Coindesk

The total hashrate of the U.S.-listed bitcoin (BTC) miners tracked by JPMorgan (JPM) has almost doubled from a year ago and now accounts for about 29% of the global network, the bank said in a report on Tuesday.

The combined hashrate of the 14 companies “has increased ~95% y/y to 244 EH/s, versus a 45% increase in the network hashrate,” analysts Reginald Smith and Charles Pearce wrote.

The network hashrate is a proxy for competition in the industry and mining difficulty. The Bitcoin network hashrate has risen about 6% so far this month, and has climbed 45% in the last 12 months, the report said.

“Average bitcoin price also declined modestly from January, pressuring mining economics,” the authors wrote.

The hashprice, a measure of daily mining profitability, dropped 13% from the end of January, as the hashrate rose and the bitcoin price fell, JPMorgan said.

The bank estimated that miners earned around $53,600 in daily block rewards this month, 6% lower than in January.

The total market cap of the bitcoin mining stocks in the bank’s coverage was 1% lower than the month previous, the report added.

IREN (IREN) outperformed in the first two weeks of February with a 27% gain, the bank noted. Greenidge Generation (GREE) underperformed with a 20% drop.

In a Monday report, broker Bernstein said U.S. bitcoin mining stocks were increasing their share of the network hashrate.

Read more: U.S.-Listed Bitcoin Miners Are Growing Their Share of the Network Hashrate: Bernstein

Trading platform Robinhood (HOOD) plans to introduce crypto products in Singapore this year pending the completion of its purchase of crypto exchange Bitstamp, Bloomberg reported on Tuesday.

Robinhood agreed to buy Bitstamp in June and the $200 million acquisition is expected to close in the first half of the year. The launch of Robinhood’s crypto products in the region should follow shortly after the deal closes, Johann Kerbrat, vice president and general manager of Robinhood Crypto, told Bloomberg in an interview.

“Part of the reason why Bitstamp was attractive was because of their licenses with Singapore, in addition to its institutional business,” Kerbrat said.

Bitstamp secured an in-principle license from the Monetary Authority of Singapore last year. The license paves the way for the company to obtain a Major Payment Institution license and provide digital token services in the country, Bitstamp said at the time in a statement.

At a meeting in 2024, Robinhood CEO Vlad Tenev said the company would expand into Asia this year and Singapore would be its base in the region.

Neither Robinhood nor Bitstamp responded to a request for comment before publication.

By Francisco Rodrigues (All times ET unless indicated otherwise)

While bitcoin (BTC) is little changed over the past 24 hours, down just 0.7%, the broader market is in a bearish mood following the Libra token debacle, which has led to accusations of fraud and calls for the impeachment of Argentina’s President Javier Milei.

The CoinDesk 20 Index is down around 2.3% over the past day, and the near- to medium-term market movement probably hinges on how the U.S.-Russia negotiations in Riyadh go. The talks are focusing not only on ending the conflict in Ukraine, but also on “normalization” of ties between the countries.

An additional layer of uncertainty comes from FTX Digital Markets, the Bahamas-based subsidiary of FTX, which starts repaying creditors today. In total, FTX’s repayment program will be around $16 billion.

The liquidity injection will come in the form of stablecoins. First up are creditors with claims under $50,000, who will receive roughly 119% of their adjudicated claim value, with 9% annual interest accrued since November 2022.

The effect the repayments will have is unclear. While some analysts say the amount being repaid now is “too small to move the needle,” others suggest that FTX’s historic interest in the Solana ecosystem means some of these funds will flow toward it.

Investors have recently turned their attention to ether. U.S.-listed spot ETFs offering exposure to the second-largest cryptocurrency by market capitalization are seeing a cumulative net inflow of $393 million this month. That compares with a net outflow of $376 million for spot bitcoin ETFs.

These inflows come ahead of Ethereum’s Pectra upgrade entering its testing phase on the Holesky testnet. Pectra should bring a number of improvements to scalability and security and will let users pay for gas fees with tokens other than ether.

Elsewhere, individual investors are bearish amid trade-war threats, reduced interest-rate cut expectations, and consistent inflationary surprises. A survey from the American Association of Individual Investors found that bearishness among investors is at a two-year high, the Wall Street Journal reports.

