PANews February 24 Report: According to the latest crypto weekly report from Gate Ventures, the US dollar index remains relatively high, long-term government bond yields are rising, and gold prices hit a monthly high, indicating an overall increase in risk-averse sentiment in the market. In terms of crypto assets, last week BTC declined by 1.73%, ETH fell by 0.42%, but the ETH/BTC ratio slightly rebounded by 1.3% to 0.0287. There was a noticeable outflow of funds, with BTC spot ETF net outflows of $315.86 million and ETH spot ETF net outflows of $123.37 million, with market sentiment in the “extreme fear” zone. The overall crypto market cap decreased week-over-week, with most mainstream assets weakening.
Industry-wise, traditional derivatives trading institutions are pushing for longer-term crypto product trading arrangements, and market infrastructure is evolving toward higher frequency and more continuous trading mechanisms. Some mining and computing power-related companies are accelerating diversification into AI and data centers, reflecting a reallocation of computational resources. Meanwhile, sports and prediction sectors are attracting new capital attention. In venture capital, seven deals were disclosed last week, totaling approximately $104.5 million, a significant decline from the previous week. Funds mainly flowed into social and infrastructure sectors, with infrastructure projects accounting for over half of the deals by number. Overall, in a weak market sentiment environment, capital allocation is becoming more structural and cautious.
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Cryptocurrency Overview
BTC (+7.17% | Current Price 72,443.1 USDT)
Bitcoin surged over 7% on Wednesday, driving the total market capitalization of the crypto market back above $2.5 trillion, with a daily increase of approximately 5.5%. This rebound was mainly driven by short squeeze. Previously, influenced by the Iran situation, the market experienced a concentrated sell-off, and the funding rate for Bitcoin perpetual contracts briefly dropped to extremely low levels. As geopolitical risks did not further escalate, funds that had previously taken bearish positions began to close their positions, leading to a rapid price rebound. Vetle Lunde, Head of Research at K33 Research, pointed out that Bitcoin's weekly RSI once dipped to 26.84, marking the third-lowest oversold level in history, providing technical support for the rebound.
ETH (+8.36% | Current Price 2,111.66 USDT)
On Wednesday, Ethereum
GateResearch1h ago
