HashKey Exchange February Observation: The average floating profit of users’ BTC positions exceeds 40%, and BRC20 attracts the attention of high-net-worth individuals

In February, after Bitcoin exceeded the 60,000 mark, there was no expected correction, but continued to rise. On March 5, Bitcoin broke through the US$68,000 mark (currently trading at US$66,800), approaching its highest price in history, with a monthly increase of over 50%.

According to 8marketcap data, the market value of Bitcoin (US$1.349 trillion) has surpassed that of silver (US$1.346 trillion), becoming the eighth most valuable asset in the world.

Due to the general rise in cryptocurrencies, cryptocurrency exchanges have seen more active trading volumes and capital inflows. According to reports, the amount of platform assets deposited by HashKey Exchange, a licensed virtual asset exchange in Hong Kong, increased by 40% in February compared with January. It is particularly worth mentioning that the weekly trading volume of BTC once exceeded HK$15 billion. This shows that investors are increasingly interested in cryptocurrencies and market activity continues to increase. As the cryptocurrency market develops and matures, exchange volume and inflows will continue to grow.

As Bitcoin continues to rise, the floating profit rate of Bitcoin assets has outperformed major global stock markets and major asset classes during the same period.

According to HashKey’s latest monthly report for February, as of the end of February, the average holding time of HashKey customers’ BTC positions was 61 days, with floating profits exceeding 40%.

What force is driving the general rise in the market that started in February? Will the crypto market make a sharp correction next or continue to rise? What transaction data is worth paying attention to? According to the monthly report released by HashKey Exchange, through changes in core data on its exchange and industry insights from Hong Kong and other regions, it reviews the characteristics of the encryption market in February and important events worthy of attention in the market in the future.

Bitcoin rose over 50% monthly, HashKey BTCSingle Weekly Trading The amount exceeded HK$15 billion

Currently in Hong Kong, only HashKey and OSL have virtual currency retail business licenses, and 24 relevant entities such as OKX, Bybit, Futu Securities, and Tiger Securities have submitted applications. , and on February 29, the Hong Kong Securities Regulatory Commission website has stopped accepting applications for virtual asset platform licenses. The Hong Kong Securities Regulatory Commission requires cryptocurrency exchanges operating in Hong Kong but without a license to cease operations in relevant areas before May 31.

As an exchange holding a virtual asset license in Hong Kong, HashKey Exchange is currently ranked in the top 15 on CoinGecko and is the largest licensed virtual asset exchange in Hong Kong. From its opening on August 29, 2023 to the end of February this year, HashKey Exchange’s cumulative transaction volume has exceeded HK$350 billion.

As the encryption market enters a bull market, HashKey Exchange’s platform transaction data has experienced a sharp rise nearly half a year after its business started. In February, the amount of assets accumulated on the HashKey Exchange platform increased by 40% compared to January, and the monthly transaction volume also reached HK$31.8 billion, of which the weekly transaction volume of BTC once exceeded HK$15 billion.

#In addition to the growth in overall transaction data, HashKey Exchange’s institutional business also achieved breakthroughs in many aspects in February.

In terms of stablecoins, HashKey Exchange supports Yuanbi Technology’s upcoming Hong Kong dollar stablecoin HKDR, and announced that it has reached a cooperation intention with Yuanbi Technology and Allinpay International on the Hong Kong dollar stablecoin business. The cooperation will cover the stablecoin. Use it to experience online and offline trading scenarios.

In terms of compliance, HashKey OTC was approved by the Monetary Authority of Singapore, which is an important milestone for HashKey on the road to comprehensive compliance.

In terms of cooperation with securities firms, in February HashKey disclosed that it had reached cooperation with Hualiang Securities, a Hong Kong licensed institution. Hualiang Securities will officially launch a trading account on HashKey Exchange.

According to the February monthly report of HashKey Exchange, as of now, HashKey Exchange’s partners include 10 securities firms including Hualiang Securities, China Asset Management (Hong Kong), and Pandu Financial, as well as Shengyang Group, Hushi Media, and Blue Hong Kong Interactive and other 6 Hong Kong listed companies.

User##BTCThe average floating profit of positions exceeds 40%,BRC20 Investment Focus for Hong Kong High Net Worth Individuals

As Bitcoin continues to rise, Bitcoin assets are floating The profit ratio outperformed major global stock markets and major asset classes during the same period.

According to the latest monthly report released by HashKey, as of the end of February, the average holding time of HashKey customers' BTC positions was 61 days, the average holding price was approximately US$442.14 million, and the floating profit exceeded 40%. The Nikkei Index, S&P 500 and spot gold rose by 19.89%, 8.31% and 1.8% respectively, while the Hang Seng Index fell by 1.19%.

The surge in Bitcoin has also led to a general rise in the altcoin sector. Among them, the Bitcoin ecosystem and BRC20 tokens have performed extremely well. Ordi has a monthly increase of more than 50%, and Sats has a monthly increase. Over 60%. According to HashKey’s observation, the Bitcoin ecosystem and BRC20 tokens are also becoming the investment focus of Hong Kong’s high-net-worth individuals.

On February 27, HashKey teamed up with Animoca Brands, InvestHK, DigiFT, EmergentX and other institutions to hold a roundtable meeting. More than 60 family office representatives, professional investors, and Web3 industry ecology present expressed great interest in the Bitcoin ecosystem BRC20 and regarded it as one of the important investment directions.

What factors drive Bitcoin2#The monthly surge will Pullback or continue to climb?

According to HashKey Exchange analysis, the cumulative net inflow of Bitcoin spot ETFs exceeded US$6 billion, driving the rapid rise of Bitcoin in February.

After March, major events affecting the crypto market include the Cancun upgrade, the Federal Reserve’s latest interest rate decision, and the Hong Kong Web3 Carnival. HashKey Exchange believes that the macro environment and liquidity market will continue to be favorable in the future.

In terms of interest rate cuts, the expectation that the Federal Reserve will restart interest rate cuts in the middle of the year remains unchanged, the interest payments on US$34 trillion of national debt have increased, and US dollar liquidity continues to be loose; in terms of the US election, the expected inflation data and non-farm employment data and performance are in It won't get too bad at the moment.

In terms of capital inflows, Asian funds have attracted a large amount of capital with the launch of Hong Kong ETF, while large American institutions are waiting for the risks to be fully released after interest rate cuts, and the purchasing power of Bitcoin continues to have room for growth.

In addition, with the success of the Bitcoin spot ETF, the market continues to pay attention to the launch of the Ethereum spot ETF. It is expected that its adoption time will be advanced to May, which will attract a large amount of traditional asset allocation.

In terms of retail investor sentiment, boosted by the Bitcoin halving and Ethereum upgrade, crypto investment is still in a state of huge risk appetite. In the coming fluctuations, crypto users need to grasp the timing and risks,

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