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.

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.

Data shows that Bitcoin hit a new historical high of 7.9 million yen on the Japanese cryptocurrency trading platform bitFLYER on Monday this week. In comparison, the Bitcoin price in US dollars is $52,000, which is 32% lower than the historical high of $69,000 in November 2021. This price difference reflects the pressure on the yen under the continued loose policy of the Bank of Japan (BOJ) and inflation recovery, despite the significant interest rate hikes by the Federal Reserve and other central banks in 2022 and 2023 to curb inflation. The Bank of Japan will maintain zero interest rates and continue to print a large amount of currency. Japan's core inflation rose 3.1% in 2023, the largest increase since 1982, and the yen depreciated by 8% in 2023.

Bitcoin’s price has been on a relentless ascent, momentarily crossing the $50,000 threshold. This surge is partly fuelled by increased investments in Bitcoin ETFs and a reduction in selling pressure from GBTC. However, the dynamics extend beyond ETF activities. A resurgence in global liquidity is bolstering both equity and digital asset markets, reflecting an uptick in the money supply.