This pessimism, however, is often a contrarian indicator. Institutional investors’ risk appetite has also dropped this month over the potential effects of a potential trade war amid the lowering odds of a Fed rate cut. Stay alert!

What to Watch

Crypto:

Feb. 18, 10:00 a.m.: FTX Digital Markets, the Bahamas-based subsidiary of FTX, will start reimbursing creditors.

Feb. 19: High-performance blockchain Monad’s public testnet starts up.

Feb. 19, 11:00 a.m.: The first official State of Sei (SEI) livestream.

Feb. 19, 1:00 p.m.: Hedera (HBAR) mainnet upgrade to v0.58.

Feb. 21: TON (The Open Network) becomes the exclusive blockchain infrastructure for messaging platform Telegram’s Mini App ecosystem.

Feb. 24: At epoch 115968, testing of Ethereum’s Pecta upgrade on the Holesky testnet starts.

Macro

Feb. 18, 10:20 a.m.: San Francisco Fed President and CEO Mary C. Daly delivers a speech in Phoenix. Livestream link.

Feb. 18, 1:00 p.m.: The Fed’s Michael S. Barr took, vice chair for supervision, gives a speech titled “Artificial Intelligence in the Economy and Financial Stability” in New York. Livestream link.

Feb. 19, 2:00 p.m.: The Fed releases minutes of the Jan. 28-29 FOMC Meeting.

Earnings

Feb. 18: CoinShares International (CS), pre-market

Feb. 18: Semler Scientific (SMLR), post-market

Feb. 20: Block (XYZ), post-market, $0.88

Feb. 24: Riot Platforms (RIOT), post-market, $-0.18

Feb. 25: ​​Bitdeer Technologies Group (BTDR), pre-market, $-0.53

Feb. 25: Cipher Mining (CIFR), pre-market, $-0.09

Feb. 26: MARA Holdings (MARA), post-market, $-0.13

Token Events

Governance

Compound DAO is discussing evolving Compound Sandbox into Compound V4 to introduce streamlined governance, dynamic market parameters, enhance the liquidation mechanism, and improve cross-chain reward distribution.

Aave DAO is discussing expanding the AAVE governance token integration on the platform by adding AAVE collateral option to Base.

Uniswap DAO is discussing funding liquidity incentives for Uniswap V4 on the Unichain network to attract liquidity providers and traders to the protocol.

Unlocks

Feb. 21: Fast Token (FTN) to unlock 4.66% of circulating supply worth $78.6 million.

Feb. 28: Optimism (OP) to unlock 1.92% of circulating supply worth $34.23 million.

Token Launches

Feb. 18: Ethena (ENA) to be listed on Arkham.

Feb. 18: Ronin (RON) to be listed on KuCoin

Conferences:

CoinDesk’s Consensus to take place in Hong Kong on Feb. 18-20 and in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes.

Day 1 of 3: Consensus Hong Kong

Feb. 23-March 2: ETHDenver 2025 (Denver)

Feb. 24: RWA London Summit 2025

Feb. 25: HederaCon 2025 (Denver)

March 2-3: Crypto Expo Europe (Bucharest, Romania)

March 8: Bitcoin Alive (Sydney, Australia)

Token Talk

By Francisco Rodrigues

Donald Trump supporters are set to receive around $50 worth of the official TRUMP tokens if they bought merchandise from the websites associated with the U.S. president.

The token was unveiled just days before Trump took office and have lost more than 70% of their value since then.

Solana-based decentralized exchange Jupiter has started accumulating USDC using 50% of the collected protocol fees to buy back JUP tokens. The buybacks haven’t yet started.

JUP’s price is down more than 12% over the last 24 hours over the protocol’s apparent involvement in the LIBRA cryptocurrency debacle.

Derivatives Positioning

SOL’s price may continue to fall, seeing that perpetual futures open interest has risen by 5% in the past 24 hours, accompanied by a negative cumulative volume delta (CVD). This combination indicates net selling pressure in the market.

The CVD for most major tokens is negative, indicating a bearish sentiment.

BTC and ETH front-dated or short-term puts continue to be pricier than calls on Deribit. The sentiment is bullish after February expiry.

Block flows featured an April expiry bitcoin bull put spread, involving strikes $85K and $100K and outright longs in puts at $94K and $90K strikes. Ether bull call spreads crossed the tape as well.

