Bitcoin’s price movement this week has largely been flat: the largest cryptocurrency has not moved in the last day, currently priced at $97,575, according to Coingecko. It has only increased by 1.5% over the week.
Since early February, the oldest cryptocurrency has not touched the magical $100,000 mark as traders attempt to navigate the increasingly complex new investment landscape under the unpredictability of the new U.S. President.
President Donald Trump has threatened to continue forward with tariffs, which have recently escalated confrontations with major economies—all of which have affected cryptocurrency prices to varying degrees.
This week, data showed that consumer prices in the U.S. rose higher than expected last month, which will further harm risk assets like cryptocurrencies.
Despite this, since the election of the new commander-in-chief, the largest cryptocurrency has still seen a significant rise, having increased by 40% since the November 5 election when it was trading at $69,335.
ETF Flows
Investors have been withdrawing funds from Bitcoin exchanges on a daily basis. From Monday to Thursday, Farside investors redeemed $650.8 million. On Friday, the flow turned positive with an investment of $70.6 million, but this was not enough to offset earlier losses.
This bearish trend emerged after a massive demand for funds in January, but liquidity has slowed since President Trump began discussing tariffs. The previous week saw a surprising twist as Ethereum ETF flows actually outpaced Bitcoin funds.
Strategy Returns to Buying
Strategy, previously known as MicroStrategy, hit the buy button again after not purchasing cryptocurrency for a week at the end of January. The software company has been actively stocking up on Bitcoin, sharing in its latest disclosure that it spent $742.4 million on BTC between February 3 and February 9.
The company rebranded last week to “Natural Evolution” to focus more on Bitcoin, now holding a total of 478,740 BTC, valued at nearly $4.7 billion.
Is GameStop Eyeing Bitcoin?
With the stock of video game retailer GameStop soaring on Thursday, reports emerged that the meme stock company is considering investing in Bitcoin.
CNBC reported that the company, citing unnamed sources close to the matter, stated it is “exploring investments in alternative asset classes,” including the orange coin. GameStop has not responded to requests for comment from Decrypt.
Last year, the video game retailer gained significant attention following the stock frenzy of 2021, driven by trader Keith “Roaring Kitty” Gill, who helped pump the stock price through online meme posts for the first time in three years. He was involved in multiple appearances that drove stock prices upwards since his first livestream.
GameStop (NYSE: GME) rose 5.5% this week, closing at $27.00 per share.
Man Admits to SEC X Hack
Remember the Bitcoin explosion time when a tweet posted on the SEC’s X account claimed that the long-awaited Bitcoin ETF had been approved, only to be deleted again following hacking news?
Well, the individual responsible for all the commotion has pleaded guilty to charges.
25-year-old Eric Council was arrested in October and pleaded guilty on Monday in federal court in Washington to aggravated identity theft and access device fraud, according to Bloomberg.
The councilman from Athens, Alabama, now faces 15 years in prison for identity theft and an additional three years for impersonating a federal agency.
Editor Andrew Hayward
