Bitcoin To $500,000: Standard Chartered Doubles Down On 2028 Target

NewsBTC

Standard Chartered’s global head of digital assets research, Geoffrey Kendrick, has reaffirmed his standout price forecast for Bitcoin. Kendrick, who envisions BTC hitting $500,000 by 2028, bases his conviction on evidence of increasing institutional involvement — specifically pointing to sovereign wealth funds, state pension funds, and other large-scale investors.

Sovereign Wealth Funds Enter The Bitcoin Fray

According to a new report from Standard Chartered cited by The Block, Kendrick sees growing signs that government-backed investment vehicles are ramping up their interest in Bitcoin. This view is reinforced by Abu Dhabi’s recent disclosure of a 4,700 BTC-equivalent position in BlackRock’s iShares Bitcoin Trust (IBIT) via its sovereign wealth fund.

“While this is small for now, we would expect the size to increase over time and, indeed, for other sovereigns to also start buying,” Kendrick wrote in the Tuesday report. He explained that Abu Dhabi’s move marks a strategic shift and could presage broader participation from other wealth funds looking to diversify their portfolios with BTC.

Kendrick’s confidence is partly rooted in Form 13F filings — quarterly reports that institutional managers overseeing at least $100 million in assets are required to file with the US Securities and Exchange Commission. Reviewing data from the fourth quarter of 2024, Kendrick noted a compelling trend.

“The 13F filings for Q4 show that process is underway…It is happening,” he said in an email to The Block. In Standard Chartered’s analysis, Q4 data revealed that while hedge funds maintained their lead in Bitcoin purchases, banks — which began buying in Q3 of last year — also ramped up their positions.

Kendrick drew parallels between an earlier stage in Bitcoin’s market evolution, dominated by retail investors, and the more recent era, which saw hedge funds jump aboard through exchange-traded funds (ETFs). Now, the spotlight appears to be broadening further to include state investment managers and central banks.

“This gives us comfort to say that even if buying by Strategy… [formerly MicroStrategy] slows down dramatically (it has bought a staggering 227k BTC since the US election, more than 1% of the ever-to-exist supply), we think other buyers are waiting to step in,” Kendrick noted.

The mention of MicroStrategy underscores just how significant one private company’s bitcoin holdings can be. Yet Standard Chartered’s analysis suggests that other large, patient pools of capital might absorb future supply, thus supporting higher prices over the long term.

Among the institutions, Kendrick highlights the State of Wisconsin Investment Board and the State of Michigan Department of the Treasury. However, he also points to central banks as potential new participants.

In the report, Kendrick references the Czech National Bank, which has considered allocating up to 5% of its €140 billion in reserves into bitcoin, and notes that the Swiss National Bank is in the early stages of contemplating a similar move. These developments could further bolster bitcoin’s legitimacy as a store of value on par with more traditional asset classes.

“As institutional access to bitcoin improves and volatility declines, we expect more portfolios to migrate towards their optimal level from an underweight Bitcoin starting point,” Kendrick concluded.

At press time, BTC traded at $95,581.

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Robinhood and Coinbase’s Q4 shows retail’s significant interest in alternative cryptos

The Block

Robinhood's crypto revenue surprised many with a super impressive fourth quarter in 2024, reaching $360 million, nearly a 490% increase from the third quarter's $61 million. This marks the platform's highest crypto revenue quarter, substantially exceeding its previous peak of $126 million in the first quarter of 2024.

Crypto revenue now represents nearly 40% of Robinhood's total quarterly revenue, compared to about 20% in Q3 2024.

The revenue growth coincides with expanded cryptocurrency offerings on the platform. Robinhood's crypto portfolio has grown to include popular memecoins like BONK, WIF and TRUMP, alongside traditional cryptocurrencies. The platform generates revenue primarily through trading spreads rather than commission fees, similar to other retail-focused exchanges.

While Robinhood did not include specific breakdowns of what tokens were traded, Coinbase reported earnings shortly after and did include some insights. Coinbase's fourth-quarter report indicates Bitcoin comprised 27% of trading volume, followed by Ethereum at 10%, USDT at 15%, with other crypto assets accounting for 48%.

