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Bitcoin fell to a low of $94,081 after US inflation data for January came in above expectations, with the Consumer Price Index rising 3.0% year-over-year versus economists’ forecast of 2.9%.

Core inflation, which excludes food and energy prices, increased 3.3%, surpassing the projected 3.1%. The higher-than-anticipated figures sparked selling across crypto markets, with altcoins also declining.

The inflation report follows Federal Reserve Chair Jerome Powell’s testimony to the Senate Banking Committee, where he emphasized a measured approach to monetary policy.

“With our current policy stance being significantly less restrictive than before and the economy staying robust, we do not need to rush our policy adjustments,” Powell said.

Powell maintained there was “no rush” to cut interest rates while reaffirming the Fed’s 2% inflation target.

During the hearing, Senator Elizabeth Warren called for rate cuts at the March meeting, citing concerns about potential economic harm from continued monetary tightening.

The headline CPI reading increased from December’s 2.9%, suggesting the Federal Reserve might maintain its restrictive policy stance longer than previously expected.

Bitcoin, often seen as a hedge against inflation, has struggled to maintain that narrative in recent months.

The crypto market remains highly sensitive to US economic data and Federal Reserve policies.

With inflation still running hot, the Fear & Greed Index returned to the “fear” zone today after the recovery seen in recent days.

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Goldman Sachs has significantly increased its Bitcoin ETF holdings, expanding its position in the iShares Bitcoin Trust (IBIT) by 88% and the Franklin Bitcoin Trust (FBTC) by 105% compared to its previous filing, according to recent SEC filings.

In November, Goldman disclosed holdings of over $460 million in BlackRock’s IBIT Bitcoin ETFs, marking a notable shift from its earlier crypto skepticism.

The 13F filing reveals that Goldman Sachs has adopted a diversified approach to digital asset exposure, including options positions in these ETFs.

The strategy encompasses both direct ETF ownership and derivatives trading through call and put options.

The portfolio adjustments come amid broader market movements toward crypto assets, with Goldman’s increased allocation reflecting heightened institutional interest in Bitcoin-linked investment products.

Last July, the firm announced plans to launch three tokenized funds targeting the US and European markets, aiming to integrate blockchain technology into its operations.

Additionally, in November, Goldman initiated a blockchain venture focused on optimizing trading and settlement processes for financial instruments while supporting the tokenization of funds.

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Fed Chair Jerome Powell reiterated today that the US economy remains strong and the central bank won’t rush to cut interest rates, citing the need to ensure inflation continues to move toward its 2% target.

“With our policy stance now significantly less restrictive than it had been and the economy remaining strong, we do not need to be in a hurry to adjust our policy stance,” Powell said in testimony prepared for the Senate Banking Committee.

The US economy expanded at a 2.5% rate in 2024, supported by resilient consumer spending, while the labor market remains solid with payroll gains averaging 189,000 per month over the past four months, Powell noted. The unemployment rate stood at 4% in January.

Inflation has “eased significantly” over the past two years but remains above the Fed’s target, with core personal consumption expenditure prices rising 2.8% in the 12 months through December, excluding food and energy costs. Total PCE prices increased by 2.6% during the same period.

“We know that reducing policy restraint too fast or too much could hinder progress on inflation,” Powell said. “At the same time, reducing policy restraint too slowly or too little could unduly weaken economic activity and employment.”

The Fed has held interest rates steady since July at 5.25% to 5.5% after raising them aggressively to combat inflation. Powell said the central bank would adjust its policy stance based on incoming data, the evolving outlook, and balance of risks.

This is a developing story.

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Bloomberg analysts expect Litecoin to lead the next wave of spot crypto ETF approvals, with CoinShares and other major asset managers actively pursuing regulatory clearance for various digital asset funds.

NEW: @EricBalchunas and I took a look at the filings for spot crypto ETFs. We’re putting out relatively high odds of approval across the board. Mainly focused on Litecoin, Solana, XRP, and Dogecoin for now.

Here’s the table with the odds and some other details: pic.twitter.com/xaXaNXLb0M

— James Seyffart (@JSeyff) February 10, 2025

Nasdaq has submitted 19b-4 forms to the SEC for two CoinShares products: a Litecoin ETF and an XRP ETF. The European investment firm’s move comes as it seeks to expand its US market presence.

