As of February 26, 2025, Bitcoin is trading at approximately $80,725.14, reflecting a -4.47% decrease over the past 24 hours. Ethereum is priced around $2,307, down +1.22% in the same period.
This article examines a volatile crypto market where Bitcoin trades at $80,725.14 and put option contracts worth $4.9B are set to expire on February 28, 2025. It details a $425M liquidation in just four hours, state moves such as Texas Senate SB21 approved on February 27, 2025 at 12:00 a.m. UTC, and a spot ETF filing for Aptos that spurred an 8% rally to $6.15 on February 26, 2025.
Tokyo based Metaplanet raised $15.3M from a 2B yen bond issue to target holdings of 10,000 BTC by year end and 21,000 BTC by 2026. The numbers are stark with a stock surge of 2,127.78% over 365 days and massive outflows of $1B from ETFs. These figures and actions drive a market that forces traders and institutions to act with bold, rapid moves.
Crypto Fear & Greed Index | Source: Alternative.me
The Fear and Greed Index has increased to 16, indicating an extremely fearful market sentiment. Bitcoin has remained below the $100,000 mark, experiencing limited whale accumulation and low volatility.
What’s Trending in the Crypto Community?
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Texas Senate Banking Committee Clears Bitcoin Reserve Bill for Floor Vote
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Bitwise Sparked 8% Aptos Rally with Potential ETF
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Metaplanet Converts $2B Yen in Bonds to Raise $15.3M to buy more BTC
Trending Tokens of the Day
BTC Market Hedging and Price Declines to 80K in a Volatile Environment
Source: X
Bitcoin now stands at $80,725.14. In the last 24 hours it lost $4,017.34 or 4.74% of its value. Options data shows put options at a strike price of $70,000 hold the second highest open interest at $4.9B. A total of $4.9B in contracts will expire on February 28, 2025. Bitcoin tumbled roughly 20% from its record high since Donald Trump’s January inauguration. Liquidations reached $425M in four hours in New York at 3:30 p.m. Over 2B in bullish positions were wiped out in three days. Bitcoin fell for a fourth day by 5.6% to $83,744. The overall drop now reaches about 13% in four days. Ether lost around 7% while Solana lost 10%. Spot Bitcoin ETFs saw outflows of $1B on Tuesday.
Chris Newhouse director of research at Cumberland Labs said: “Tariff policies are further dampening the [Bitcoin] outlook and stubbornly high short-term inflation expectations add to the overall caution.”
Bohan Jiang head of over-the-counter options trading at Abra explained: “This is a mix of spot selling and basis unwind.” Together these remarks show that fast market moves and rapid liquidations force traders to hedge aggressively and reposition quickly.
Read more: What Is a Strategic Bitcoin Reserve and How Likely Is It?
Texas Senate Banking Committee Clears Bitcoin Reserve Bill for Floor Vote
Page one of SB-21 establishing a Bitcoin and digital asset reserve. Source: Texas State Senate
The Texas Senate Banking Committee approved Senate Bill 21 on February 27, 2025 at 12:00 a.m. UTC. The bill creates a state managed reserve for Bitcoin and other digital assets. The Texas Comptroller of Public Accounts now can acquire trade and manage cryptocurrencies. Lawmakers believe holding Bitcoin will protect state funds from inflation and economic shocks. The bill states: “Bitcoin and other cryptocurrencies can serve as a hedge against inflation and economic volatility.”
More than 20 states have introduced proposals for Bitcoin asset reserves. Oklahoma, Arizona and Utah are advancing similar measures while Montana, North Dakota and Wyoming have rejected such proposals over volatility concerns. These moves show that state funds are looking to diversify assets and guard against economic instability. Republican Rep. Giovanni Capriglione added, “The proposal is a starting point, with room for further development as it gains legislative support.”
