Market Update: February 2025 | Week 4

24 FEB 2025 | RESEARCH

Welcome to Wintermute OTC Market Update. This weekly commentary aims to provide color on the recent crypto market developments.

Highlights

• Last week, Bitcoin remained flat, marking its third consecutive weekly close around $96,000, with downward pressure from two significant events: the Libra memecoin launch and the $1.5 billion Bybit hack.


• Libra memecoin crashed 96% within 24 hours of launch, partially affected by Argentinian President Milei revoking his initial endorsement, dragging down the broader Solana ecosystem with it.


• Speculative activity surged on Sonic and BNB Chain, driven by Sonic’s infrastructure upgrade and former Binance CEO CZ’s social media engagement that sparked a memecoin frenzy.

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