#BTC The following is the latest compilation of the Cryptocurrency market dynamics on February 18, 2025:

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### 1. **Bitcoin's bull market expectations are strengthening, with continuous inflow of institutional funds**
- **Bernstein**'s report points out that Bitcoin and related US stock assets may see further gains. Analysts believe that the approval of a US Bitcoin spot ETF and the Trump administration's pro-Cryptocurrency policies are key factors. Currently, institutions including the Abu Dhabi sovereign wealth fund and Morgan Stanley have significantly increased their holdings of Bitcoin through ETFs, driving its price above the $100,000 mark and reaching a new all-time high.
- **Market Background**: The current price of Bitcoin is about $96,301, and the intraday volatility is influenced by macro policies (such as the expected interest rate cut by the Federal Reserve) and geopolitical risks (such as the US tariff policy), but the long-term trend of institutional participation remains unchanged.

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### 2. **FTX first repayment starts today**
- The **FTX Creditor Repayment Plan** officially began at 10:00 a.m. Eastern Time on February 18th, prioritizing the repayment of creditors with claims of less than $50,000, including full principal and 9% annualized interest (calculated from November 11, 2022). This is seen as an important step in the bankruptcy restructuring process.

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### 3. **Regulatory Updates: EU Advances Crypto Assets Advisor Standards**
- The European Securities and Markets Authority (ESMA) has launched a public consultation on the professional adviser qualification standards under the Markets in Crypto Assets (MiCA) Act, aiming to standardize the professional competence assessment of encryption service providers. This move may further strengthen the EU's compliance requirements for the encryption industry.

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### 4. **Project and Market Dynamics**
- **Monad Testnet to Launch Tomorrow**: Ethereum-compatible Layer 1 public chain Monad announced that the testnet will go live on February 19, triggering market attention to scaling solutions.
- **Short-Term Volatility Analysis of Solana (SOL)**: Technical indicators show that the current price of SOL is about $184.64, and the MACD and KDJ indicators suggest a possible short-term rebound, but attention should be paid to the support level of $176 and the resistance level of $204.
- **Argentinian LIBRA Token Scandal Ferments**: President Milain's promotion of the LIBRA token is accused of fraud, leading to an 80% crash in the token's value, triggering a crisis of trust in politicians endorsing the token.

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### 5. **Hong Kong investment immigration policy includes Crypto Assets**
- Starting from March 1, 2025, Hong Kong will shorten the asset proof period for investment immigrants to six months and allow Cryptocurrency such as Bitcoin and Ethereum held through licensed exchanges to be used as asset proof. This move is seen as a key measure for Hong Kong to consolidate its position in financial innovation and may attract more high-net-worth investors.

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### Risk Reminder
- **Market volatility intensifies**: Recently, the price of Bitcoin has dropped from $106,000 to below $94,000, with over 420,000 people liquidated. The main reasons are the risk aversion triggered by Trump's tariff policies and the impact on the AI industry (such as the disruption of computing power dependence by the open-source DeepSeek model).
- **Uncertainty in Stablecoin Regulation**: Although the market value of stablecoins is expected to exceed $190 billion, European and American regulatory policies may become potential risk points in the market.

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The above information is based on today's news and recent market analysis. Investors are advised to pay attention to policy changes and institutional trends, and to control risks reasonably.