This distribution suggests retail traders are showing significant interest in alternative cryptocurrencies beyond major assets. While Robinhood delivered an impressive quarter for crypto volumes, Coinbase retains the top position with $440 billion in volume traded compared to Robinhoods $71 billion. However, the competition between the two platforms appears to be much closer than many had anticipated. These stats help understand retail mindshare and where their attention is focused.

Platforms like Robinhood have been a staple in measuring retail participation within crypto markets. While memecoin listings appear to drive short-term user engagement and speculation, their typically volatile nature typically impacts long-term trading volumes. The next quarter's performance will be crucial in determining whether this uptick represents a temporary surge driven by a speculative interest or a longer-term shift in retail investor preferences.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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Solana (SOL): Worst Drop in 3 Years, US Dollar to Decimate Bitcoin (BTC)? Shiba Inu (SHIB) Surprise Recovery Possible

U.Today

Solana has just seen its biggest price drop in three years, falling 45% from its most recent high. Due to intense selling pressure, the asset — which was among the best performers during the previous bull cycle — is currently causing investors to worry about its short-term future. A strong bearish trend is indicated by SOL's decline below the pivotal 200-day moving average, which is clearly broken by key support levels on the most recent price chart.

This action implies that buying interest has been greatly outweighed by selling pressure, which has probably been made worse by general market worries and the recent drop in investor risk appetite. The price is now testing levels around $170 after falling below $190, a crucial support zone in the past. According to the Relative Strength Index (RSI), the asset has moved into oversold territory, which may portend a relief bounce. Chart by TradingView">

With the 200-day moving average breached and important psychological levels like $200 not held, there is now more selling pressure. The $160-$170 support range is an important area to keep an eye on. It is possible to anticipate additional drops to $150 or less if Solana is unable to maintain this zone. Alternatively, bullish momentum would need to reclaim the 200-day moving average and recover above $190.

Bitcoin under pressure

A pivotal moment is ahead for Bitcoin as the U.S. Dollar Index is showing indications of strength, which could jeopardize the upside potential of Bitcoin. Historically, there has been an inverse relationship between Bitcoin and the dollar index when the dollar appreciates Bitcoin and other risky assets typically decline. Since DXY is still trading above 106, it is unclear where Bitcoin will go in the future.

Bitcoin is currently struggling to break out of its consolidation range, trading at about $95,700. With resistance close to $100,000 and support forming at $93,500, the asset has been moving sideways. If Bitcoin is unable to maintain this level of support, a drop toward $90,000 may be imminent.

In relation to a basket of foreign currencies, the dollar has recently recovered from its moving averages. This points to a potential shift in liquidity away from Bitcoin and other digital assets due to the dollar's renewed strength. Bitcoin may find it difficult to maintain any bullish recovery if the DXY keeps up its upward trajectory. Bitcoin may move toward the 200-day moving average, which is close to $85,000, if it breaks below $93,500, which could lead to a more severe correction.

Bullish case: A break above $100,000 could rekindle bullish sentiment if Bitcoin is able to maintain its current range and the dollar declines. However, traders continue to exercise caution due to the persistence of macroeconomic uncertainty. The next course of action for Bitcoin will mostly depend on how the U.S. dollar does over the next few weeks.

If the dollar's strength continues, there may be more pressure on Bitcoin sellers. But if macroeconomic conditions change to favor riskier assets, Bitcoin may gain the momentum it needs to overcome significant resistance levels.

Shiba Inu finds hope

Speculation regarding a possible recovery has been sparked by Shiba Inu's current hovering around its recent lows. SHIB may still be able to reverse its downward trend even though the market is not showing much upward momentum if it forms a double-bottom pattern around $0.00001485.

Despite consistent selling pressure, the asset has been unable to overcome significant resistance levels such as the 26 EMA. In the event that SHIB is able to maintain its current support zone and draw in fresh buying interest, a technical rebound could occur. Even though double-bottom formations have historically been a powerful reversal signal, the current market's uncertainty and low trading volume make such a move unlikely in the near future.

In order to confirm a recovery attempt and possibly move it toward the next resistance level at $0.000020, SHIB must regain strength above $0.00001713 in order for a bullish scenario to materialize. Even though the current state of the market indicates that there is little chance of a quick breakout, a rally to $0.000022 could occur if buying pressure increases.

