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Risk-off remains the theme as the market is running

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By Omkar Godbole (at all times and unless indicated otherwise)

The crypto market is looking to recover some poise after falling yesterday with on-chain indicators showing signs of Capitulation In bitcoin. Some tokens, such as MKR’s MKR, stand with 20% gain within 24 hours, thanks to the purchase and process of burning the DAO.

The IP, the native token of the decentralized intellectual protocol dedicated to the blockchain protocol, is also in green, which increases by almost 40%. The price of the token was doubled in two weeks after being listed in South Korean exchanges.

Other well -known outperformers include Celestia’s Tia with XDC, QNT and Hype. Data monitored by Blockchain Sleuth Lookonchain shows whales that buy Dip in the hype token. Meanwhile, the XRP, is hanging at a major level of Fibonacci, maintaining the Bulls’ hope for larger lives.

According to Matthew Hougan, Chief Investment Officer of Bitwise Asset Management, the crypto market dissolves the end of the recent Memecoin Frenzy, which can be replaced by productive sectors such as stablecoins, real-world assets and defi. “But until they begin to make their presence, the energy loss will create a drag in the market,” Hougan said X..

In front of the macroeconomic, the optimism detected after the November 4 election was replaced by caution, such as evidence of Exit Tuesday of the US consumer trust. The gauge dropped to an eight-month low, and the one year of Inflation expects to be the highest at 1.5 years, including President Donald Trump’s tariffs as a major concern for almost every household and business survey.

Dour sentiment and a yen strengthening can keep up with the risks restricted for some time. Earlier this week, the head of the central bank of Belgium, Pierre Wunch, That warned The ECB is at risk of sleeping with so many rates in rate. The Fed, for its part, is not likely to do QE anytime soon. (Of course, the minutes of the January meeting discussed the end of the tightening volume, but that does not mean that easing volume.)

Speaking of major events to guard, the Senate Banking Committee, led by Senator Cynthia Lummis, is set to Visit again Crypto regulations during the scheduled Wednesday hearing titled “Exploring Bipartisan Legislative Frameworks for Digital Assets.” Stay alert!

What to watch

Crypto:
Macro
- Feb. 26, 10:00 am: The US Census Bureau has released a new January resident sale report.
  - New Home Sales EST. 0.68m compared to Prev. 0.698m
  - New Home Sales Mom Prev. 3.6%
- Feb. 26-27: 2025’s First G20 Finance Minister and Central Bank Governors Meeting (Cape Town).
- Feb. 27, 8:30 AM: The US Bureau of Economic Analysis releases Q4 GDP (2 -2 estimate).
  - Prices of Core PCE QOQ EST. 2.5% compared to prev. 2.2%
  - PCE QOQ EST prices. 2.3% compared to Prev. 1.5%
  - GDP RATE RATE QOQ EST. 2.3% compared to Prev. 3.1%
- Feb. 27, 8:30 AM: The US labor department of labor is issuing weekly insurance insurance for the week ending in February. 22.
  - Initial claims of unemployment. 221k compared to prev. 219K
We are
- Feb. 26: Mara Holdings (Mara), post -market, $ -0.13
- Feb. 26: NVIDIA (NVDA), Post-Market, $ 0.85

Events with the token

Votes and Management Calls
- Frax Dao discusses Upgrading the protocol By replacing FXS with Frax, it makes it a gas token to Fraxtal, Frax North Star Hard Fork implementation, and introducing a tail release plan with gradual reduction of leaks and other enhancements.
- Dydx Dao is voting Distribution of $ 1.5 million in DYDX tokens From community treasury to qualified users in Trading Season 9 as part of the incentive program.
Unlocks
- Feb. 28: Optimism (OP) to unlock 2.32% of the circulating -shifted supply worth $ 33.97 million.
- Mar. 1: DYDX to unlock 1.14% of the shifting -switch supply worth $ 5.76 million.
- Mar. 1: Zetachain (Zeta) to unlock 6.48% of the switch -shifted supply worth $ 12.81 million.
- Mar. 1: SUI (SUI) to unlock 0.74% of the circulating -switch supply worth $ 68.90 million.
- Mar. 2: Etherna (ENA) to unlock 1.3% of the circulating -shifted supply worth $ 16.47 million.
- Mar. 7: KASPA (KAS) to unlock 0.63% of the circulating -switch supply worth $ 14.85 million.
- Mar. 8: Berachain (Bera) to unlock 9.28% of the switch -shifted supply worth $ 70.90 million.
Token lists
- Feb. 26: Moonwell (Well) listed in Kraken.
- Feb. 27: Venice token (VVV) listed in Kraken.
- Feb. 28: Worldcoin (WLD) listed in Kraken.

Conference

Token talk

By Francisco Rodrigues

Solana, who is often criticized by its financial implationary policy, is currently considering the implementation of a management proposal to change it, SIMD-0228.
The proposal will introduce a dynamic, market release model for SOL tokens and potentially reduce inflation.
The proposal was to move Blockchain away from the current fixed release model that saw the supply of SOL increase around 500 million tokens.
Wherever the token of the story protocol, the IP, is that it has been the bearish trend that holds the cryptocurrency market in the last days. Ip outperformed the wider coindesk 20 index while entrepreneurs will bet on Tokenization of intellectual possession.
The industry’s ecosystem also rallied behind the cryptocurrency exchange bybit after a $ 1.5 billion hack. The exchange has launched a “War against Lazarus“In the efforts of investigating the crowdsource against the group associated with North Korea.

