EMJ Capital Founder: Long-term Capital Will Take Over Bitcoin's Baton, Current Round of Selling Pressure Mainly Comes from ETF Allocators Exiting
Feb. 24 — Eric Jackson, founder of EMJ Capital, noted that Bitcoin is undergoing a "purification" process despite continuing outflows from institutional funds. Short-term speculators are being steadily flushed out, giving way to long-term capital holders—including sovereign wealth funds, corporate treasuries, and pension funds—with multi-decade holding horizons.
Jackson also noted Bitcoin has become a "high-beta asset" correlated with tech stocks. Current selling pressure is driven largely by ETF allocators exiting positions. Yet this isn’t the end of Bitcoin’s narrative—it’s a restructuring of its holder base. He expects Bitcoin will regain upward momentum once stablecoin supply rebounds and selling pressure from IGV subsides.
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A whale has deposited 7.35 million U into Hyperliquid to go long on Nvidia and SanDisk
On February 24th, LookOnChain monitoring data shows that whale wallet 0xcd6b deposited 7.35 million USDC into Hyperliquid to take long positions on NVDA and SNDK stocks.
Currently, their holdings include a long position of 61,951 xyz:NVDA shares (valued at $11.94 million) and a long position of 2,920 xyz:SNDK shares (valued at $2 million). Additionally, there’s an open limit buy order for 40,778 xyz:NVDA shares (worth $4.53 million) awaiting execution.
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Binance: Users with at least 256 GUA Power are eligible to claim the second round of the GUA airdrop
Per official sources, on February 24, users holding at least 256 Binance Alpha Points are eligible to claim the Binance Alpha Round 2 SUPERFORTUNE (GUA) airdrop.
200 GUA tokens can be claimed via the Alpha event page. If rewards aren’t fully distributed, the points threshold will drop by 5 points automatically every 5 minutes.
Claiming the airdrop requires 15 Binance Alpha Points. Users must confirm their claim on the Alpha event page within 24 hours; otherwise, the airdrop will be considered waived.
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Wintermute: The level ETH truly needs to pay attention to is around $1600, institutional demand has not returned yet
Wintermute posted a market update on social media on February 24, noting that BTC has tried (and failed) to push above $70k several times since the cascading liquidation two weeks ago. The lack of a solid rebound attempt matters more than the sideways trading itself. Price action’s choppy, liquidity’s thin, the range is tightening, and there’s no clear directional conviction.
ETH dropped below $1900 this week—a level that’s more psychologically meaningful than technically critical, with the real line in the sand for ETH around $1600.
Even though prices have stabilized, institutional demand hasn’t come back— a stark contrast to the $85k-$95k range we saw earlier. The derivatives market shows little directional bias or trading interest: basis is at multi-month lows, put option skew is elevated and climbing, and open interest has been falling steadily since October.
On the exchange side, fund flows lean heavily toward selling. That said, a curious signal popped up midweek: high-n
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Bitcoin Treasury Company Empery Digital Shareholders Call for CEO to Resign and Liquidate All Bitcoin
**Empery Digital Inc. Shareholder Urges CEO Resignation, Board Replacement, Bitcoin Sale**
On February 24, Tice P. Brown—Empery Digital Inc.’s 9% shareholder—sent a letter to the company’s board urging CEO Ryan Lane to resign immediately, the entire board to be replaced, and all Bitcoin holdings to be sold without delay.
Brown stated that Empery Digital management privately approached him with an offer to repurchase all his shares at 100% of net asset value (NAV)—a significant premium to the current market valuation—on the condition he sign a standstill agreement. The offer was presented via a call with a buyback broker on February 18 and confirmed in writing on February 23; Brown rejected it.
“This proposal is especially offensive at a time when a small number of shareholders clearly need to redeem their funds urgently,” Brown said. “For months, shareholders have been selling their shares back to the company’s buyback program at a steep discount to immediate liquidation value
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A whale has once again increased its position, accumulating a long position of 120,000 ETH, and is currently facing an unrealized loss of $20.59 million.
On February 24, on-chain analyst Ai Yi (@ai_9684xtpa) reported that the bulls who’d accumulated 105,000 ETH in long positions have added to their holdings again, now sitting on a floating loss exceeding $20.592 million.
Currently, two addresses hold a combined 120,000 ETH in long positions, valued at $219 million. Their entry prices are $1,991.53 and $2,012.11, respectively, with liquidation prices at $1,362.75 and $1,350.22. They’ve also paid a total of $472,000 in funding fees.
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