• Crypto prices traded within a range last week as crypto takes is relegated to the back burner in the wake of economic uncertainties.
• ETF inflows were negative as Bitcoin ETFs logged net outflows of $62.9Mn while Ethereum ETFs logged $8.9Mn in outflows.

Bitcoin

Bitcoin’s price action continued trading rangebound, with weekly highs and lows of $99,509 and $93,331, as uncertainty looms around inflation, Trump’s policies, and geopolitical events.

Zooming out, we see that price action has ranged at the daily support level for the last three weeks as current market conditions lack sufficient catalyst to push prices to new highs.

Open interest mimics price action as the week began with a reduction in the volume of open contracts which picked up on Wednesday, Feb. 19, congruent with price action.

Outlook

Bitcoin must remain above the daily support of $90,673 to remain in bullish territory. A close below this level on the daily time frame could trigger a fall to the $84,000 level.

Meanwhile, market sentiment has cooled significantly over the last month and is in neutral territory.

Bitcoin trades at $87,900 as of publishing.

Ethereum

Ethereum’s price action ranged last week logging a weekly high and low of $2,848 and $2,604 despite last week’s news of the Bybit hack.

Zooming out, we see a bleaker picture as ETH has been trending lower since Dec. 09 after failing to break above its March 2024 high.

Open interest data shows a steady rise in contract volume throughout the week though price traded rangebound.

Outlook

We reckon the next major support zone for ETH is the $2,500 level which has proven to be a strong liquidity level in the past.

ETH trades at $2,384 as of publishing.

Solana

Like Ethereum, Solana’s price has been declining since it failed to swing higher and form new candles above the last all-time high on the daily time frame.

Unlike Ethereum, last week’s price action was bearish as the price fell from a weekly open around $194 to a close around $171.

Open interest charts show topsy-turvy movement in open contract volumes as price falls.

Outlook

The next major support zone for Solana is at the $129 level. However, we may see smaller rallies as price trends lower overall.

Upbit, one of the largest Korean crypto exchanges by trading volume, faces a three-month particle suspension for violating industry regulations.

This development is the culmination of regulatory clampdowns on the platform following South Korea’s move to open an antitrust investigation against Upbit exchange.

Upbit Suspended Amid Regulatory Violations in South Korea

South Korean authorities sanctioned Dunamu Company, the owner of Upbit Exchange, for violating regulations related to virtual asset trading. Local media reported on Tuesday that the violations included engaging in transactions with unregistered virtual asset businesses.

Reportedly, Upbit Exchange also failed to adhere to proper customer verification procedures and neglected to report suspicious transactions. As a result, Upbit faces a partial suspension of business operations for three months.

Specifically, the authorities banned new customers from transferring virtual assets between March 7 and June 6, 2025.

Additionally, the exchange is subject to personnel actions and a financial penalty. This development could harm Upbit’s heft among Korean crypto exchanges.

In an official announcement on its website, Upbit acknowledged the violations. The exchange also committed to taking corrective actions to comply fully with legal regulations.

The company regretted the inconvenience it caused users and assured them of improvements to its transaction management. Upbit also said it would monitor the system to prevent future infractions.

“…We deeply sympathize with the purpose of the financial authorities’ recent sanctions, which are aimed at stably establishing the anti-money laundering system and strengthening the legal compliance system through strict discipline on virtual asset operators,” read an excerpt in the statement.

Despite the sanctions, existing Upbit customers can continue trading without restrictions. While new users can trade, they are temporarily restricted from transferring virtual assets, including deposits and withdrawals, to external wallets. Upbit also emphasized that the imposed sanctions might be subject to changes through regulatory procedures.

South Korea Tightens Regulatory Grip

Meanwhile, this regulatory crackdown is part of a broader effort by authorities to enforce stricter compliance measures in South Korea’s crypto sector. The recent penalties follow months of increased scrutiny on Upbit.

The South Korean government launched an antitrust investigation into Upbit five months ago. Authorities examined whether the exchange had engaged in monopolistic practices. Furthermore, just a month ago, Upbit’s operations were temporarily suspended amid allegations of 700,000 KYC (Know Your Customer) violations.

This was a continuation of concerns raised three months before that. As BeInCrypto reported, South Korea’s financial regulator flagged Upbit for 600,000 potential KYC violations, prompting further regulatory action.

As Upbit navigates this period of regulatory scrutiny, South Korea is tightening its regulatory grip. The country plans to introduce the second part of its crypto regulatory framework in H2 2025.

These adjustments come as the country’s populace comprises a notable number of crypto market participants. Specifically, as of November, over 30% of South Korea’s population invested in crypto.

While Upbit now faces intensified scrutiny, the company has also taken steps to comply with changing regulations. Seven months ago, it became the first exchange in South Korea to issue a public disclosure under the newly implemented Virtual Asset User Protection Act.

This move was seen as a proactive step in aligning with the country’s new regulatory framework and improving transparency within the cryptocurrency industry.

Despite these regulatory challenges, Upbit has historically maintained a strong position in the market. Two years ago, it outperformed major global exchanges such as Coinbase and OKX, leading in trading volumes among Korean exchanges while its US rivals struggled. This dominance reflects the platform’s significant user base and influence within the cryptocurrency industry.

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