Bitcoin Dipped Below 93K Due to New US Tariffs, Grayscale Launches DOGE Trust, Tether Reports 83,758 BTC and Over $13B Profit in 2024, Feb 3

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Bitcoin is currently priced at $94,165.07, down 6.82% in the past 24 hours, while Ethereum trades at $2,489.23 down 20.8%. The Fear and Greed Index decreased to 44, indicating a neutral market sentiment. In 2024, stablecoin transfers reached 27.6T and companies like Tether are reporting record profits. USDT issuance hit 45B with 400M users worldwide in 2024. Governments are accumulating Bitcoin at a rapid pace with El Salvador holding over 6K BTC valued above $612M. The article below details major developments from Grayscale to Tether to stablecoins to MicroStrategy and El Salvador with expanded data and technical insight that shape the future of digital assets.

 

Bitcoin Dipped Below 93K after the New US Tariffs

Source: KuCoin

 

Bitcoin fell to around $93,391 on February 2, 2025, marking a three-week low of $91,441.89 as fears of a global trade war rattled markets, according to Reuters. Bitcoin fell 7.2% in 24 hours. It now trades at $93,391 after slipping below the $93,625 support. In four days it lost $11,000 after failing to break the $105,000 resistance. Bearish momentum has increased and selling pressure grows. Investors pulled back from risky assets after President Trump imposed 25% tariffs on Mexican and Canadian imports and 10% on Chinese goods, triggering retaliatory measures and raising concerns about economic growth and inflation. Ether dropped nearly 24% to about $2,494, its lowest level since early September 2024. This downturn came after Bitcoin hit a recent high of $107,072 on January 20, driven by hopes for crypto-friendly policies from the Trump administration. 

 

Source: TradingView

 

What’s Trending in the Crypto Community? 

  • Grayscale Launches Dogecoin Trust and Files for ETF Conversion

  • Tether Reports 83,758 BTC and Over $13B Profit in 2024

  • El Salvador Continues Accumulating Bitcoin Despite IMF Deal

  • MicroStrategy Expands Bitcoin Holdings with $563M Funding

 Crypto Fear & Greed Index | Source: Alternative.me 

 

Trending Tokens of the Day 

Trading Pair 

24H Change

DOGE/USDT

-25.32%

BTC/USDT

-5.57%

TRUMP/USDT

-10.72%

 

Trade now on KuCoin

 

Grayscale Launches Dogecoin Trust and Files for ETF Conversion

Source: Grayscale

 

Grayscale launched its Dogecoin Trust early Friday January 31, 2025, in a move that expands its crypto products. The trust now provides institutions and accredited investors access to Dogecoin. Grayscale manages 49.7B in assets and sees this launch as a milestone that elevates Dogecoin from a meme coin trading between 0.33 and 0.36 dollars per coin to a tool for financial inclusion and grassroots activism. Grayscale views Dogecoin as having evolved into a viable means of payment and an asset with utility for global financial markets. Later on Friday, Grayscale filed a 19b-4 form to convert the trust into a spot ETF.

 

“Dogecoin represents a paradigm shift in global financial accessibility,” Grayscale’s head of product & research, Rayhaneh Sharif-Askary, said. “Its low transaction costs and rapid transfer speeds make it an optimal vehicle for international remittances, particularly in regions with underdeveloped banking infrastructure.”

 

Source: X

 

This filing follows earlier successful conversions of its Bitcoin and Ethereum Trusts. Nearly 20 companies have filed DOGE ETF applications in America under a crypto friendly SEC that has allowed for increasing participation in regulated markets. Grayscale expects that the ETF conversion will open up greater market access and improve price discovery for Dogecoin while also attracting further institutional capital. This strategic move builds on Grayscale’s long standing expertise in launching crypto investment vehicles and marks a turning point for meme coins as mainstream investment instruments.

 

Read more: Bitwise Expected to Launch New Spot Dogecoin (DOGE) ETF with SEC Filing, Boosting Crypto Market

 

Tether Reports 83,758 BTC and Over $13B Profit in 2024

Estimated bitcoin profits are in orange, US Treasurys in blue and gold in yellow. The price of bitcoin is shown by the orange line Source: Blockworks

 

Tether delivered impressive figures in 2024 as it reported holding 7.8B in Bitcoin for the fourth quarter. This holding translates into 83,758 BTC at an average price of 93,812 dollars per BTC. The company reported profits exceeding 13B for the year while its quarterly profit increased by 5.3B in Q4 alone. Tether’s balance sheet now includes total assets of 157.6B and total liabilities of 137.6B. The firm’s exposure to US Treasuries reached 113B and its reserve buffer grew by more than 7B which represents a 36% annual increase. Reserves for issued tokens now stand at 143.7B and exceed related liabilities by over 7B. These numbers reflect a robust financial structure that underpins Tether’s market position. The impressive asset management and transparent reporting practices have contributed to Tether’s status as a stable pillar in the digital asset space. The company’s ongoing investments in traditional instruments alongside its crypto holdings illustrate its balanced approach to managing risk and returns in a volatile market.