Derivatives positioning

The BTC’s one -month basis dropped to 4%, the lowest in nearly two years, according to Velo data. That is a sign of bullish weakening. Ether’s basis dropped to just 5%.
Eternal funding rates for TRX, Avax, XLM, Shib and OM are negative, reflecting a bias for short positions.
The BTC, the Eth Short-Term continues to trade in a premium on calls, reflecting fears of an ongoing price collapse.

Market Movements:

BTC reached 1% from 4 pm et Tuesday at $ 89,19377 (24hrs: -0.11%)
ETH dropped 0.36% to $ 2,487.88 (24hrs: +2.19%)
CoinDesk 20 reached 0.42% to 2,882.89 (24hrs: +2.34%)
The ether CESR composite staking rate is up to 29 bps at 3.28%
BTC funding rate is at 0.0005% (0.6% annual) in OKX

DXY is up to 0.17% 106.49
Gold drops 0.24% to $ 2,913.89/oz
Silver dropped 0.78% to $ 31.78/oz
Nikkei 225 closed -0.25% to 38,142.37
Hang Seng +3.27% closed to 23,787.93
FTSE reached 0.54% to 8,715.19
Euro Stoxx 50 reached 1.14% out of 5,510.13
DJIA closed on Tuesday +0.37% to 43,621.16
S&P 500 closed -0.47% to 5,955.25
NASDAQ closed -1.35% to 19,026.39
The S&P/TSX composite index is closed +0.21% to 25,203.98
S&P 40 Latin America closed +0.19% to 2,390.95
The US 10-year Treasury Rate is up to 2 bps at 4.32%
E-Mini S&P 500 futures up to 0.5% out of 5,999.75
E-Mini Nasdaq-100 Futures reached 0.82% to 21,321.50
E-Mini Dow Jones Industrial Average Index Futures are up to 0.27% to 43,808.00

Bitcoin Stats:

BTC Dominance: 61.11 (0.13%)
Ethereum in Bitcoin Ratio: 0.02793 (-0.75%)
Hashrate (seven-day average move): 746 eh/s
HASHPRICE (spot): $ 52.40
Total Fees: 11.39 BTC / $ 1.1 million
CME Futures Open Interest: 164,970 BTC
BTC is priced in gold: 30.5 oz
BTC vs Gold Market Cap: 8.66%

Technical analysis

The time chart of BTC's hourly candlesticks. (TradingView/CoinDesk) — The time chart of BTC’s hourly candlesticks. (TradingView/CoinDesk)

Bitcoin’s time chart shows the MacD Histogram has been bullish bias since late Tuesday. However, there is little to the reverse in terms of price.
The difference between prices and MACDs, in conjunction with the downward sloping key average, suggests the potential for another sale rotation before reaching a significant bottom.
A convincing move above $ 90,000 is required to validate the bearish perspective.

Crypto equities

Microstrategy (MSTR): Closed on Tuesday at $ 250.51 (-11.41%), up to 3.66% to $ 259.68 in pre-market
Coinbase Global (coin): closed at $ 212.49 (-6.42%), up to 2.04% to $ 216.82
Galaxy Digital Holdings (GLXY): Closed to C $ 20.09 (-7.84%)
Mara Holdings (Mara): closed at $ 12.41 (-10.62%), up to 2.86% to $ 12.77
Riot Platform (Riot): closed to $ 9.32 (-6.71%), up to 2.79% to $ 9.58
Core Scientific (Corz): closed at $ 9.76 (-1.01%), up to 3.28% to $ 10.08
CleansPark (CLSK): closed to $ 8.15 (-8.43%), up to 1.96% to $ 8.31
Coinshares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $ 17.04 (-11.25%), up to 4.46% to $ 17.80
Semler Scientific (SMLR): closed at $ 42.42 (-4.42%), up to 2.5% to $ 43.48
Exodo Movement (Exod): Closed to $ 39.86 (-3.16%), down 1% to $ 39.46

ETF is flowing

Spot btc etfs:

Net -Net Flow: -$ 937.7 Million
Cumulative Net Flow: $ 38.09 Billion
Total handling of BTC ~ 1,157 million.

Spot etfs

Net -Net Flow Net Flow: -$ 50.1 Million
Cumulative Net Flow: $ 3.02 Billion
Total Eth Holdings ~ 3.750 million.

Source: Farside Investor

Overnight flowing

Top 20 prices and quantities of digital assets

Chart of the day

Bitcoin: Intraday spot buying minus sale. (Andre Dragosch, Glassnode)

The net that sells volume at BTC on Tuesday has been the strongest since May 2021, according to data monitored by Glassnode and Andre Dramotch, head of research for Europe in Bitwise.
Perhaps the weak hands are capitulated, leaving the market in a healthier state.