Bloomberg ETF analysts James Seyffart and Eric Balchunas have evaluated filings for spot crypto ETFs covering Litecoin, Solana, XRP, and Dogecoin.

Litecoin’s regulatory outlook appears particularly favorable, as the CFTC has classified it as a commodity in its KuCoin lawsuit, distinguishing it from assets potentially subject to securities regulations.

The SEC and Commissioner Hester Peirce’s Crypto task force are expected to clarify the security versus commodity status of these digital assets by the end of 2025.

Market sentiment has shifted notably, with Polymarket data showing Litecoin ETF approval odds rising from 42% in January 2025 to above 80% currently.

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BlackRock is poised to expand its crypto product line with the launch of a Bitcoin ETP in Europe, capitalizing on the runaway success of its US-listed spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), according to a Wednesday report from Bloomberg, citing sources with knowledge of the matter who requested anonymity due to the confidential nature of the plans.

Projected to be based in Switzerland, the planned fund would be BlackRock’s first crypto ETP in the European market. The world’s leading asset manager, which previously focused on North America, launched the IBIT fund and subsequently introduced its iShares Bitcoin ETF on Cboe Canada. The new ETP may debut as soon as this month, sources said.

BlackRock’s IBIT has become one of the largest Bitcoin ETFs since its launch last January, accumulating approximately $58 billion worth of Bitcoin as of February 4. The fund ranks as the 31st largest ETF globally across all categories, including traditional finance products, according to VettaFi.

IBIT has led the spot Bitcoin ETF market with a five-day winning streak, attracting nearly $934 million in net inflows since January 30. Yesterday’s inflows alone totaled approximately $249 million, driving most of the spot Bitcoin ETF market’s gains, according to data from Farside Investors.

The European crypto ETP market currently features more than 160 products tracking various digital assets, though its size remains smaller than the US market. The expansion comes as Bitcoin has reached new highs this year, amid increased regulatory clarity following the EU’s implementation of new crypto rules.

High stakes, uncertain outcome

Bloomberg ETF analyst James Seyffart initially speculated that BlackRock might consider replicating its Canadian Bitcoin ETF structure in Europe using a “wrapper” approach, where the ETF holds shares of its US-listed IBIT. However, he swiftly confirmed that this strategy is unlikely to be allowed under EU regulations.

Sources told him that EU regulators are poised to reject such a workaround, likely requiring BlackRock to launch a standalone European Bitcoin ETF. This necessitates a different approach and puts the spotlight squarely on fees.

“I have been informed that this is unlikely to be allowed in EU. So will be interesting to see what they charge assuming they launch a standalone product. In the US the total cost is 25 bps. Canada is 32 bps,” he wrote on X. “There’s already products at 25 bps and lower in Europe including Valour who has a zero expense ratio product.”

Beyond regulatory hurdles and pricing pressures, BlackRock faces a more fundamental challenge: market size and investor appetite, Eric Balchunas, Seyffart’s fellow Bloomberg ETF analyst, shared in a comment.

The US spot Bitcoin ETF market, despite being just a year old, has exploded in popularity, capturing a staggering 91% of global market share. Europe, by contrast, lags considerably. While European investors are sophisticated, they have historically shown less enthusiasm for the high-octane investment products that have resonated with US investors.

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Ethereum reached a record $38 billion in daily spot trading volume, while Bitcoin logged its third-highest volume at $49 billion, according to David Lawant, Head of Research at FalconX.

Unsurprising but for the record:

ETH hits an all-time high spot volume of $38b yesterday, while BTC notches its third-highest at $49b pic.twitter.com/KiL8H9VPE6

— David Lawant (@dlawant) February 4, 2025

The surge in trading activity coincided with a volatile price movement for Ethereum, which dropped to an intraday low of $2,152 before recovering to $2,919.

Eric Trump, son of the current US president, expressed optimism about Ethereum on social media, stating, “In my opinion, it’s a great time to add $ETH. You can thank me later.”

In this context, the volume spike for both leading crypto assets aligns with broader market dynamics.

While Ethereum set a new all-time high in spot trading volume, Bitcoin’s activity remained below its historical peak.

