 ▲ Bitcoin (BTC) |
Bitcoin (BTC) temporarily broke above the $70,000 level before turning downward again, leading to heightened volatility over the weekend, as a prominent skeptic’s sharp criticism coincided with an event by a popular NFT project, creating mixed sentiment in the market.
According to crypto media outlet Benzinga on February 15 (local time), Bitcoin surged to as high as $70,434 on Saturday but failed to hold its gains and fell back to around $68,000. Weekly price momentum appeared stagnant as approximately $360 million flowed out of spot Bitcoin ETFs over the past week.
Ethereum (ETH) also posted stronger gains than Bitcoin, climbing to around $2,100 during intraday trading before retreating to $2,080. The spot Ethereum ETF market likewise saw total outflows of $161 million over the past week, signaling weakened investor sentiment. Market participants are noting that inflows earlier in the week were offset by profit-taking in the latter half.
Crypto skeptic Peter Schiff intensified his criticism of Bitcoin over the weekend. Schiff argued that Bitcoin’s high volatility clearly demonstrates its riskiness compared to gold, calling it “an asset that threatens its own buyers.” He maintained that simply holding Bitcoin exposes investors to potential losses.
Meanwhile, in the NFT market, Pudgy Penguins held a Valentine’s Day pop-up event, showcasing its brand influence. The event drew strong support from its loyal community despite the broader downturn in the NFT market and was seen as a model for mainstream marketing initiatives. Through the event, Pudgy Penguins once again demonstrated the potential for virtual asset intellectual property to expand into physical markets.
The digital asset market is seeking direction amid significant ETF outflows and conflicting assessments from prominent figures. As Bitcoin continues to struggle to firmly hold the psychological resistance level of $70,000, investors are closely watching upcoming macroeconomic indicators and changes in market supply and demand.
*Disclaimer: This article is for investment reference only, and no responsibility is taken for any investment losses based on it. The content should be interpreted for informational purposes only.*