On the downside, more drops might occur if the $0.00001485 support is not maintained. The double-bottom setup would be void if there were a break below this level, which might push SHIB down to $0.00001300 or even lower.

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World Liberty Financial WLFI Token Sales Surge: Less Than 1 Billion Tokens Remain

NewsBTC

World Liberty Financial (WLFI), a forthcoming cryptocurrency platform endorsed by President Donald Trump and his sons, has reported a significant uptick in the sale of its governance tokens.

After a slow initial rollout approximately four months ago, Bloomberg reports that the platform has sold over 24 billion of its WLFI tokens, representing more than 96% of its total supply. As it stands, fewer than 1 billion tokens remain available for sale.

World Liberty Financial Token Sale Sparks Debate

The World Liberty Financial token, priced at 5 cents each, is part of a broader initiative aimed at raising $300 million at a $1.5 billion valuation.

The project launched its token sale in mid-October, with the intention of enabling token holders to propose changes to the platform and vote on others’ proposals.

However, the limited rights associated with the WLFI tokens have raised concerns. Holders possess minimal voting rights and no economic entitlements, and the tokens cannot be traded or sold back to World Liberty, prompting questions about their long-term value and utility.

Adding to the intrigue surrounding World Liberty Financial, crypto entrepreneur Justin Sun, founder of the TRON blockchain, recently disclosed a substantial investment of $45 million into the venture.

This increased Justin Sun’s total stake in World Liberty Financial to $75 million, indicating strong confidence in the platform’s potential.

TRUMP And MELANIA Tokens Experience Wild Price Fluctuations

Analysts are speculating that forthcoming executive orders from Trump could positively influence the cryptocurrency landscape in the US, yet skepticism remains among industry veterans.

Nic Carter, a venture capitalist, expressed concerns regarding the ethical implications of a sitting president engaging in business ventures that may present conflicts of interest.

The launch of Trump’s memecoins has also stirred significant controversy. As previously reported by NewsBTC, the Donald Trump memecoin (TRUMP) saw a sharp decline, dropping from a weekend high of $75 to $17.

Similarly, the Melania Trump memecoin (MELANIA) disrupted the market with increased excitement among crypto investors, with its value fluctuating dramatically from a high of $13.64 to its current trading price of $1.26.

Bernstein analysts have characterized this period as a “chaotic crypto era,” suggesting that government involvement with cryptocurrencies could redefine the relationship between leadership and emerging technologies.

They argue that the launches of Trump and Melania’s memecoins could signal a potential regulatory shift, positioning digital assets as a direct link to a wider audience.

While trading at $17, TRUMP is posting significant losses of 6%, 2% and 70% in the 24 hour, fourteen day and monthly time frames respectively, coupled with a 27% drop in trading volume, according to CoinGecko data.

Featured image from DALL-E, chart from TradingView.com

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Bitcoin, Ethereum, And Solana: Real Vision’s Raoul Pal Calls The Greatest Macro Trade Of All Time

NewsBTC

Co-founder and Chief Executive Officer (CEO) of Real Vision, Raoul Pal has doubled down on his bullish outlook for Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), calling these cryptocurrencies “the greatest macro trade of all time.” Despite recent fluctuations and short-term volatility, Pal argues that the market is positioned for an explosive breakout, which investors should prepare for.

Macro Set-Up For Bitcoin And Ethereum Surge

While Bitcoin, Ethereum, and Solana face a downtrend due to rising volatility, Pal remains steadfast in his optimistic projection, believing that the market is in the greatest macro target of all time. The Real Vision CEO shared a series of thread posts on X (formerly Twitter), highlighting technical indicators and macro factors that would positively influence Bitcoin and Ethereum’s price trajectory.

Sharing a logarithmic weekly chart of Bitcoin, Pal indicated that Bitcoin had experienced a long-term price uptrend line since 2020, showing a distinct pattern of higher lows. Currently, Bitcoin is moving within a tight trading range, which Pal believes could be bullish, as a strong break above the resistance line could trigger a major run.

