- Popular Coins on CEX
Top 10 CEX Trading Volumes and 24-Hour Price Changes:
- BNB: +0.62%
- BTC: -0.12%
- ETH: +1.92%
- SOL: +0.69%
- CITY: +2.46%
- ALCX: -1.10%
- PORTO: +1.44%
- Binance Life: +3.86%
- LAZIO: +1.12%
- QUICK: +2.61%
24-Hour Price Increase Rankings (Data Source: OKX):
- AXS: +12.25%
- G: +10.89%
- CFG: +9.63%
- ZRO: +8.62%
- SPACE: +8.44%
- ALLO: +7.51%
- BARD: +6.66%
- YB: +5.62%
- RON: +5.53%
- XPL: +5.43%
24-Hour Stock Price Increase Rankings (Data Source: msx.com):
- PSTG: +10.44%
- RMBS: +9.17%
- GLW: +8.31%
- BTCS: +6.94%
- BTOG: +6.07%
- NVO: +4.76%
- VERB: +4.18%
- ICG: +4.17%
- NTAP: +3.77%
- SUIG: +3.65%
- Popular On-Chain Memes (Data Source: GMGN):
- Gentlemen
- WhiteWhale
- USELESS
- WAR
- Buttcoin
Headlines
U.S. Treasury Secretary Scott Bessent suggested that the nomination hearing for Kevin Warsh as Federal Reserve Chairman should coincide with the investigation of current Chairman Jerome Powell. Republican Senator Thom Tillis previously stated that he plans to delay the selection process for the next Federal Reserve Chairman until the Department of Justice concludes its investigation of Jerome Powell. Although Thom Tillis supports Kevin Warsh for the position, as a member of the Senate Banking Committee, he has repeatedly stated that he will block the nomination until the Department of Justice uncovers the truth to maintain the independence of the Federal Reserve.
Tencent Finance: A Fund in Hong Kong Started Bottom-Fishing on February 6
In the past week, Bitcoin experienced its largest single-week decline in three years. February 5 became an unexpected day for cryptocurrency market investors: Bitcoin dropped 13% that day, marking the largest single-day decline since June 2022, and briefly fell below $61,000 in the early hours of February 6. During this sharp correction, veteran in the crypto space, Yi Lihua, "liquidated" 400,000 Ethereum within a week, incurring a loss of $700 million, becoming the top "whale" ruthlessly hunted in this round of crash. However, some bottom-fishing funds have already begun to act, with a fund in Hong Kong starting to bottom-fish on February 6, though the specific scale is currently unknown. Some more optimistic individuals believe that this round of winter may end faster than before. Currently, apart from Yi Lihua, no top wealthy individuals or leading companies have gone bankrupt or faced crises, nor have any institutions been accused of violations, which has previously triggered trust crises among investors during past market collapses.
Strategy and Bitmine Companies' Total Unrealized Losses Reach $12.671 Billion
According to on-chain analyst Yu Jin's monitoring, during last week's sharp decline, the largest treasury companies for Bitcoin and Ethereum did not increase their purchasing efforts, and the amount purchased was not significant. Currently, the total unrealized losses for the two companies have reached $12.671 billion:
Bitcoin treasury company Strategy (MSTR) purchased 1,142 BTC (approximately $90 million) last week at around $78,815, now holding a total of 714,644 BTC (approximately $54.353 billion), with an average cost of $76,056, resulting in an unrealized loss of $4.971 billion.
Ethereum treasury company Bitmine (BMNR) purchased 40,613 ETH (approximately $84.15 million) last week at around $2,072, now holding a total of 4,325,738 ETH (approximately $8.824 billion), with an average cost of $3,820, resulting in an unrealized loss of $7.7 billion.
Morgan Stanley Analyst: Two Mining Companies Expected to Rise Over 150% Within a Year
Morgan Stanley analyst Stephen Byrd stated that despite Bitcoin's price dropping 44% since October, Bitcoin mining companies have been revitalized as AI data centers. Stephen Byrd initiated coverage on Terawulf and Cipher Mining on Monday, expecting their stock prices to rise by 159% and 158%, respectively. He pointed out that the core asset of mining companies is access to electricity, and AI companies are willing to pay a premium for electricity, with the economic benefits of AI business surpassing those of cryptocurrency mining. Currently, Terawulf has signed a 510 MW power agreement with Google, and Cipher Mining has also reached similar collaborations with companies like Amazon. Additionally, Stephen Byrd gave MARA Holdings a low allocation rating, believing its AI strategy is not focused enough.
