Bitcoin consolidates as XRP and ADA surge

Key market insights

• Bitcoin struggles to break US$98k, stuck in a tight range: Bitcoin appears unable to push higher than US$98,500 this week.
• More institutional investors keep betting big: Despite price stagnation, big players remain confident in BTC. Among the latest is Abu Dhabi’s sovereign wealth fund investing US$436M in BlackRock’s Bitcoin ETF.
• LTC, XRP and ADA surge above major altcoins: Litecoin (LTC) gain over 17%, XRP jumped more than 14% and Cardano gained more than 18%, leading the altcoin market.

Bitcoin consolidates belowkey US$98k resistance level

This week, Bitcoin's price stayed in the US$96,000 and US$98,000 trading zone, unable to break through key resistance levels. This consolidation reflects a pause in the cryptocurrency's upward momentum, prompting varied reactions from market analysts.

According to Cointelegraph, buyers need to push it above US$98,500 to spark a move toward US$102,200, but if it drops below US$94,000, it could stay in this tight range longer or even dip lower.

Despite current price consolidation, the long-term outlook for BTC remains bullish given the involvement of big institutional players like Goldman Sachs and Abu Dhabi's sovereign wealth fund.

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The weekly trading stats as of Monday, February 17th at 11:00 am AEDT, based on data from Tradingview in USD.

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XRP rallies as US SEC acknowledges ETF filings

XRP surged more than 17% after the US Securities and Exchange Commission (SEC) acknowledged applications for an XRP spot ETF, fuelling speculation that an approval could be on the horizon. Traders now await further SEC decisions that could shape the future of XRP’s market accessibility.

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Grayscale’s Cardano ETF filing sparks price surge

Cardano (ADA) jumped more than 18% this week following Grayscale’s filing for the first-ever Cardano ETF, a major step toward institutional adoption. The ETF aims to track ADA’s price performance and provide regulated exposure for investors. If approved, it could drive even more institutional interest and long-term price appreciation for Cardano. The news has sparked optimism, with analysts watching for further regulatory updates and potential approval timelines.

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Litecoin surges as ETF hopes soar

Litecoin (LTC) has jumped over 18% in the past week, peaking at US$136 before pulling back to just under US$130. This rally is fuelled by growing optimism around a potential Litecoin spot ETF approval by the US SEC, with odds skyrocketing this year. If approved, it could follow the success of Bitcoin ETFs and attract millions in inflows.

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Goldman Sachs quietly poured billions into BTC and ETH

Goldman Sachs has reportedly invested billions into both BTC and ETH, signalling strong confidence in major crypto assets despite recent price volatility. The firm's quiet accumulation aligns with growing Wall Street interest in cryptocurrencies, especially after the success of Bitcoin ETFs. This move underlines the long-term vision of major financial institutions in Bitcoin and Ethereum, despite short-term price swings.

Abu Dhabi’s wealth fund invests US$436M in BlackRock’s Bitcoin ETF

Abu Dhabi's sovereign wealth fund, Mubadala Investment Company, acquired BlackRock iShares Bitcoin Trust ETF shares valued at around US$436.9 million. This massive investment is seen as a strategic move into the crypto sector, which is part of the broader trend of institutional players increasing their exposure to digital assets through established financial products.

Looking ahead

Analysts point to growing institutional backing as a key driver for Bitcoin’s potential growth, highlighted by moves such as the Abu Dhabi Sovereign Wealth Fund’s investment in BlackRock’s Bitcoin ETF. However, BTC's immediate trajectory will still likely depend on macroeconomic factors, particularly the US Fed’s stance on interest rates and inflation reports (CPI data) that could sway investor sentiment.

Stay tuned for next week’s update as we track institutional flows and macroeconomic developments shaping the crypto sector.

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