This week, Bitcoin’s price activity was relatively stagnant: The leading cryptocurrency has shown little change over the last day, currently priced at $97,575, according to CoinGecko. It has increased by just 1.5% throughout the week.
The original cryptocurrency hasn’t reached the elusive $100,000 milestone since early February, as traders maneuver through a complicated and evolving investment environment with a new, unpredictable administration in the U.S..
President Donald Trump has both threatened and implemented tariffs affecting major economies in recent weeks, actions that have influenced crypto valuations to varying extents.
Moreover, recent data revealing that consumer prices in the U.S. rose higher than anticipated last month has further pressured risk assets, including cryptocurrencies.
Nonetheless, the major cryptocurrency has seen significant gains since the election of the new president, appreciating over 40% since November 5, when it was trading at $69,335.
ETF Flows
Investors withdrew funds from Bitcoin exchange-traded funds (ETFs) every day this week, as reported by Farside Investors, with a total of $650.8 million withdrawn from Monday to Thursday. Flows turned positive on Friday, with $70.6 million reinvested, but this was insufficient to offset earlier outflows.
The bearish trend follows a period of substantial demand in January; however, enthusiasm has waned since President Trump began discussing tariffs. Adding to the unpredictability, the previous week saw Ethereum ETFs outperforming Bitcoin funds.
Strategy Returns to Buying
Strategy (formerly MicroStrategy) resumed its purchasing after a pause of one week at the end of January. The software firm, which is heavily investing in Bitcoin, revealed in its latest disclosure that it acquired $742.4 million worth of BTC between February 3 and February 9.
The company recently underwent a rebranding to reflect its sharper focus on Bitcoin, amassing a total of 478,740 BTC, valued at nearly $47 billion.
GameStop Eyes Bitcoin?
Shares of video game retailer GameStop surged on Thursday following reports that the company is considering investing in Bitcoin.
A report from CNBC, citing anonymous sources familiar with the situation, indicated that the company is “exploring investments in alternative asset classes,” including cryptocurrency. GameStop did not respond to Decrypt‘s request for further comments.
GameStop gained renewed attention last year when Keith “Roaring Kitty” Gill, the trader who initiated the original stock buying spree in 2021, made his first meme post in three years and amplified the stock price during several appearances in 2024, including his first livestream since the initial surge.
GameStop (NYSE: GME) concluded the week trading at $27.00 per share, experiencing a 5.5% rise this week.
Man Confesses to SEC X Hack
Do you recall the surge in Bitcoin pricing following a tweet from the SEC’s X account claiming that the long-anticipated Bitcoin ETFs had been approved, only to plummet after a revelation of a hack?
The individual responsible for causing that uproar has confessed to the crime.
Eric Council, 25, who was apprehended in October, pleaded guilty on Monday in a Washington federal court to charges of aggravated identity theft and access device fraud, as reported by Bloomberg.
Council, hailing from Athens, Alabama, could face a maximum of 15 years in prison for identity theft and an additional three years for impersonating a federal agency.
Edited by Andrew Hayward
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