Market Movements:

BTC is down 0.69% from 4 p.m. ET Monday to $95,802.76 (24hrs: -0.57%)

ETH is down 2.88% at $2,698.31 (24hrs: -1.89%)

CoinDesk 20 is down 2.23% to 3,161.95 (24hrs: -3.03%)

Ether CESR Composite Staking Rate is up 27 bps to 3.18%

BTC funding rate is at 0.0078% (8.5541% annualized) on Binance

DXY is up 0.36% at 106.94

Gold is up 0.97% at $2,922.9/oz

Silver is up 0.70% to $32.99/oz

Nikkei 225 closed 0.25% at 39,270.4

Hang Seng closed +1.59% at 22,976.81

FTSE is up 0.18% at 8,783.43

Euro Stoxx 50 is unchanged at 5,520.7

DJIA closed Friday -0.37% at 44,546.08

S&P 500 closed unchanged at 6,114.63

Nasdaq closed +0.41% at 20,026.77

S&P/TSX Composite Index closed -0.84% at 25,483.2

S&P 40 Latin America closed +2.12% at 2,490.30

U.S. 10-year Treasury rate was up 3 bps at 4.51%

E-mini S&P 500 futures are up 0.1% to 6,151.5

E-mini Nasdaq-100 futures are up 0.21% at 22,282

E-mini Dow Jones Industrial Average Index futures are down 0.15% to 44,676

Bitcoin Stats:

BTC Dominance: 61.17 (0.85%)

Ethereum to bitcoin ratio: 0.02813 (-1.71%)

Hashrate (seven-day moving average): 790 EH/s

Hashprice (spot): $53.47

Total Fees: 6.93 BTC / $663,706

CME Futures Open Interest: 174,200 BTC

BTC priced in gold: 32.8 oz

BTC vs gold market cap: 9.31%

Technical Analysis

The chart shows the market dominance of Tether’s USDT, the largest dollar-pegged stablecoin.

Its dominance rate seems to have bounced off the March 2024 low, teasing a bullish double bottom pattern.

In other words, USDT could become more dominant, which usually happens during market-wide price corrections.

Crypto Equities

MicroStrategy (MSTR): closed on Friday at $337.73 (+3.94%), down 0.6% at $335.76 in pre-market.

Coinbase Global (COIN): closed at $274.31 (-7.98%)

Galaxy Digital Holdings (GLXY): closed at C$27.65 (-2.54%)

MARA Holdings (MARA): closed at $16.90 (-0.06%)

Riot Platforms (RIOT): closed at $12.27 (+0.33%)

Core Scientific (CORZ): closed at $12.51 (-0.24%)

CleanSpark (CLSK): closed at $10.50 (-1.59%)

CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $23.40 (+0.52%)

Semler Scientific (SMLR): closed at $49.67 (+0.44%)

Exodus Movement (EXOD): closed at $50.00 (unchanged)

ETF Flows

The data below is as of Feb. 14. U.S. markets were closed on Feb. 17.

Spot BTC ETFs:

Daily net flow: $70.6 million

Cumulative net flows: $40.12 billion

Total BTC holdings ~ 1.180 million.

Spot ETH ETFs

Daily net flow: $11.7 million

Cumulative net flows: $3.15 billion

Total ETH holdings ~ 3.791 million.

Source: Farside Investors

Overnight Flows

Chart of the Day

While bitcoin remains listless below $100,000, Wall Street’s tech-heavy Nasdaq 100 has jumped close to record highs.

If BTC’s historical positive correlation with the tech stock is any guide, BTC could soon pick up a strong bid.

While You Were Sleeping

Bitcoin Is Coiled Like a Spring, a Breakout of This Range Is Coming: Van Straten (CoinDesk): Bitcoin has traded in the $91K–$109K range since late November. According to Glassnode, BTC’s 2-week realized volatility has fallen to just 32% on an annual basis.

Ether ETFs Register $393M in Inflows This Month as Crypto Investors Turn Their Back on Bitcoin (CoinDesk): Data on U.S. spot ETFs shows investors pivoting their attention to ether from bitcoin. Analysts say they expect ETH to rise as Ethereum’s Pectra upgrade draws closer.

