February 28 News: Due to the US Producer Price Index (PPI) rising unexpectedly and Nvidia’s earnings report causing a continuous decline in stock prices, risk assets came under pressure before the weekend. Bitcoin’s price, which approached $70,000 this Wednesday, quickly retreated. On Saturday morning in Asia, Bitcoin briefly fell to $65,735, down about 3% for the day, with a weekly decline of 2.8%, erasing most of the previous rebound gains.
Altcoins experienced even sharper declines. Solana dropped 6.7%, Ethereum fell 6.2%, Dogecoin declined 5.1%, XRP decreased 4%, and most mainstream tokens closed the week in the red, weakening the positive signal of altcoins outperforming Bitcoin earlier. BNB was relatively resilient, only pulling back about 2.5%. Leverage in the crypto market reaccumulated during the rebound, but was quickly liquidated during this pullback.
On the macro front, US PPI monthly increase rose to 0.5%, exceeding market expectations, reinforcing the view that inflation remains sticky and reducing the likelihood of the Federal Reserve cutting interest rates in the near term. Meanwhile, the three major US stock indices declined simultaneously, with Nvidia’s stock dropping another 4.2%, putting pressure on the tech sector. Block Inc. announced large-scale layoffs, further fueling market concerns about AI replacing jobs.
Notably, despite the price correction, US spot Bitcoin ETF saw net inflows of about $1.1 billion over three days, marking a strong weekly performance in recent months. However, institutional capital inflows still struggle to fully offset macro pressures. Bitcoin financial company BOB co-founder Dom Harz pointed out that short-term volatility should not be overinterpreted, as the Bitcoin market structure is changing.
On-chain data shows that exchange USDT reserves have fallen from $60 billion to $51.1 billion. If it drops below $50 billion, it could trigger larger sell-offs. Currently, Bitcoin has returned to trading within the $60,000 to $70,000 range, with market focus shifting to whether the support at the lower end is stable and whether March can restart upward momentum.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Yesterday, Bitcoin spot ETFs had net outflows of $291 million, and Fidelity's FBTC had net outflows of $229 million
On April 13, Bitcoin spot ETF total net outflows were $291 million, BlackRock’s IBIT had net inflows of $34.7012 million, Bitwise’s BITB had net inflows of $11.8758 million, and Fidelity’s FBTC had net outflows of $229 million. Total spot ETF assets net asset value was $94.51B, and the net asset ratio was 6.45%.
GateNews51m ago
Nigel Farage invests 2 million pounds in Bitcoin, becoming the UK’s first openly holding MP
Reform UK leader Nigel Farage bought Bitcoin with roughly £2 million, becoming the first sitting member of Parliament to publicly disclose an investment of this size. The move highlights his party’s support for cryptoassets and could spark debate about the impact on the UK’s crypto policy and potential conflicts of interest. Farage invested via Stack BTC, strengthening his dual political and financial endorsement.
MarketWhisper52m ago
Lava Network Brings Bitcoin Cash Online With Reliable RPC Infrastructure
Bitcoin Cash is officially live on Lava Network, and it is a big advancement towards decentralized infrastructure to support scalable payments. The integration brings on board RPC access to BCH mainnet and BCH testnet which allows developers, applications and users to interact with the network
BlockChainReporter1h ago
