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Bitcoin surged to a record high of $43,515 on Bitstamp, marking a new February peak as investors navigated the impact of Chinese stock market instability. The cryptocurrency gained momentum with the Wall Street open on February 5, responding to a significant 8% drop in China’s CSI 1000 index, leading to increased controls on short selling.

 

 

 

Analysts, such as those from The Kobeissi Letter, observed a potential economic downturn in China, emphasizing a “disconnect” between large and small-cap stocks. The country’s market has reportedly lost $7 trillion in value over the past three years, contributing to heightened market concerns. Bitcoin’s volatility was further influenced by a notable surge in open interest, reaching $775 million, according to data shared on X (formerly Twitter) by J. A. Maartunn, a contributor to the on-chain analytics platform CryptoQuant.

 

 

 

Despite the market turmoil, outflows from the Grayscale Bitcoin Trust (GBTC) remained relatively low at around 2,600 BTC, sustaining a positive downtrend observed in recent days. This encouraging trend in GBTC outflows added an element of stability to Bitcoin’s overall market dynamics.

 

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