Read more: The Race for Strategic Bitcoin Reserves: More U.S. States Move Toward Crypto Adoption
Bitwise Sparked 8% Aptos Rally with Potential ETF
Source: Aptos TVL DefiLlama
Bitwise registered a spot ETF for Aptos on February 26, 2025. The move sparked an 8% surge in the Aptos token that reached $6.15. While Bitcoin and Ethereum fell over 3% during this period Aptos outperformed the top 50 digital assets. Bitwise may soon file an S-1 application with the SEC to launch the first US ETF holding Aptos tokens directly. Bitwise already offers ETFs for Bitcoin and Ethereum. Data from Token Terminal shows more than 6M unique addresses used by Aptos applications in the past 30 days. This development signals rising investor interest in innovative digital products and marks a turning point in crypto fund management.
Metaplanet Converts $2B Yen in Bonds to Raise $15.3M to Buy BTC
Source: X
Tokyo based Metaplanet is on a rapid Bitcoin buying spree. The firm issued $2B yen in bonds to raise $15.3M. At a price of $86,500 per Bitcoin the issuance nets about 153 BTC. CEO Simon Gerovich polled investors on X and the vast majority voted to buy more Bitcoin. The firm introduced new performance indicators called BTC Gain and BTC ¥ Gain.
Gerovich explained “It isolates the impact of our capital allocation strategy from shareholder dilution.”
Metaplanet acquired an extra 135 BTC at an average of 14.3M yen each. It now holds 2,235 BTC which is 22.35% of its target of 10,000 BTC for this year. The goal is to reach 21,000 BTC by 2026. A 10 for 1 stock split will take effect on April 1, 2025 to boost liquidity. In one trade the firm bought 68.59 BTC at an average of $96,335 per token. Its total holdings now approach 2,100 BTC.
A week after raising 4B yen the firm purchased 269.43 BTC at an average of $97,811 per token. Metaplanet has received praise from Michael Saylor and Capital Group acquired a 5% stake. The firm issued 21M shares of discount moving strike warrants to raise 116B yen which equals $745M. This is the largest capital raise in Asian equity markets for further Bitcoin acquisitions. Its stock surged 2,127.78% in the past 365 days even though it fell 34.58% in the last five days. In another move the firm sold 233 BTC put options at a strike price of $62,000 that expire on December 27, 2024.
Gerovich stated, “Bitcoin is a volatile asset and this volatility creates opportunities for us to generate more Bitcoin. Our income strategy allows us to capitalize on these market movements and earn premiums that help us increase our Bitcoin holdings without relying solely on direct purchases.”
Later the firm acquired 107.913 BTC for nearly $7M and purchased 38.46 BTC for 300M yen which equals $2M. Metaplanet partnered with SBI Group to secure compliant custody services that improve tax efficiency. It took out a 1B yen loan which equals $6.7M at an interest rate of 0.1% per annum. The loan will be repaid in a lump sum. A new initiative will offer common shareholders up to 10B yen which equals $69M in unlisted stock acquisition rights. Of this 8.5B yen or $59M is dedicated to additional Bitcoin investments.
In July 2024 the firm bought 20.38 BTC for $1.24M then 42.47 BTC for $2.5M and 21.88 BTC for $1.3M when Bitcoin was below $60,000. After shifting from property and hotel development in April 2024 its stock surged 89% and its market cap now exceeds $1B. These aggressive moves show that Metaplanet is set to become a major Bitcoin treasury company in Japan.
Conclusion
The crypto market forces traders and states to act with speed. Hedging strategies now involve options worth $4.9B and liquidations of $425M in hours. State officials are creating digital asset reserves to protect public funds and diversify holdings. ETF innovations bring emerging tokens like Aptos into the spotlight with 6M unique addresses and an 8% rally to $6.15. Aggressive moves by firms like Metaplanet drive capital raises of up to $745M and target holdings of 10,000 BTC by year end and 21,000 BTC by 2026. With stock surges of 2,127.78% and outflows of $1B from ETFs the numbers are stark and the moves are bold. The market remains volatile yet full of opportunity for investors and institutions alike.