Similarly, the Real Vision Co-founder presented a price chart of Ethereum, highlighting that ETH is currently consolidated within a symmetrical triangle, signaling the potential for a price breakout. Typically, a symmetrical triangle pattern is seen as a bullish signal for ETH, but considering its recent underperformance compared to cryptocurrencies like Bitcoin and Solana, a strong bullish breakout remains skeptical.

Looking at the symmetrical triangle, a breakout from the upper trendline could see the Ethereum price skyrocketing to $4,000 or even higher based on Pal’s chart. Additionally, the Solana price, which has been seeing varying momentum lately, has tested a key horizontal resistance multiple times, forming a strong accumulation base. Historically such consolidation phases tend to precede explosive rallies, provided that broader market trends remain favorable.

In his post, Pal encourages traders to “zoom out” , likely suggesting a shift from short-term fluctuations to long term cycles. He warned against excessive leverage and risk-taking to avoid liquidation in volatile conditions. He also urges traders to remain patient, watching how the market unfolds and preparing ahead of a potential bullish surge.

Market Volatility Raises Fear

In his analysis, Pal suggested that the broader crypto market is currently plagued by fear and panic, as volatility rises and crypto prices experience a downtrend. He explains that a significant portion of crypto investors or traders are currently bearish.

This could be due to the fact that following Bitcoin’s price crash to below $100,000 after the announcement of Donald Trump’s tariff plans, many altcoins also declined severely, with Ethereum, Dogecoin, and Solana being among the top losers.

Due to this market change, many in the market had sold off their tokens to avoid further losses. Despite this bearish trend, Pal maintains an optimistic outlook, expecting a strong surge for Bitcoin, Ethereum, and Solana.

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Wellfield Provides Corporate Update

Newsfile Corp.

Toronto, Ontario--(Newsfile Corp. - February 18, 2025) - Wellfield Technologies Inc. (OTC Pink: WFLDF) (FSE: K8D) (the "Company" or "Wellfield") announced today the departure of Kristina Bates, effective February 14, 2025. Wellfield's board of directors thanks Kristina for her valuable contributions to the Company and wishes Kristina success in her future endeavors, and have accepted her resignation.

The Company has initiated a search for a replacement director and expects to provide additional information once available.

About Wellfield Technologies

Wellfield Technologies, Inc. is a leading fintech company specializing in innovative solutions leveraging blockchain technology. Our platform Coinmama, provides seamless access to the cryptocurrency market for over 3.5 million registered users across 180 countries. We offer disruptive on-chain and web3 secure and friendly self-custody solutions through Coinmama. Additionally, Wellfield operates Tradewind Markets platform to digitize and trade real-world assets, including our flagship VaultChain™ Gold and VaultChain™ Silver products.

Join Wellfield's digital community on LinkedIn and Twitter, and for more details, visit wellfield.io.

For further information contact:

Wellfield Technologies Inc.

Levy Cohen, CEO

levyc@wellfield.io

(832) 483-2575

Ryan Graybill, Investor Relations

ryan.graybill@wellfield.io

Cautionary Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has approved nor disapproved the contents of this news release, nor do they accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241403

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Ethereum Lost 4.50% to $2650.23 — Data Talk

Dow Jones Newswires

Ethereum is down $124.96 today or 4.50% to $2650.23

Largest percentage decrease since Feb. 4, 2025, when it dropped 6.25%
Down three of the past four days
Down 20.07% month-to-date
Down 20.76% year-to-date
Down 44.79% from its all-time high of $4800.00 on Nov. 9, 2021 (based on 5 p.m. levels)
Down 11.38% from 52 weeks ago (Feb. 20, 2024), when it traded at $2990.41
Down 34.57% from its 52-week high of $4050.30 on Dec. 16, 2024 (based on 5 p.m. levels)
Up 22.15% from its 52-week low of $2169.66 on Sept. 6, 2024 (based on 5 p.m. levels)
Traded as low as $2607.26
Down 6.05% at today's intraday low; Largest intraday % decrease since Feb. 4, 2025, when it was down as much as 6.34%

Note: The Ethereum price is a 5 p.m. ET snapshot from Kraken

Data compiled by Dow Jones Market Data

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