Bitcoin Falls Continuously Due to Depletion of Good News...The Decline in Altcoins Intensified

BTC Loses Rising Power Amid Asset Market Fears
'Dangerous Assets' Altcoin Deepens Than BTC Fall
CryptoQuant "Data Signals To Begin Downward"
Bitwise "BTC Is About to Huge Rise by Max Chaos"

Bitcoin(BTC) fell on Feb. 17 as it depleted its upward momentum after the recent turmoil in the asset market.

Bitcoin and cryptocurrency markets continued to decline due to the recent shock issues that continued to the asset market.

Last week, President Trump began a tariff war with China, causing panic in the global asset market. Then, U.S. Federal Reserve Chairman Jerome Powell left a comment that he was not considering lowering the benchmark interest rate, further widening the uncertainty in the asset market.

Since then, good news to lift the market has been depleted, and the decline in altcoins intensified on Feb. 17.

In particular, experts have predicted that the downtrend has begun based on the path of movement between exchanges. CryptoQuant, an on-chain analysis platform, pointed out in a report published on the 16th that Inter-Exchange Flow Pulse (IFP), the data on the movement of funds between the spot exchange and the derivatives exchange, and pointed out that futures traders have recently started to move funds that had been betting on long to the spot exchange by detecting the downtrend.

◇Bitcoin = Bitcoin price is $95,915 at 4:30 p.m. on Feb. 17, 2025. The Bitcoin share(dominance) was 60.87%.

The long(up) and short(down) betting ratios in the Bitcoin futures market stood at 65.82% and 34.18%, according to the on-chain analytics platform Sigbtc.

Amid the continued decline in Bitcoin, the outlook has been raised that Bitcoin is set to rise sharply.

On Feb. 17, Hunter Horsley, CEO of Bitwise, and Jeff Pak, director of research, expressed their opinions on their respective X accounts that the global economy will suffer havoc along with President Trump's policies, which will lead to major changes in Bitcoin.

"The world will see the maximum level of confusion, including a tariff war, an increase in the U.S. debt limit, an unprecedented tax cut, YCC, and a plunge in gold prices, and Bitcoin will see generational opportunities," Pak said.

YCC is a monetary policy in which the central bank intervenes in the market to fix the interest rate on government bonds at a certain level.

CEO Hunter Horsley argued that Bitcoin is about to be incorporated into mainstream assets around the world. "Bitcoin has a big opportunity to enter the mainstream this year, and people are underestimating it," he said. "Bitcoin is more optimistic than ever."

◇Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on Feb. 17 was Solar(SXP), which rose about 11%.

Solar is a rebranded coin from a coin called Swipe. Solar is a multi-asset digital wallet based on blockchain that is designed to allow users to safely store their assets. Solar Wallet was created to use SXP for all functions, including withdrawal.

Users can buy, sell, and pay legal currency through cryptocurrency held by an application in the wallet, and can purchase gift cards or exchange them for cryptocurrency supported on the platform.

◇Fear Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the 'Fear' phase with 51 points. The neutral phase is the section where psychological resistance and support of market participants appear. It is an important decision section for future price movements.

The cryptocurrency relative strength index(RSI) provided by Sigbtc was 40.1, which was in a 'neutral' state. RSI sets the relative strength between the upward and downward pressure of a particular asset price and is an indicator of a measure of over-purchasing and over-selling of a particular asset.

권승원 기자 ksw@blockstreet.co.kr