OSL Trading Hours: Market caution heats up, short positions exceed long positions by $120 million

1. Market observation

Keywords: ETF, ETH, BTC

Bitcoin (BTC) has been in a consolidation phase recently, trading between $94,000 and $100,000, and market sentiment has become cautious. Notably, the launch of the Grail Bridge testnet, a cross-chain solution by BitcoinOS, marks an important step in Bitcoin's versatility beyond payments. Despite the volatility in the market, Raoul Pal, CEO of Real Vision, remains optimistic about BTC, Ethereum, Solana, and Sui.

On the Ethereum (ETH) side, large investors have actively increased their holdings during the recent market correction, with new holdings reaching $2.5 billion. Ethereum prices seem to be showing bullish signals after remaining below $3,000 for several weeks, suggesting that funds may be transferred from Solana. At the same time, a mysterious Chinese programmer made a donation of millions of dollars in ETH tokens and then destroyed the same amount, which attracted market attention.

Currently, Bitcoin's dominance in the cryptocurrency market continues to rise, while macro uncertainty has led to sluggish performance of other altcoins. The Texas Senate is considering establishing a strategic Bitcoin reserve to diversify the state's cash reserves. It is worth noting that amid increasing uncertainty and analysts' different opinions on the direction of Bitcoin prices, short leveraged positions exceed long positions by $120 million, indicating that the short-term market may be bearish.

In the ETF market, institutional investors have controlled more than a quarter of the total assets of Bitcoin ETFs. Although Bitcoin and Ethereum ETFs have seen an outflow of funds overall, BlackRock's IBIT ETF has received inflows against the trend. In addition, JPMorgan Chase holds over a million dollars worth of Bitcoin and Ethereum ETF shares. It is worth mentioning that Bitcoin supporter Michael Saylor has released the "21 Rules of Bitcoin" guide, which provides in-depth insights into the adoption, ownership and ideology of digital currencies.

2. Key data (as of 10:00 HKT on February 19)

• S&P 500: 6,129.58 (+4.22% year-to-date)

• Nasdaq: 20,041.26 points (+3.78% year-to-date)

• 10-year Treasury yield: 4.552% (-2.50 basis points year-to-date)

• US dollar index: 107.07 (-1.30% year-to-date)

• Bitcoin: $95,461 (+2.17% YTD), with daily spot volume of $38.42 billion

• Ethereum: $2,671.62 (-20.12% year-to-date), with a daily spot volume of $24.10 billion

3. ETF flows (February 18 EST)

• Bitcoin ETF: -$123.1 million

• Ethereum ETF: +$4.6 million

4. Important Dates (Hong Kong Time)

Initial jobless claims (20 February 20 21:30)

• Actual: To be announced / Previous value: 213,000 / Expected: 215,000

Federal Reserve meeting minutes (February 20, 03:30)

5. Hot News

Galaxy: LIBRA's "runaway" incident further hit investors' demand for SOL holdings

Charles Schwab creates digital asset manager position to expand cryptocurrency services

Google is exploring using Google Sign-In to log into Bitcoin wallets

Crypto-backed Howard Lutnick confirmed by Senate as U.S. Commerce Secretary

Kraken Completes FTX Estate’s First Fund Distribution, Compensating Over 46,000 Creditors

Bankless Ventures Announces Second Fund with $50 Million Target

Bubblemaps: A trader turned $1.09 million into $109 million by trading the meme coin TRUMP

DigitFT to launch tokenized version of $6.3 billion Invesco fund

Bullish obtains Hong Kong virtual asset trading platform license

K33 Research: Bitcoin market in "low state" since US election

US SEC confirms receipt of Bitwise’s spot XRP ETF application

Former Tether CEO is developing a yield-based stablecoin project, Pi Protocol, which is expected to be launched in the second half of this year

Curve founder’s new project Yield Basis raises $5 million at a $50 million token valuation

LIBRA Token Co-creator Hayden Davis Claims He Paid Bribe to Argentine President’s Sister

Strategy announces $2 billion convertible bond issuance to support future Bitcoin purchases

US SEC Seeks Public Feedback on Approving Grayscale and Bitwise Ethereum ETF Options Trading

FTX's next round of repayment distribution will begin on May 30

Fed's Daly: Cryptocurrency is an emerging industry and we don't want to suppress innovation due to fear

Coinbase International will launch EURC perpetual contracts

Grayscale Announces the Launch of Grayscale $PYTH Trust

Robinhood plans to launch crypto products in Singapore by 2025

KernelDAO to conduct $KERNEL token TGE in February

Lawyer: Nearly 75,000 users suffered losses in LIBRA token transactions, with a total loss of approximately US$286 million

DefiTuna reveals M3M3 platform’s $200 million market manipulation plan involving multiple projects including LIBRA and MELANIA

Jupiter Co-founder: Meteora Co-founder Ben resigned and has hired a law firm to issue a LIBRA investigation report

ESMA launches public consultation on developing crypto-asset advisory standards

Market News: LIBRA team is negotiating with the Nigerian government to launch Meme coin

Institutional investors hold 25.4% of the assets under management of spot Bitcoin ETFs, totaling $26.8 billion

Argentine President: I did not promote LIBRA, I just shared LIBRA information

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