Share this article
Bitcoin Crosses $46K as Year of 'Long' Begins, Easing ETF Sell-Off
Over the next few days, East Asia will celebrate the start of the year of the dragon, which is considered to be one of the luckiest and most prosperous animals in the Chinese Zodiac.
Updated Mar 8, 2024, 9:18 p.m. Published Feb 9, 2024, 6:35 a.m.
- Bitcoin has historically seen gains around the Chinese New Year period.
- Sources of selling pressure from ETF holders and miners have eased in the past week while BTC prices have increased, suggesting demand.
Bitcoin crossed $46,000 early Friday, as the CoinDesk 20 Index (CD20), a measure of the biggest cryptocurrencies, jumped over 2%.
The largest crypto by market cap reached a one-month high as East Asia ushered in its biggest festive of the year, celebrating the start of what’s believed to be one of the luckiest periods as per the Chinese Zodiac.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
In Mandarin Chinese, the word for dragon is pronounced similarly to “long,” boosting memetic value among crypto traders.
Bitcoin could rise to as much as $48,000 in the coming days as the asset historically shows gains around the Chinese New Year period, 10X Research said in a Thursday note, predicting a gain of at least 11%.
Advertisement
The asset has added nearly 15% in the past two weeks, data shows, easing losses as the anticipated bitcoin exchange-traded funds (ETFs) turned out to be a sell-the-news event. The rise to its highest level since Jan. 12 came as the S&P500 and Nasdaq-100 indices hit all-time highs on Thursday.
Several ETFs have since absorbed more than a billion dollars worth of bitcoin selling pressure in the past few weeks, indicating demand.
Elsewhere, on-chain analysis firm CryptoQuant said in a Thursday note that bitcoin movements out of miner wallets – which signify selling – seemed to slow.
Meanwhile, some traders said recent bitcoin price action stemmed fears of a further sell-off, citing strength in weekly movements.
“Bitcoin rose above its 50-day moving average late Wednesday, confirming the bullish medium-term trend and easing fears of a deeper correction,” said Alex Kuptsikevich, FxPro senior market analyst, in an email to CoinDesk. “On a weekly basis, bitcoin and the broader crypto market have gained strength after a long period of consolidation and are now poised to make new highs.”
More For You
Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
Plus pour vous
This article is created to test tags being added to image overlays
Dek: This article is created to test tags being added to image overlays
Ce qu'il:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
Top Stories