Milei Denies Wrongdoing in His First Defense of Crypto Debacle (Bloomberg): Argentina’s President Javier Milei defended his promotion of a memecoin called libra — which spiked before crashing — as an effort to support economic growth.

Investors Haven’t Been This Pessimistic About Stocks Since 2023 (The Wall Street Journal): A survey shows 47.3% of U.S. investors expect stock price declines over six months — the most bearish sentiment since November — amid trade war and inflation concerns.

U.S. and Russia Meet for Talks on Ukraine War (Reuters): On Tuesday, Russia’s Foreign Minister Sergei Lavrov met U.S. Secretary of State Marco Rubio in Saudi Arabia to discuss ending the war in Ukraine and restoring relations between the two superpowers.

Australia Cuts Interest Rates for First Time in More Than 4 Years (Financial Times): Australia’s central bank cut its cash rate by 0.25 percentage points to 4.10%, providing mortgage relief while signaling caution about future rate cuts amidst economic uncertainty.

In the Ether

The apparent LIBRA token rug pull is the the latest incident to negatively affect the Solana memecoin ecosystem, Galaxy Research said in a report on Monday.

The narrative had already began to sour following the TRUMP token’s introduction in January and the ensuing “liquidity suck” that it caused. LIBRA could lead to more damage to the memecoin complex, the report said.

This could reduce the need for investors to hold Solana’s sol (SOL), Galaxy said, noting that sol’s rise has been driven mainly by demand for SOL-denominated assets such as memecoins.

Galaxy noted that the cryptocurrency has plummeted in U.S. dollar terms and versus rival ether (ETH), since the launch of LIBRA. Solana was trading 8.6% lower over 24 hours at $168.73 at publication time.

Argentina’s President Javier Milei has faced impeachment threats after promoting LIBRA, which supposedly helps small businesses. The token surged to a market cap of around $4.5 billion before crashing 90%.

This is the “latest sordid episode” to emerge from Solana’s memecoin complex, which is “down significantly since topping in January on the launch of TRUMP and its brief rise to $75b fully diluted valuation (FDV),” wrote Alex Thorn, head of firmwide research at Galaxy.

Kelsier CEO Hayden Davis, who launched the LIBRA memecoin, said he was also responsible for issuing the MELANIA token, and that his team sniped both cryptos as soon as the contract addresses went live.

The token was “not a rug pull,” Davis insisted in an interview with crypto scam hunter Coffeezilla. “It’s just a plan gone miserably wrong with $100 million sitting in an account that I’m the custodian of.”

Read more: Creator of Controversial LIBRA Memecoin Introduced MELANIA, Says He Sniped Both Tokens

U.S.-based art collective Kanbas made the largest non-fungible token (NFT) purchase in three years last week, scooping up a 1-of-1 artwork by Sam Spratt for $3 million.

The artwork is called “X.Masquerade” and is the sixth chapter in the “Story of Luci.” It ties into into an upcoming invite-only event that allows supporters to participate in a game by purchasing a “Mask of Luci” for 2.56 ETH ($6,800).

“We’re proud to stand beside him [Sam Spratt] and help share Masquerade with the world. It is our way of honoring Sam’s trust, the monumental work he’s created, and—above all—the shared values that underpin it,” Kanbus posted on X

The purchase comes alongside a timely boost to the NFT sector following a marketing push from NFT platform OpenSea that includes a token airdrop. Trading volume hit $40 million over the past 24 hours, a 29% rise on the previous day according to CoinGecko.

However, the NFT market as a whole has failed to replicate the dizzying heights of previous cycles; activity is down and general sentiment is also waning as floor prices of collections like CryptoPunks and Bored Ape Yacht Club and are down by 71% and 91% respectively.

Much of the market’s plight is connected to this cycle’s $73 billion rise of memecoins, which retail investors appear to prefer due to minimal transaction fees, more liquidity and a lower barrier for entry.

But perhaps Kanbas’ $3 million purchase demonstrates a maturing of the NFT market away from speculative profile picture (PFP) collections and towards real art, the value of which lies in the adoration of a few as opposed to the attention of many.

The rapid growth of NFTs in 2022 was addictive; it captured millions of participants and racked up billions of dollars in weekly volume, but the market itself was unsustainable. When underlying assets used to purchase digital art began to tumble, NFT collectors attempted to cut losses by undercutting other sellers —creating a liquidity crunch and eventual cascade.

