockets as Sharpe Signal Increases

Glassnode’s new metric shows a promising rebound in Bitcoin market sentiment.

Why has the market capitalization of Bitcoin increased by over $102 billion while the realized capitalization has only increased by $4 billion?

As Bitcoin’s market capitalization sees a drastic increase, its realized capitalization offers a more grounded perspective of value.

Bitcoin Above $44,000 Boosts Market Confidence With Unrealized Profits Rising

Profitability soars among Bitcoin investors as market sentiment improves.

What Bitcoin Trading Patterns on Centralized Exchanges Tell Us About the Market

Analysis of Kaiko data by CryptoSlate showed that the majority of global Bitcoin trading takes place outside of the United States on Binance.

Bitcoin Options Show Long-Term Uptrend and Short-Term Pessimism

Bitcoin options data shows a bullish future outlook amid current market hesitation.

How ETFs Affected the Distribution of Bitcoin Supply Across Cohorts

Spot Bitcoin ETFs have caused significant changes in the supply distribution of Bitcoin.

Short-Term Trading Volume Peaks as Bitcoin Surpasses $43,000

Bitcoin’s SLRV ratio shows that spot Bitcoin ETFs have most likely spurred unprecedented short-term trading volumes.

Whales and Institutions Lead the Charge in Increasing Bitcoin Trading Volume

Data from Glassnode shows that whales and institutions are the main players behind the increase in Bitcoin trading volume.

Here’s why the Bitcoin perpetual futures market saw high volatility in January

In January, traders are re-evaluating Bitcoin perpetual futures amid emerging ETF options.

Marathon vs Riot: analyzing the real cost of mining 1 bitcoin

Estimated actual average cost of mining a single Bitcoin for two of the largest publicly traded Bitcoin mining companies.


Top α Insights for February

HODL Wave Analysis Reveals Speculative Market in Play

Bitcoin’s journey from $25,000 to $50,000 is not marked by extreme short-term speculation.

On-Chain Metrics Reveal Bitcoin Network Health, Hinting at Potential Decline

Monthly and annual metrics of on-chain Bitcoin activity reveal trends in network health and usage, highlighting potential declines.

Bitcoin’s STH Realized Price Approaches $40,000, Signaling Strong Market Momentum

Analyzing Bitcoin Dynamics: STH has realized the role of price in current market trends.

US leads Bitcoin price rise as Asia sees decline

The United States, with its bullish stance, is leading the pack with a whopping 12,200% price change.

Analysis Challenges Bitcoin’s Diminishing Returns Theory Amid Recent Gains

The current Bitcoin cycle is showing its strength with an appreciation of almost 287% from the low, challenging the theory of diminishing returns.

2021 Bitcoin Investors Demonstrate Resilience of Long-Term Holding

Bitcoin investors starting in 2021 are reducing their cost basis through strategic purchases in a bear market.

After 153 days in the $40,000-45,000 range, Bitcoin is aiming for the 6th monthly close above $50,000.

Cruising above $50,000, Bitcoin suggests continued consolidation after breaking out of the long-term range.

Short-Term Holders Sent Record Profit of $3 Billion to Stock Exchanges

Spot ETF success propels Bitcoin past $58,000, demonstrating investor confidence.

Bitcoin Investors Make Net Profits for 128 Consecutive Days

Despite Bitcoin’s strong performance, the intensity of profit-taking in 2024 does not match the fervor of the 2021 bull run.

From Record Highs to Notable Lows: Bitcoin Fees After Signup Boom

Bitcoin Fees Hit New Low, Miners See Fee-Based Revenue Stabilize at 6%

The article From Credit Spreads to HODLing Models: Navigating February’s Crypto Market Changes appeared first on CryptoSlate.

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