According to CoinDesk, the CoinDesk 20 Index broke past the 1,700 level on February 7 as stronger price trends across smart contracts broadened across the market. This led both bitcoin (BTC) and ether (ETH) Trend Indicators, a tool created by CoinDesk subsidiary CoinDesk Indices, to register a 'Significant Uptrend' again after a short hiatus in 'Neutral' and 'Uptrend' value. The market was also supported by net inflows into crypto-linked products last week, with over $700 million flowing into the market, primarily focused on bitcoin-linked products.
It is worth noting the rotation between the legacy Grayscale product and newer, cheaper iShares and Fidelity's exchange-traded funds (ETFs), which came online weeks ago. Excluding GBTC, new Bitcoin ETF product holdings now surpass the MicroStrategy treasury, accounting for 192k of bitcoin (about 1% of all future supply). On the U.S. Dollar front (DXY), the recent increase in U.S. interest rates has helped move USD higher, but the January reversal appears to be stalling as the Fed's campaign of hawkish rhetoric begins to subside and the market moves out expected interest rate cuts to start sometime into Q2 of this year.