Analysis: Three Structural Factors Amplify Bitcoin's Recent Decline
Bitcoin has recently experienced severe sell-offs, retreating over 50% from its historical high of approximately $126,200 in October 2025. Analysts believe three structural factors have amplified this round of decline:
Some viewpoints suggest that Asian funds may have triggered this round of sell-off by borrowing low-cost yen and establishing high-leverage long positions in Bitcoin ETF-related options and crypto assets. When Bitcoin stopped rising and financing costs increased, this triggered margin calls and passive selling, exacerbating the market's decline;
Some banks may have been forced to sell assets to hedge against the risks of Bitcoin structured products, creating a "negative Gamma" effect that amplifies downward momentum;
Some mining companies are shifting towards AI data center businesses while selling Bitcoin assets, leading to structural changes in the Bitcoin mining industry.
Industry News
Bitmine Purchases Another 20,000 ETH from FalconX, Worth $41.07 Million
According to Arkham data, Bitmine purchased another 20,000 ETH from FalconX about 7 hours ago, worth $41.07 million.
Polymarket Reports 44% Probability for "U.S. and Iran Reach Nuclear Agreement Before 2027"
Polymarket website data shows that the probability of the event "U.S. and Iran reach a nuclear agreement before 2027" is currently reported at 44%. Previously, the probability of this event had risen to 57% but has now slightly decreased.
The Iran nuclear agreement refers to the agreement reached between Iran and the U.S., U.K., France, and other countries with the support of the United Nations, where Iran limits the development of its nuclear program in exchange for the gradual lifting of economic and financial sanctions by all parties. On May 8, 2018, U.S. President Trump announced the U.S. withdrawal from the Iran nuclear agreement at the White House.
U.S. January New York Fed 1-Year Inflation Expectation at 3.09%, Previous Value 3.42%
The U.S. January New York Fed 1-year inflation expectation is at 3.09%, down from the previous value of 3.42%. The 3-year inflation expectation for January remains unchanged at 3%, and the 5-year inflation expectation also remains unchanged at 3%.
Tether's Gold Reserves Exceed $23 Billion, Ranking Among the Top 30 Holders Globally
Wall Street investment bank Jefferies released a report stating that stablecoin issuer Tether has been continuously increasing its gold holdings. As of January 31, its gold reserves have grown to approximately 148 tons, valued at about $23 billion at current prices, surpassing several sovereign nations and ranking among the top 30 gold holders globally.
The report shows that Tether increased its gold holdings by about 26 tons in the fourth quarter of 2025 and continued to increase by about 6 tons in January this year, with its quarterly gold purchases only second to a few national central banks like Poland and Brazil. Currently, its gold reserves exceed those of countries like Australia, the UAE, Qatar, South Korea, and Greece.
Jefferies pointed out that the aforementioned gold is mainly used to support the U.S. dollar stablecoin USDT and the gold-backed token XAUT. Since Tether is a non-public company, its disclosed data may only represent the minimum level, and the actual gold holdings may be higher than the published figures. Tether CEO Paolo Ardoino previously stated that the company plans to allocate about 10%-15% of its portfolio to physical gold.
Nasdaq-listed blockchain and trading technology solutions provider Metalpha Technology Holding Limited announced that its board has approved a Bitcoin purchase plan, allocating up to 20% of the company's annual net profit for purchases. It is reported that an initial allocation of $3.2 million has been made, and a purchase of $1 million in BTC was completed on February 9.
Project News
ETHZilla Launches Aviation Engine Cash Flow RWA Token
Nasdaq-listed company ETHZilla (ETHZ) announced that it will launch the Eurus Aero Token I this week, which will tokenize the monthly cash flow generated from leasing aviation engines, providing investors with on-chain yield exposure.
The token is issued by the subsidiary ETHZilla Aerospace, with the underlying assets being two commercial aircraft engines leased to a "leading U.S. airline." Token holders will receive monthly cash flow distributions from the underlying rent and usage fees through ERC-20 tokens.
ETHZilla is supported by Peter Thiel's Founders Fund and is known for its Ethereum reserve strategy, but has gradually shifted towards the tokenization of real-world assets (RWA) since last year. Previously, the company completed an asset tokenization experiment involving 95 housing loans.
As the blockchain industry accelerates the push to bring traditional assets on-chain, RWA is seen as one of the fastest-growing sectors. Ark Invest predicts that the scale of tokenized assets could reach $11 trillion by 2030, while the current market size is approximately $22 billion.
MegaETH Mainnet Launches and Ecosystem Frontend The Rabbithole Introduced
MegaETH announced on the X platform that its mainnet is fully launched, along with the introduction of its ecosystem frontend The Rabbithole, which includes features to help users discover running and upcoming applications, bridge and swap assets, and receive notifications about ecosystem events.
