1. Utah Bill to Invest in Bitcoin Passes House
According to Bitcoin Magazine, the Utah state legislation to invest in Bitcoin has been passed by the House of Representatives and is now under consideration by the Senate.
2. BlackRock Increases Stake in Strategy to 5%
According to a CoinDesk report, based on the latest submitted 13G filing, BlackRock’s stake in Strategy (formerly MicroStrategy) has reached 5%, holding approximately 11.2 million shares. This data has increased by 0.91% from 4.09% as of September 30, 2024. The 13G filing is applicable to investors holding over 5% of a publicly traded company’s shares but without intent to influence or control the company. Institutional investors must submit this filing within 45 days after the end of the fiscal year and must report within 10 days if the stake exceeds 10%. As BlackRock’s filing date is December 31, 2024, the company must complete the disclosure by February 14, 2025.
According to related news, Strategy’s Series A Preferred Stock (STRK) debuted on the Nasdaq on Thursday. According to TradingView data, STRK closed up 2% on its first day with a trading volume of over 650,000 shares. The stock has continued its upward trend, with pre-market trading currently up by 5%.
3. Missouri State Representative Introduces Bitcoin Strategic Reserve Bill
According to Cointelegraph, Missouri State Representative Ben Keathley has introduced House Bill 1217, proposing the creation of a Bitcoin Strategic Reserve Fund to diversify the state’s investment portfolio.
On February 6th, Keathley filed House Bill 1217, suggesting that the state of Missouri incorporate Bitcoin into its investment holdings as a hedge against fiat currency inflation. If passed into law, the bill would allow the Missouri State Treasurer to “receive, hold, and invest Bitcoin under certain circumstances.”
4. Lido: Upcoming V3 Release
Lido announced on social media that it will soon launch Version 3.
5. Trump to Launch Bitcoin Plus ETF, Potentially Becoming the First U.S. President to Issue an ETF
Bloomberg’s Senior ETF Analyst Eric Balchunas posted on social media, stating, “Trump will launch the Bitcoin Plus ETF. He could arguably become the first U.S. president to issue an ETF.”
6. This Week Sees Largest USDT Inflow to Trading Platforms Since June 2022
IntoTheBlock published a post stating that this week saw a net inflow of 2.72 billion USDT to trading platforms, marking the largest such inflow since June 2022.
The significant increase in USDT inflows appears to coincide with the recent market downturn and the resulting widespread liquidations, potentially prompting traders to transfer stablecoins to trading platforms to increase collateral and protect their leverage positions.
7. TON Foundation President Plans to Expand TON Network to the United States
According to Cointelegraph, TON Foundation Chairman Manuel Stotz plans to expand The Open Network (TON) to the United States to cater to Trump’s anticipated pro-crypto policy and to drive adoption by retail users.
8. Whale Address Sells 8,500 ETH in One Hour
According to LookIntoChain monitoring, in the past hour, a whale address sold 8,500 ETH at an average price of $2,736, exchanged for 23.25 million DAI.
9. Vitalik: The Toxicity of the Crypto Community Has Made Me Feel Uncomfortable
Vitalik posted on social media, stating that he felt frustrated and uncomfortable when he saw the crypto community and venture capitalists considering “PvP-style games that make the majority of users lose money” as the most suitable product form for the crypto market, and pursuing better products would be criticized as “looking down from a high position and elitism”; as well as when he saw some people who did not understand the internal structure of the Ethereum Foundation casually suggesting a personnel change for him, and even hoping that everything could be resolved within 2 weeks. These situations sometimes made him feel like giving up. However, every time this happened, he could always see signals from the world reminding him that he was fighting for something valuable and worth fighting for.
10. Bitcoin Network Activity Hits One-Year Low, Long-Term Holder Addresses Still Growing
According to CoinDesk’s report, CryptoQuant’s latest analysis shows that the Bitcoin Network Activity Index has dropped to 3760, a 15% decrease from its historical high in November 2024. This marks a new one-year low. The index comprehensively measures various metrics such as the number of active addresses, transaction count, block size, and fees. The daily transaction volume has dropped from a peak of 734,000 transactions to 346,000 transactions, a 53% decrease. The number of unconfirmed transactions in the Bitcoin mempool plummeted from 287,000 transactions in December 2024 to 3,000 transactions, nearly a 99% decrease, reaching the lowest level since March 2022.
The analysis points out that the decline in Bitcoin network activity is mainly due to a sharp decrease in the usage of the Runes Protocol, with its daily average usage dropping from 802,000 times in April 2024 to the current 10,000 times. However, CryptoQuant analysts believe that the decline in network activity may not directly impact the price trend of Bitcoin. Data shows a significant increase in the number of long-term HODL addresses, which has historically been a precursor to Bitcoin price increases, reflecting the market’s recognition of Bitcoin as an investment asset and value store.
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