KEYTAKEAWAYS
- Pump.fun revenue drops 85.76% from peak
- Bernstein: U.S. to focus on national Bitcoin reserve
- IntoTheBlock: Bitcoin’s correlation with S&P 500 hits zero
CONTENT
PUMP.FUN PROTOCOL REVENUE DROPS 85.76% FROM HISTORICAL PEAK
On February 17, according to data from DeFiLlama, pump.fun’s protocol fee revenue yesterday was $2.19 million, which is a drop of 85.76% compared to its historical peak of $15.38 million on January 25.
Analysis:
The high revenue in January could be related to the short-term popularity of meme projects, which attracted a lot of users and funds. As the market sentiment shifted and interest in meme projects declined, the frequency of protocol usage also decreased, leading to a drop in revenue.
BERNSTEIN: U.S. CRYPTOCURRENCY TASK FORCE WILL FOCUS ON ESTABLISHING A NATIONAL BITCOIN RESERVE
On February 17, CoinDesk reported that Bernstein stated in a research note that the U.S. cryptocurrency task force will focus on creating a national Bitcoin (BTC) reserve. This initiative could inspire similar efforts globally.
Analysis:
If the U.S. pushes for a national Bitcoin reserve, it could lead to domestic policy changes and trigger a chain reaction in global financial markets. This could mark a milestone for Bitcoin as an asset class and lay a stronger foundation for the future development of cryptocurrency.
INTOTHEBLOCK: BITCOIN’S CORRELATION WITH S&P 500 FALLS TO ZERO
On February 17, IntoTheBlock reported that the correlation between Bitcoin and the S&P 500 has dropped to zero, indicating no relationship between the two at the moment. The last time the correlation was this low was on November 5, 2024, just before Bitcoin surged to $100,000.
Analysis:
In recent years, the correlation between Bitcoin and the S&P 500 has fluctuated, likely due to the unique nature of the cryptocurrency market. The crypto market is often influenced by investor sentiment, policy changes, and technological innovations, especially with increasing institutional involvement.
While the short-term correlation may remain low, Bitcoin is still part of the global financial system, and its long-term performance could be affected by global economic cycles. Major financial crises or changes in monetary policy might lead investors to reconsider Bitcoin’s role as a hedge asset.
▶ Buy Crypto at Bitget
CoinRank x Bitget – Sign up & Trade to get $20!