The chart, tracking trusted spot exchange volumes from 2017 to February 2025, highlights these movements.

Ethereum’s recent surge stands out as it surpasses its previous records, reflecting heightened interest from investors and traders.

Bitcoin’s volume, although substantial, stayed within familiar ranges, suggesting steady demand rather than a major breakout event.

This divergence emphasizes Ethereum’s growing role in the market as a focus of speculative activity during periods of increased volatility.

In November, Ethereum’s onchain volume soared to $7.1 billion amid a market uptick, the highest in 2024, fueled by significant ETF inflows and a US electoral outcome.

Yesterdays Eric Trump’s positive bull-post on Ethereum coincided with World Liberty Finance transferring significant ETH amounts to Coinbase.

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Dubai, UAE, February 4th, 2025, Chainwire

Singularity Finance is reinforcing its position as the go-to blockchain for AI and real-world asset tokenisation through a new partnership with Functionland, a Web3 infrastructure provider operating under the Crestal brand. This collaboration marks the onboarding of Crestal into the SFI ecosystem, in alignment with SFI’s broader vision of integrating advanced AI technology with real-world assets (RWA) and decentralised finance (DeFi).

Integrating Web3 Infrastructure into the SFI Ecosystem

The SFI ecosystem is a collaborative framework designed to support projects building on SFI or offering services that enhance blockchain adoption. Functionland, operating under the Crestal brand, provides a Web3 infrastructure platform that simplifies the process of discovering, designing, and deploying blockchain solutions. As part of the partnership, Crestal will integrate with the SFI ecosystem, allowing developers to leverage its tools to build optimised blockchain architectures from scratch to mainnet deployment.

Strengthening Blockchain Development on SFI

The onboarding of Crestal into the SFI ecosystem aligns with the broader goal of fostering innovation and strategic expansion through direct integration and solution support. The modular “Lego platform” developed by Crestal enables developers to design blockchain applications with increased efficiency and flexibility. By working within the SFI framework, Crestal will contribute to the growth and accessibility of Web3 solutions within the ecosystem.

“Bringing Crestal into the SFI ecosystem is an important step in enhancing the infrastructure available to developers,” said Amaury Dalleur, Head of Incubation at Singularity Finance. “Their expertise in simplifying blockchain deployment aligns with SFI’s mission to provide seamless solutions for decentralised AI and RWA tokenisation. We are excited to collaborate on technology and to see the FULA token launch on the SFI mainnet as part of this partnership.”

Exploring Strategic Growth Opportunities

As an official ecosystem partner, Crestal and SFI will work together to explore mutual opportunities for strategic expansion. This includes potential integrations and collaborative efforts aimed at fostering innovation across Web3 development, AI, and decentralised finance. By leveraging SFI’s compliant RWA tokenisation framework and Crestal’s blockchain infrastructure, the partnership aims to create an environment that supports emerging blockchain applications.

“Singularity Finance provides the ideal ecosystem for Crestal’s blockchain infrastructure to thrive,” said Ehsan Shariati, Founder at Functionland. “We look forward to working together to simplify blockchain development and support the broader adoption of decentralised solutions.”

A Shared Vision for the Future of Web3

The partnership between SFI and Crestal reinforces a shared commitment to driving blockchain adoption through scalable and accessible technology. Both parties will continue exploring ways to support the Web3 community, providing the necessary tools and infrastructure to facilitate long-term growth within the ecosystem.

About Functionland

Functionland, operating under the Crestal brand, is a Web3 infrastructure provider that simplifies blockchain development. It provides a modular platform that enables developers to create, test, and deploy blockchain applications efficiently.

For more information, visit:

Website | X | Telegram | Instagram | Discord | LinkedIn 

About Singularity Finance

Singularity Finance is the first AI-centric EVM-compatible Layer 2 blockchain bringing the AI economy on-chain. It offers a fully compliant RWA tokenisation framework to tokenise and monetise the AI value chain in its entirety. Stemming from the SingularityNET ecosystem and closely tied to the Artificial Superintelligence Alliance, Singularity Finance is poised to become the financial chain for everything AI. 

Learn more at:  https://www.singularityfinance.ai/ 

Contact

Avishay Litani
[email protected]