OSL Trading Time: Bitcoin stands on the bull-bear dividing line, and the market has differences on the target price of $99,000

Market Observation:
- MicroStrategy plans to expand Bitcoin holdings by issuing $2B in senior convertible bonds, sparking similar moves by companies like Goodfood and Lightspark.
- Ethereum Foundation launches an open intent framework to streamline cross-chain transfers, boosting ETH's price toward $4,000.
- Bitcoin faces mixed sentiment: some analysts target $99,000, while investor Stephen Weiss reduces holdings due to weakening momentum. Institutional investors (e.g., BlackRock) remain bullish.
Key Data (Feb 21, 09:50 HKT):
- Bitcoin: $98,374 (+5.31% YTD), daily spot volume $29.49B.
- Ethereum: $2,742.74 (-18.00% YTD), daily spot volume $14.93B.
- S&P 500 and Nasdaq show YTD gains of 4.01% and 3.37%, respectively.
ETF Flows (Feb 20 EST):
- Bitcoin ETF outflows: -$252.8M.
- Ethereum ETF outflows: -$13.1M.
Hot News Highlights:
- Australian ETF operator BetaShares and Franklin Templeton launch new crypto ETFs.
- Grayscale’s XRP ETF decision deadline set for October 18 by the SEC.
- Kraken considers stablecoin launch; Coinbase lists Kaito (KAITO).
- SEC establishes a division to combat crypto fraud and protect retail investors.
- Montana advances a Bitcoin reserve bill to House vote.
Market Sentiment: Divergence persists, with technical indicators placing Bitcoin at a bull-bear crossroads, while institutional activity signals long-term confidence.

1. Market observation

Keywords: ETF, ETH, BTC

Strategy (formerly Microstrategy) plans to expand its Bitcoin holdings by issuing $2 billion in senior convertible bonds, a move that has triggered a chain reaction, with companies such as Goodfood and Lightspark also launching similar investment actions. In terms of the development of the cryptocurrency ecosystem, the Ethereum Foundation has launched an open intent framework to simplify cross-chain asset transfers and unify the Ethereum ecosystem, especially to solve the efficiency problems brought about by the increasingly decentralized L2 ecosystem. Under this positive influence, the price of Ethereum has shown an upward trend and is expected to rise to $4,000. In contrast, the Bitcoin market faces the dual test of demand and liquidity. Although some analysts point out that the price of Bitcoin may climb to $99,000, there are obvious differences in market views. Well-known investor Stephen Weiss has reduced his holdings of Bitcoin due to weakening market momentum, and technical analysis also shows that Bitcoin is hovering on the historical indicator line that separates bulls and bears. However, institutional investors including Strategy, Goodfood and BlackRock are still actively deploying, and industry experts such as David Marcus of Lightspark, Aleš Michl, Governor of the Czech National Bank, and Eric Balchunas, an ETF analyst at Bloomberg, also continue to be optimistic about the prospects of Bitcoin, believing that it is expected to usher in a new golden period of development.

2. Key data (as of 09:50 HKT on February 21)

S&P 500: 6,117.52 (+4.01% year-to-date)
Nasdaq: 19,962.36 (+3.37% year-to-date)
10-year Treasury yield: 4.502% (-7.40 basis points year-to-date)
US dollar index: 106.53 (-1.80% year-to-date)
Bitcoin: $98,374 (+5.31% year-to-date), with a daily spot volume of $29.49 billion
Ethereum: $2,742.74 (-18.00% year-to-date), with a daily spot volume of $14.93 billion