Crypto narratives as we await next market move

Bitget App

Trade smarter

Bitget Academy2025/02/11 08:05

By:Bitget Academy

Bitcoin’s price is roughly flat week over week as investors eye the next potential crypto market mover. You want narratives? Galaxy Digital CEO Mike Novogratz shared some views — albeit higher-level and less focused on day-to-day prices — for listeners of his panel at the Ondo Summit last week.

Novogratz’s first prediction came when he introduced his company, which hopes to go public. “We’ve been waiting 4.5 years, there’s a new SEC and so I think you’re going to see a whole host of companies — come May or June — listing on the New York Stock Exchange or Nasdaq.” He then shared scenes from the VP JD Vance’s ball last month (separate from the Crypto Ball Casey attended). Peter Thiel and Mark Zuckerberg were there, he said, along with what Novogratz estimated to be 20 crypto CEOs.

This big representation felt bullish, he noted. Even if, in Novogratz’s words, “the Trump coin didn’t help that spirit.” “I think [bitcoin will] be on the government’s balance sheet in six months,” he said, noting BTC has “carved out a lane” as a store of value. On that note, the Galaxy CEO casually claimed to have had lunch with the head of one of the largest sovereign wealth funds two weeks after the election. You know, as really rich executives do. Essentially if the US is to buy bitcoin (even at the state-level, which we’ll discuss later), many of these funds want in too. “He was cutting his first $500 million check to dip his toe in,” Novogratz said.

Also on that panel was Pantera Capital founder Dan Morehead, who chimed in to address those talking of a crypto bubble. “How can you have a bubble that nobody owns?” he said. “The median holding of an institutional investor in blockchain is zero.” Just imagine the impact of a tiny fraction of the $500 trillion of global assets migrating to crypto, Morehead posed. Given his recent convos with institutions that have changed their tune, he expects that to occur this year.

After bitcoin’s ascent to $109,000, it has obviously retreated to $97,000. Could it move lower to, say, $80,000 Sure, Novogratz said. “That doesn’t invalidate this space at all,” he added. “Quite frankly that’s the buying opportunity.”

Source: Blockworks

Futures Market Updates

Current optimism is more on ETH markets.

Bitcoin Futures Updates

Total BTC Open Interest: $60.69B (+2.69%)

BTC Volume (24H): $55.62B (-7.82%)

BTC Liquidations (24H): $4.96M (Long)/$16.72M (Short)

Long/Short Ratio: 50.14%/49.86%

Funding Rate: 0.0051%

Ether Futures Updates

Total ETH Open Interest: $23.00B (+3.77%)

ETH Volume (24H): $27.18B (-21.74%)

ETH Liquidations (24H): $7.91M (Long)/$12.86M (Short)

Long/Short Ratio: 50.47%/49.53%

Funding Rate: 0.0062%

Top 3 OI Surges

LISTA: $38.30M (+406.63%)

XDC: $5.44M (+330.65%)

SWELL: $12.21M (+311.64%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!