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No Movement for Bitcoin After Latest Eric Trump Plug

“Feels like a great time to enter BTC!” exclaimed Eric Trump on X on Jan. 6. The post followed a similar one on Feb. 3 when he said it was a “great time to add ETH,” resulting in a double-digit recovery for the asset. However, there was little reaction on spot markets for BTC, which remains sluggish at $98,000. Bitcoin fell to an intraday low of $96,200, culminating in a 7% decline over the past week. It was trading at around $98,200 during the Thursday morning Asian session, having weakened over the past 12 hours. The asset showed promise with a strong recovery following the suspension of Trump’s trade tariffs when it topped $102,000, but those gains have been eroded over the past couple of days. Feels like a great time to enter #BTC ! @worldlibertyfi — Eric Trump (@EricTrump) February 6, 2025 Bitcoin Recovery Falters There has been massive fundamental momentum surrounding crypto over the past few weeks, yet BTC is still down 10% from its all-time high and is still susceptible to volatile market crashes, as seen on Feb. 2 when it dumped 8% . Bitcoin has been around for 12 years, and nobody has ever hacked it, which makes it an “excellent store of value,” said White House crypto czar David Sacks on CNBC. In actuality, it has been around for longer than 12 years. Crypto czar, David Sacks says Bitcoin is a great store of value! pic.twitter.com/FTJeg3sU7W — borovik (@3orovik) February 5, 2025 Sacks also said that there was a strong incentive to bring crypto innovation back to the United States. “Financial assets are destined to become digital just like every analog industry became digital, and we want that value creation to happen in the United States rather than giving it away to other countries.” Additionally, Stock to Flow model creator ‘Plan B’ said that things were still on track, and Bitcoin was entering the second stage of the bull market, “the steep FOMO stage.” -> Almost 1 year since the halving, bitcoin red dots are turning orange (and then yellow): entering the 2nd stage of the bull market, the steep FOMO stage. pic.twitter.com/9g9UMzMYma — PlanB (@100trillionUSD) February 5, 2025 Moreover, altseason still seems to be a distant hope for many. “The strongest altseasons have occurred every time Bitcoin dominance rejected from 71%,” observed analyst ‘Rekt Capital’ on Wednesday. BTC dominance is currently 61.3%, according to Tradingview, so it still has a way to go. Crypto Markets Sink Despite Bullish Week Despite the bullish news, such as the SEC downsizing its crypto enforcement division, Trump approving a sovereign wealth fund , and the establishment of a pro-crypto task force in America, markets have still retreated. Total market capitalization was down 1.4% on the day at $3.34 trillion at the time of writing. Ethereum had made minor progress in reclaiming $2,800, but most of the altcoins were in red again. There were larger losses for XRP, SUI, and Hedera (HBAR), while Litecoin (LTC) notched a minor gain. The post No Movement for Bitcoin After Latest Eric Trump Plug appeared first on CryptoPotato . NewsBTC

Ethereum’s Network Activity and Institutional Demand Surge Amid Market Growth

Remarkable network activity and institutional investment have transformed Ethereum into a truly vibrant and renewable force. The surge is so pronounced that nearly all the incoming elements—from new projects to institutional investments—are creating an estimated 80–90% deflationary pressure on Ethereum. Under normal circumstances, this would be an excellent time to buy Ethereum, as the price is bound to go up with inflating demand and deflationary supply. Explosive Growth in Ethereum Transactions and Active Addresses The exponential growth of Ethereum’s scaling solutions—Arbitrum, Optimism, and Base—has been nothing short of stunning. Over the past few months, these networks’ transaction volumes have surged by more than 300%. Increased user adoption and increased protocol activity across these networks are the primary drivers of that growth. This is all super bullish for Layer 2 Ethereum solutions, and consequently—or, more accurately, synchronously—it’s bullish for the Ethereum network itself. The truth? Yes. Data from @intotheblock shows that the number of transactions on ETH; Arbitrum, Optimism and Base have been on a ridiculous uptrend, over 300% Also, active addresses on @coinbase since July 2024, has gone from 500k to a high of over 2M There is potential pic.twitter.com/QIVow06mvN — Mijosh.₿ (@Mijosh_) February 4, 2025 A notable trend is the increase in active addresses on Coinbase. Since July 2024, the number of active addresses on the exchange has surged from 500,000 to more than 2 million. This isn’t just growth for Coin base; it suggests that the Ethereum ecosystem is seeing robust user engagement. Reasons for this growth could include: improved network efficiency, the broader adoption of decentralized applications (dApps), and, last but not least, institutional investment in the Ethereum space. The most important support level for #Ethereum is between $2,238 and $2,614, where 12.18 million wallets acquired 63.07 million $ETH . pic.twitter.com/HggTaqfE4y — Ali (@ali_charts) February 5, 2025 Key Support Levels and Institutional Investment in Ethereum From an on-chain perspective, Ethereum’s most critical support level is between $2,238 and $2,614. At this price range, a total of 12.18 million wallets hold 63.07 million ETH, amounting to a strong concentration of on-chain holdings. Roughly 5.33 percent of all Ethereum that exists is concentrated in this top price support level. A dip into this range would likely be met with a wave of buying, as these holders likely see themselves as “in the money.” Thus, this price concentration provides a solid buffer against further declines for Ethereum’s price, should it reach this region, making it a sort of price floor for the asset. Ethereum’s institutional demand has been building consistent momentum. On February 4, Ethereum spot ETFs recorded a net inflow of $308 million, marking the fourth consecutive day of seeing positive inflows. The sustained interest in Ethereum ETFs seems to indicate that large financial players are increasingly valuing ETH as a valuable asset. This is not much different from the institutional adoption narrative that Bitcoin has seen play out over the last couple of years through similar vehicles. On February 4, Bitcoin spot ETF had a total net inflow of $341 million yesterday, and BlackRock ETF IBIT had an inflow of $249 million. Ethereum spot ETF had a total net inflow of $308 million, continuing its net inflow for 4 consecutive days. https://t.co/59u0BnDSW8 — Wu Blockchain (@WuBlockchain) February 5, 2025 Conclusion The network of Ethereum is expanding like never before. The number of transactions occurring on Ethereum, as well as on its Layer 2 networks, has never been higher. Meanwhile, Ethereum has been enjoying a resplendent price range of between $2,238 and $2,614. It appears that investors have long seen the Layer 1 protocol and Layer 2 solutions as being worth their salt for a long time to come. As demand from institutions continues to surge and Ethereum ETFs bring in new investment, the future of Ethereum looks promising. The network has not only continued to scale but also seems to be much closer to achieving status as a “world computer” that can handle anything thrown at it, with adoption expanding at a steady pace. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: dusanzidar/ 123RF NewsBTC

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