Bitcoin, Lido & Ethereum – European Wrap 26 January


Bitcoin price is range bound close to the psychologically important $40,000 level, nearly two weeks post Spot ETF approval by the Securities and Exchange Commission. Retail traders holding less than 1 BTC have shed their holdings, evident by the decline in Bitcoin wallets since October 2023. 

Bitcoin price could plummet to the support zone between $38,304 and $38,957, in the event of further correction in the asset. 

Lido, a liquid staking service for cryptocurrencies like Ethereum, noted a surge in profit-taking activities by LDO holders. On-chain data reveals that whales are taking profits in LDO, consistently since December 25, 2023. 

Despite profit-taking and surge in exchange supply, LDO price sustained above $3. 


Volatility in the cryptocurrency market remains subdued, keeping the capitalisation near $1.56 trillion for the third day. Meanwhile, Bitcoin remains around $40K, and Ethereum looks pegged to $2200.

The drop in equity indices over the past 24 hours hasn’t been too much of a concern for cryptocurrency investors so far, as it looks more like a series of individual corporate stories rather than a global shift in sentiment.