 

Read more: Why Tether’s USDT Integration with Bitcoin’s Lightning Network Is a Game-Changer for Stablecoin Payments

 

Stablecoin Transfers Surpass Visa and Mastercard with 27.6T Volume

Source: Chart showing the trading volume for stablecoins compared to Visa and Mastercard in 2024 (Source: CEX.IO)

 

Stablecoins reached record levels in 2024 as transfers hit 27.6T. This staggering volume is 7.68% higher than the combined transaction volume of Visa and Mastercard. The stablecoin supply increased by 59% to top 200B and became a critical part of digital payments and decentralized finance. USDC handled 70% of on-chain transfers while Tether’s USDT transfer volume more than doubled despite its market share falling from 43% to 25%. Solana emerged as the leading blockchain for stablecoin transfers with 73% of its stablecoin supply transacted as USDC. 

 

In addition, bot trading fueled 70% of all stablecoin volume with unadjusted transactions making up 77% of total transfers and exceeding 98% on networks such as Solana and Base. Network performance metrics were impressive with speeds averaging 400 transactions per second and fees as low as 0.001 dollars per transaction. In December 2024, memecoins accounted for 56% of decentralized exchange trading volume on Solana which further underscores the evolving role of stablecoins in both traditional and meme-driven markets. USDT’s total supply on January 31 reached nearly 143B and in Q4 alone 23B of USDT were issued. The full year issuance reached 45B as stablecoins cemented their place as essential instruments in cross border payments, remittances and decentralized finance.

 

MicroStrategy Expands Bitcoin Holdings with $563M Funding

Source: Highcharts.com

 

MicroStrategy continues to lead corporate Bitcoin accumulation with holdings now at 471K BTC. The company plans to raise 563M by selling 7.3M shares of its 8.00% Series A perpetual preferred stock. This funding will add to its already significant war chest and reinforce its status as the largest corporate holder of Bitcoin. The preferred stock carries a liquidation preference of 100 dollars per share and pays an annual dividend of 8%. Investors in this stock have the option to convert their shares into class A common stock at a rate of 0.1000 shares per preferred share. Michael Saylor, the company’s vocal Bitcoin advocate, has projected a bear case of 3M dollars per BTC and a bull case of 49M dollars per BTC. These projections are based on annual growth rates of 21% and 37% respectively. The offering is managed by a consortium of banks including Barclays, Moelis & Company LLC, BTIG, TD Cowen and Keefe Bruyette & Woods. Settlement is scheduled for February 5. This aggressive funding move highlights MicroStrategy’s unwavering confidence in Bitcoin’s long term potential and its commitment to accumulating the asset despite market volatility.

 

Source: SaylorTracker

 

Read more: What Is a Strategic Bitcoin Reserve and How Likely Is It?

 

El Salvador Continues Accumulating Bitcoin Despite IMF Deal

El Salvador BTC Balance History. Source: Bitcoin.gob.sv

 

El Salvador has made steady progress in its Bitcoin accumulation strategy. The government acquired 2 additional BTC on February 1, 2025 and now holds over 6K BTC valued at more than 612M at an average price of 97,689 dollars per BTC. The National Bitcoin Office diligently tracks these holdings as the country seeks to build a robust digital reserve. Recently, El Salvador reversed its Bitcoin legal tender law as part of broader regulatory adjustments. Under its IMF deal, public sector involvement in the Bitcoin industry was reduced and the Chivo wallet was privatized to meet international financial standards. 

 

Despite these changes, El Salvador continues to add Bitcoin at an average monthly rate of 250 BTC and is projected to add over 3K BTC annually. This persistent accumulation underscores the country’s belief in Bitcoin as a strategic reserve asset and a hedge against traditional currency fluctuations. El Salvador’s ongoing investments in Bitcoin are a clear indicator of how governments are entering the digital asset space with long term strategies.

 

Conclusion

The digital asset landscape is defined by robust technical momentum and clear financial figures. Grayscale’s launch of a Dogecoin Trust and its filing for an ETF conversion signal a shift from a playful meme coin to a serious financial instrument. Tether’s record BTC holdings and profits illustrate strong asset management with profits exceeding 13B and 83,758 BTC on its books. Stablecoins broke records in 2024 with 27.6T in transfers, a 59% supply increase to 200B, and network speeds of 400 transactions per second at fees as low as 0.001 dollars. MicroStrategy’s funding of 563M to expand its Bitcoin holdings reinforces its confidence in long term growth while El Salvador’s steady accumulation of over 6K BTC valued above 612M demonstrates how nations are adapting to the digital asset era. These developments, driven by precise numbers and technical data, are shaping the future of digital finance in an increasingly quantitative world.

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