TON Foundation Launches TON Pay, Aims to Make Telegram a Crypto Payment Settlement Layer
The Open Network Foundation announced the launch of the payment software development tool TON Pay, aimed at enabling crypto assets to be used for everyday consumption scenarios within the Telegram ecosystem. TON Pay is positioned as a wallet-agnostic payment layer, allowing merchants and Mini App developers to accept crypto payments directly within Telegram.
TON Foundation's Vice President of Payment Business, Nikola Plecas, stated that TON Pay can be integrated through a single SDK, supporting multiple tokens including Toncoin and USDT, with the goal of achieving sub-second transaction confirmations and average fees below 1 cent. The system will initially operate within Telegram Mini Apps, with plans to expand to the web and other platforms, gradually supporting subscription payments, gasless transactions, and localized fiat withdrawal services.
Farcaster Founder Dan Romero Joins Stablecoin Blockchain Project Tempo
Farcaster founder Dan Romero announced on the X platform that he has joined the stablecoin blockchain project Tempo, which has previously received support from Stripe and Paradigm.
Backpack Releases Token Distribution Plan: TGE Will Release 25% of Tokens
Backpack announced its token distribution plan, with a total token supply of 1 billion, and a pre-IPO total supply of 625 million (62.5%), divided into three phases. The TGE will release 25% of the token supply, totaling 250 million tokens, of which 240 million (24%) will be allocated to point holders, and 10 million (1%) will be allocated to Mad Lads holders.
The second phase of token distribution will occur before the IPO, accounting for 37.5%, or 375 million tokens, which will be released gradually based on key milestone achievements as "growth-triggered unlocks." The third phase will occur after the IPO, also accounting for 37.5%, with these tokens being held in the company's inventory, locked for one year post-IPO.
Investment and Financing
Jump Trading Plans to Acquire Polymarket Equity in Exchange for Providing Liquidity
According to market news, Jump Trading plans to acquire equity in Polymarket in exchange for providing liquidity.
After Investing $200 Million in BitMine, MrBeast Acquires Youth-Focused Banking App Step
Beast Industries announced that it has acquired the mobile banking app Step, aimed at teenagers and young adults, to advance its presence in the financial services sector. Step currently has over 7 million users and has raised approximately $500 million from investors including Stephen Curry and Justin Timberlake. Beast Industries CEO Jeff Housenbold stated that this acquisition will leverage technology-driven solutions to enhance the financial health of its audience. Previously, Ethereum treasury company BitMine Immersion Technologies invested $200 million in Beast Industries in January, and both parties are exploring the integration of DeFi features into the financial platform. Additionally, Beast Holdings filed a trademark application for MrBeast Financial in October, covering cryptocurrency trading and payment processing.
Backpack Plans to Raise $50 Million at a $1 Billion Valuation
Insiders revealed that Backpack is negotiating terms for a new round of financing of $50 million, with a valuation of $1 billion.
Privacy Stablecoin Project Zoth Completes Strategic Financing, CEO of Pudgy Penguins Participates
Privacy stablecoin project Zoth announced the completion of a new round of strategic financing, with specific amounts not disclosed. Taisu Ventures led the round, with participation from Luca Netz, CEO and owner of the NFT project Pudgy Penguins, and JLabs Digital. The new funds will support the construction of stablecoin infrastructure based on a "privacy-first" framework.
Regulatory Trends
Federal Reserve Governor Christopher Waller stated that the Federal Reserve plans to launch a so-called "skinny master account" by the end of this year, providing limited access to the payment system for certain institutions amid the slow progress of broader regulatory rules for the crypto market.
Waller pointed out at an event hosted by the Global Interdependence Center that traditional master accounts allow financial institutions to directly access the Federal Reserve payment system, while the "skinny" version will have several restrictions, including no interest on account balances and no financing through the discount window. The public comment period for the related proposal has ended, and there are still disagreements between the banking industry and the crypto sector regarding whether non-traditional financial institutions should access the U.S. payment system.
He also mentioned that as the crypto market prices have corrected, the "excitement" brought by Trump's presidency last year is fading. Waller stated that the volatility of crypto assets remains high, and the fluctuations themselves are a characteristic of this market.
At the legislative level in Washington, the overall regulatory framework for the crypto industry still faces resistance, with several related bills progressing slowly.
