Total market value is up more than 4% today, although risk appetite remains fragile.
Crypto markets saw some relief on Friday (Feb. 13) as investors digested a weaker-than-expected U.S. inflation report.
The total crypto market cap jumped nearly 5% in the past 24 hours to $2.44 trillion, while most large-cap crypto assets saw moderate gains on the day.
Bitcoin (BTC) rallied back above 69,000, up 4.5% today and pushing its weekly price change into the green, up 1.7%.
Ethereum (ETH) rose over 7.5% to get back above $2,000, bringing weekly gains to 4.4%.
The Heloc figure (FIGR_HELOC) is the only top 10 asset in the red this morning, although it is down less than 1%. BNB has seen moderate gains, up just 1.7% today.
Disciplined leverage
Sentiment remains unstable despite rising prices. Glassnode analysts noted in an X article on Thursday, February 12 that Bitcoin’s net unrealized profit/loss had returned to the hope/fear regime at around 0.18, indicating low profit margins.
“This regime tends to be reactive,” Glassnode said, adding that rallies are often met with selling pressure while downward moves can expand as conviction fades.
Paul Howard, senior director at Wincent, a high-frequency crypto market maker, told The Defiant that markets are showing “a degree of fragility” as traders remain worried about aftershocks after the Oct. 10 crash that wiped out nearly $20 billion in leveraged positions. Howard explained:
“Rumours surrounding the 10/10 fallout – which reportedly affected at least one US-based company – has contributed to a more cautious tone in some segments. This reinforces the importance of prudent risk management and disciplined use of leverage, particularly in an environment where liquidity can tighten quickly.”
The Crypto Fear & Greed Index remains deep in “extreme fear” territory, although it has improved slightly from yesterday’s low.
Major movers and liquidations
Looking at the top 100 assets by market cap, Pi Network (PI) led the gainers today, up 10%, followed by Midnight (NIGHT), up 9%.
In contrast, World Liberty Financial (WLFI) was the biggest loser among large caps today, even though it was down just 2.3%.
As for liquidations, according to CoinGlass data, approximately 90,640 traders were liquidated in the last 24 hours, with total losses approaching $260 million. Bitcoin accounted for $118.2 million and Ethereum for $56 million.
ETFs and macro conditions
On Thursday, February 12, spot Bitcoin ETFs saw even larger outflows than the day before, posting net outflows of $410.4 million, according to SoSoValue data. At the same time, Spot Ethereum ETFs also saw net outflows, losing $113.1 million.
In terms of macroeconomic dynamics, the U.S. Bureau of Labor Statistics today released its latest Consumer Price Index (CPI) report, showing that prices rose 2.4% year-over-year in January, just below the 2.5% forecast by economists surveyed by Dow Jones. Core inflation, which excludes food and energy, met expectations at 2.5%.