All speculative bubbles pop at some point, the majority of 2017 ICO tokens are no longer operational but the ones that still exist are worth billions. For NFTs it now seems less about the monetary value and ‘get rich quick’ aspect and more about the cultural and creative value of the art itself.

Kelsier CEO Hayden Davis, the brains behind the controversial LIBRA memecoin, said he also launched the MELANIA memecoin and that his team sniped both tokens as soon as the contract addresses went live.

LIBRA was released on Friday, sparking a now-deleted tweet of support from Argentina’s President Javier Milei saying it would support small and mid-sized businesses in the country. His backtracking on the project prompted a 95% plunge in the token’s value.

Sniping is when people use bots to buy memecoins seconds after the smart contract goes live. Wallets that snipe funds are often those that end up with the majority of profit.

The token was “not a rug pull,” Davis insisted in an interview with crypto scam hunter Coffeezilla. “It’s just a plan gone miserably wrong with $100 million sitting in an account that I’m the custodian of.”

Profit made from MELANIA liquidity

It turns out this isn’t Davis’ first rodeo. He also had a part in launching the MELANIA memecoin linked to U.S. First Lady Melania Trump.

“I’m happy to share the truth. You’re asking a question that’s going to put me in a lot of danger, but I’ll answer it,” Davis said when questioned about MELANIA. “I was part of it. I think the team did want to snipe it because how big the snipe was on Trump’s [memecoin]. We definitely weren’t the big sniper. There was no money made from the MELANIA team, we didn’t take any liquidity out, zero.”

Davis appeared to contradict himself shortly after being confronted with on-chain data: “We didn’t swap liquidity [but] I didn’t say there was no money sold. There’s a difference between swapping liquidity and selling liquidations.”

MELANIA is currently trading at a $625 million market cap after debuting at $2.1 billion on Jan. 20.

Refunds … for insiders

The controversy surrounding LIBRA continued as Davis sent Barstool Sports founder Dave Portnoy a $5 million a refund after Portnoy lost money on LIBRA.

In a conversation with Coffeezilla, Portnoy said that he knew about the project for weeks before the launch and that he purchased the tokens 10 minutes after Milei’s tweet.

That Portnoy knew LIBRA so early and that he received a refund afterwards raises the specter of insider trading. But Davis dismissed that idea.

“The idea of insiders is always bullshit because every memecoin I’ve ever known or invested in or been a part of, the people that benefit are the people that know … people that structure the deal.

“[It’s] similar to any other business in the world. So I think that’s a bit of bullshit and that’s just crypto people that are angry because there’s an unfair advantage.”

CoinDesk contacted Davis and Portnoy for comment, but had not heard back by publication time.

If you believed that ether’s (ETH) early-month price crash to $2,000 on some exchanges would drive investors away, think again. Activity in the U.S.-listed spot ETFs indicates that traders have strongly pivoted to ether from bitcoin (BTC).

This month, the nine ether spot exchange-traded funds (ETFs) listed in the U.S. have recorded a cumulative net inflow of $393 million, according to data from Farside Investors. This figure is also seven times larger than the inflows seen in January, as reported by Glassnode. Notably, these funds experienced outflows on only two trading days.

In contrast, the 11 bitcoin ETFs have faced a net outflow of $376 million this month. Sentiment has been so weak that these funds have recorded inflows on just four trading days.

The pivot to ETH is driven by carry trading, which involves purchasing spot ETFs and shorting ETH CME futures simultaneously. Plus, some of the inflows into ETFs could be outright bullish directional plays.

However, investors’ pivot to ether has not yet translated into higher prices for cryptocurrency.

ETH, which powers Ethereum’s smart contract blockchain, has primarily traded between $2,600 and $2,800 since the Feb. 3 crash. Bitcoin too has been locked in a narrow range below $100,000 amid volatile price action in memecoins.

Still, some observers expect ether price gains on the back of Ethereum’s impending Pectra upgrade, which is said to optimize both the execution and consensus layers of Ethereum and help it compete against rival Layer 1s such as Solana.

“ETH has a solid foundation for a resurgence. The Pectra upgrade, scheduled for April 8 for example, is bringing network improvements, faster transactions, and better staking mechanics,” Nick Forster, founder of the decentralized options platform Derive.xyz said in an email.