According to the Wall Street Journal, the White House is at an impasse with Congress over a housing proposal from Trump that aims to ban Wall Street investors from purchasing single-family homes. Trump administration officials have pressured Republicans in recent weeks to include this investor ban as an amendment to the "21st Century Housing Act," which is currently advancing in both chambers, but lawmakers in both chambers have resisted including the ban in the bill. Any such amendment could undermine the "21st Century Housing Act" and the bipartisan housing legislation process that has been in the works for months. The bills in Congress focus on stimulating housing supply, but Trump has reservations about expanding supply, as his housing proposal this year focuses more on stimulating demand. However, key Republican lawmakers are currently not inclined to do so. House Financial Services Committee Chairman Rep. Hill rejected the White House's request to add the related amendment to the "21st Century Housing Act." Republicans on the Financial Services Committee also generally express skepticism about the investor ban proposal, viewing it as contrary to free market principles and property rights.
U.S. Commerce Secretary Raimondo Involved in Epstein Documents, Faces Bipartisan Pressure to Resign
U.S. Commerce Secretary Raimondo is facing calls for resignation from both parties after appearing in a recent batch of documents related to Epstein. California Democratic Senator Schiff accused Raimondo on Monday in a statement of "lying" about the depth of her relationship with Epstein. Raimondo had previously attempted to downplay their connection, stating last year that she vowed never to be in the same room as Epstein again after 2005. However, documents recently released by the Department of Justice show that Raimondo continued to have contact with Epstein afterward. Schiff stated, "Raimondo should resign immediately." Several Democrats, including senior member of the House Oversight Committee Robert Garcia, have also called for Raimondo to step down. James Comer, the Republican chairman of the House Oversight Committee leading the Epstein investigation, has not ruled out the possibility of issuing a subpoena to Raimondo but stated that the committee will prioritize outstanding subpoenas for now.
Voices
The ETF Store President: Spot Ethereum ETF Buyers Have an Average Cost Basis of $3,500
The ETF Store President Nate Geraci stated on the X platform that spot Ethereum ETF buyers have paid an average of $3,500 per token. The current price of Ethereum is $2,100, reflecting a lackluster performance over the past six months.
SBF Criticizes U.S. "Political Lawfare," Claims FTX Remained Solvent
FTX founder Sam Bankman-Fried (SBF) posted on the X platform that there is a phenomenon of "political lawfare" in the U.S., stating that the relevant enforcement logic is "not to give the defendant a chance to present evidence." He claimed that the Biden administration's justice system has launched "baseless charges" against him and former President Trump, restricting his ability to respond publicly. SBF mentioned the case involving Trump's financial records, stating that the related expenses often have accounting classification disputes within companies, yet the prosecution still brought multiple charges based on this. He also noted that he faced a gag order and pretrial detention in his own case, while FTX has remained solvent.
SBF further stated that he believes he has been targeted due to his opposition to U.S. crypto regulatory policies and changes in political donation stances. However, these claims are his personal views and have not been confirmed by judicial authorities, and he is currently lobbying for a pardon.
He Yi: The Day FUD Stops is the Day the Market Rises
He Yi posted on the X platform that recent community users have created a large amount of AI short drama content based on the plot of "Six Major Sects Attacking the Bright Summit" using her likeness. She joked that if this plot continues to be performed, "the day FUD stops is the day the market rises," and stated that such creations can bring entertainment experiences to the community.
At the same time, He Yi announced the launch of a themed AI self-produced short drama competition titled "Six Major Sects Attacking the Bright Summit," with participating works to receive corresponding BNB rewards based on rankings. The submission methods and subsequent arrangements for related works will be announced by Binance's Chinese official account.
Backpack CEO Armani Ferrante stated on the X platform that the core principle of Backpack's token economic model is to avoid "insiders dumping on retail investors." In design, founders, executives, employees, and venture capitalists should not gain wealth returns through tokens before the product achieves key growth milestones. Backpack currently defines "achieving escape velocity" as reaching its U.S. IPO goal, which may happen quickly, slowly, or may not happen at all, but it will still serve as a long-term strategic direction. In terms of growth strategy, Backpack Exchange currently covers about 48% of the global market, and the company chooses to gradually open regional markets with compliance as a priority, including building global banking channels, U.S. dollar customer fund accounts, localized euro and yen funding systems, and expanding capabilities in securities and traditional financial products, aiming to serve both retail users and compliant institutional clients.
Regarding the token distribution mechanism, Backpack stated that circulating tokens will primarily be allocated to users and tied to key product and market expansion milestones, such as opening new regions and launching new products, to drive user growth and ecosystem expansion. The company emphasized that the growth value brought by newly released tokens must continuously exceed the potential dilution impact. Additionally, Backpack stated that it has not directly allocated tokens to the team or investors, and the team's related shares will be stored in the company's corporate treasury, locked for at least one year post-IPO. The team primarily achieves long-term incentives through holding company equity, and the company holds a significant proportion of the token supply, with a long-term goal of building a comprehensive financial platform that integrates crypto and traditional finance globally.
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