Crypto Daily | Bitcoin Whales Are Buying Again as Other Investors Retreat; Robinhood Profit Drops as Year-End Crypto Rout Dents Revenue

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Bitcoin(BTC) Drops to $68,000 with a Narrowed 1.4% Decrease in 24 Hours

Bitcoin has crossed the $68,000 benchmark and is now trading at $68,360, with a narrowed 1.4% decrease in 24 hours.

Ethereum(ETH) Drops to $2,000 with a 2.27% Decrease in 24 Hours

Ethereum has dropped to $2,000 and is now trading at $2,012, with a narrowed 2.42% decrease in 24 hours.

Bitcoin Whales Are Buying Again as Other Investors Retreat

Bitcoin has just drawn fresh support from some of its largest holders, though the return of demand remains narrow enough to raise doubts about whether it marks a recovery or mere damage control.

So-called whale wallets accumulated about 53,000 coins in the past week, their biggest buying spree since November, after weeks of heavy selling. Those kinds of purchases helped steady prices after a steep drawdown, even as most other investors stayed on the sidelines.

Data from industry research firm Glassnode show that wallets holding more than 1,000 Bitcoin added more than $4 billion worth of the token over the period, interrupting months of divestment that have left Bitcoin roughly 40% below its October peak.

Coinbase CEO Falls From List Of World’s Richest as Crypto Slides

Coinbase Global, Inc. Chief Executive Officer Brian Armstrong, whose fortune has dropped by more than half since July, is no longer among the world’s 500 richest people as crypto prices have tumbled.

Armstrong’s wealth has fallen by more than $10 billion since peaking seven months ago at $17.7 billion, according to the Bloomberg Billionaires Index. The latest drop to Armstrong’s fortune came after JPMorgan Chase & Co. cut its price target for Coinbase by 27% on Tuesday, citing “softness in crypto prices,” lower trading volumes and slow stablecoin growth.

The stock’s roller-coaster ride has mirrored Bitcoin’s volatility, with shares of the cryptocurrency trading platform down about 60% from a July 18 high, including a 2.8% drop on Tuesday. Bitcoin is also down by about half since early October, with prices whipsawing throughout this month.

Robinhood Profit Drops as Year-End Crypto Rout Dents Revenue

Robinhood reported lower fourth-quarter profit as sharp declines in Bitcoin and other cryptocurrencies weighed on results at the online brokerage.

Net income tumbled 34% to $605 million, or 66 cents a share, the Menlo Park, California-based company said Tuesday in a statement. That was 2 cents more than the average estimate of analysts surveyed by Bloomberg. Total revenue of $1.28 billion, however, fell short of Wall Street expectations.

Revenue from crypto trading dropped 38% to $221 million, following a rout in digital asset prices that began early in the fourth quarter. Bitcoin ended the year about 30% below its Oct. 6 peak — and it has declined roughly 20% more since then.

PayPal at Crossroads as Another New CEO Hired for Turnaround

PayPal, an early mover in the world of digital payments, now finds itself in a rut it can’t seem to get out of.

Its customers are increasingly using other ways to pay. A former executive criticized the company in a rare public display of frustration. And investors have sent PayPal’s shares down 30% since the start of the year.

Investors, for their part, are souring on all the parts of the business that come with the PayPal name. While revenue from businesses like Venmo continue to skyrocket, problems have continued to plague the so-called branded checkout business, which is home to the eponymous PayPal buttons found on retailers’ websites around the world.

MSTR’s Michael Saylor Says the Company Will Buy ‘Every Quarter’ of Bitcoin ‘Forever’

Strategy executive chairman and founder Michael Saylor said the company (MSTR) will continue purchasing Bitcoin indefinitely, revealing plans to buy “every quarter forever” despite the cryptocurrency trading under $70,000 amid recent market volatility.

The firm recently added approximately $90M worth of Bitcoin to its holdings, doubling down while other investors have grown nervous about price fluctuations.

High Octane 4X Leveraged Bitcoin and Ethereum ETFs Have Been Filed for by ProShares

Bitcoin and Ethereum investors could soon have access to significantly higher leverage in regulated exchange traded fund products, following a new filing from ProShares with the U.S. Securities and Exchange Commission.

According to the filing, ProShares is seeking approval to launch two new leveraged ETFs: The QuadPro Bitcoin ETF and The QuadPro Ether ETF. If approved, the funds would aim to deliver four times the daily performance of their respective benchmark indices, marking a notable escalation in leverage within the crypto ETF space.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Tuesday was $140.03 million. The total net asset value of Bitcoin spot ETFs is $89.19 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.38%.

The Bitcoin spot ETF with the highest net inflow on Feb. 10 was ARK 21Shares Bitcoin ETF, with a net inflow of $68.53 million. Followed by Fidelity Wise Origin Bitcoin Fund, with a net inflow of 56.92 million, according to SoSoValue.

SoSoValue