Forster explained that Ethereum founder Vitalik Buterin’s push for a 10x increase in the L1 gas limit points to improved application development and security. Further, the ETH Foundation’s recent $120 million allocation to DeFi projects is signaling a renewed focus on adoption and institutional interest through ETHrealize. Led by Vivek Raman, ETHrealize aims to integrate traditional financial institutions into the blockchain world.

“There’s now a 30% chance ETH will hit above $3K by the end of the quarter, up from 28% last week,” Forster added.

Cult loyalists of XRP and other tokens are rejoicing as the Elon Musk-fronted Department of Government Efficiency (D.O.G.E) apparently set eyes on the U.S. Securities and Exchange Commission (SEC) on Monday.

“DOGE is seeking help from the public,” a newly-created X account related to D.O.G.E said late Monday. “Please DM this account with insights on finding and fixing waste, fraud and abuse relating to the Securities and Exchange Commission.”

The post has spurred speculation among XRP holders who believe public pressure or findings from the initiative could reveal conflicts of interest or misconduct within the SEC — weakening the SEC’s position in their appeal against Ripple.

That could, in turn, bump up XRP prices on any developments deemed bullish for the token or how the SEC approaches crypto cases.

The SEC alleged Ripple Labs sold XRP in an unregistered securities offering in a widely-followed court case in 2020, which was resolved in Ripple’s favor in 2024. An appeal period, however, is ongoing and the case is not officially over yet, at least on paper.

D.O.G.E. is a temporary non-governmental agency headed by Musk to slash excess regulations, cut wasteful expenditures and restructure federal agencies. It is themed after dogecoin (DOGE), a memecoin project widely touted by Musk in the past few years.

The SEC is known in online crypto circles for its hard stance on local crypto companies and token issuers under the Biden administration, though this has started to shift as the crypto-friendly Donald Trump took office on Jan.20.

XRP prices are down 1.4% in the past 24 hours, beating a 2% slide in bitcoin (BTC) and a 2.5% drop in the broader market tracked by the CoinDesk 20 index.

Bitcoin (BTC) is known to be a volatile asset, but as of late, this is not the case; bitcoin has been trading in a very tight range since the end of November, between $91,000 and $109,000.

In other words, bitcoin’s volatility has compressed enormously. According to Glassnode data, the 2-week realized volatility, which provides of how turbulent the asset was in the past two weeks, measures volatility over the past two weeks annually, has dropped to an annualized 32%, one of the lowest levels in years. In addition, the options implied one-month volatility, which is the market’s expectation for volatility over four weeks, has slipped below annualized 50%, again one of the lowest levels in years.

To put into context how much bitcoin has been in this sideways consolidation, consider what analyst Checkmate calls is the “Choppiness Index”. The data shows that bitcoin, on a weekly time frame, based on its choppiness, is at its highest level since 2015, which shows how tight this trading range has been.

Volatility tends to mean-reverting, meaning an unusually stable market often paves the way for a big move in either direction and vice versa. The longer and tighter the consolidation, the violent the eventual volatility explosion.

To cut the long story short, the ongoing rangeplay, the most intense since 2015, could soon pave the way for wild price action. Bitcoin, at some point, will break out of this range; the question remains if it will go higher or lower.

Donald Trump supporters are getting rewarded with a few dollars worth of his official TRUMP token if they had purchased any of the merchandise from websites associated with the U.S. president.

Three TRUMP tokens, worth just over $50 at writing time, will be given to past buyers of Trump’s perfumes, sneakers, cards or watches per email address they used to conduct these purchases. The tokens can be claimed until Mar.1.

Trump-affiliated websites sell products branded around his image or catchphrases and tend to fetch high prices in the market. In July, the limited edition Trump-themed Bitcoin Sneakers were sold for around $500 a pair, with some listed for resale for as high as $2,500.

TRUMP is down 8% in the past 24 hours alongside a slide in the broader crypto market.

Trump’s official tokens were unveiled just days before he took office on Jan.20, becoming the first sitting president to be associated with a memecoin. The token ran from a few dollars at issuance to over $75 at its peak – commanding a $13 billion valuation.

But sell-offs, a generally falling crypto market and concerns around the distribution of TRUMP have weighted down prices in the past weeks, with it down more than 75% from highs.