1. Popular cryptocurrencies on CEXs
Top 10 CEX trading volumes and their 24-hour price changes:
- BTC: -3.75%
- ETH: -4.52%
- SOL: -5.57%
- BNB: -2.35%
- WLFI: +4.71%
- DOGE: -1.02%
- Binance Life: +11.7%
- MDT: -0.84%
- SENT: -6.4%
- UTK: +1.25%
- DATA: +8.81%
24-hour gainers list (data source: OKX):
- G: +32.08%
- SPACE: +5.1%
- BARD: +4.65%
- KAITO: +4.53%
- WLFI: +4.5%
- KITE: +4.06%
- ATOM: +3.86%
- NMR: +3.41%
- CVX: +3.4%
- CFG: +3.26%
24-hour cryptocurrency stock gainers list (data source: msx.com ):
- USAR: +15.24%
- TER: +13.33%
- ALTS: +8.91%
- FLY: +8.84%
- COHR: +8.7%
- RKLB: +8.56%
- GLD: +7.92%
- BE: +7.35%
- SIVR: +7.19%
- PAAS: +6.94%
2. Popular on-chain memes (data source: GMGN ):
- LASER
- CLAWLANCER
- UUNONA
- Pita
- Moner
Headlines
Market news: The U.S. House of Representatives has approved an appropriations bill to end the government shutdown; the bill will be sent to President Trump for his signature.
Federal Reserve Governor Milan: The Fed needs to cut interest rates by about one percentage point this year.
Economist: Kevin Warsh may cut interest rates by 100 basis points before the midterm elections.
Economist Robin Brooks predicts that Kevin Warsh, Trump's nominee for Federal Reserve chairman, will cut interest rates by 100 basis points before the midterm elections, a view that contradicts market concerns about Warsh's hawkish stance and the potential for higher interest rates.
Stronger US economic data pushed up US Treasury yields.
U.S. Treasury yields rose as the latest data showed increased resilience in the U.S. economy. Konstantinos Chrysikos of Kudotrade stated in a report that Monday's ISM Manufacturing PMI "delivered a significant upward surprise." He noted that although employment and inventories remain in contraction territory, the rebound in the employment sub-index suggests that the drag on the economy from the labor force may be easing. "Overall, these data reinforce the narrative that the U.S. economy remains resilient." According to Tradeweb data, the yield on the two-year U.S. Treasury note rose 1.4 basis points to 3.582%, while the yield on the 10-year Treasury note rose 1 basis point to 4.286%.
Industry News
Galaxy Digital reported a net loss of $482 million in Q4 2025, exceeding analysts' expectations.
Galaxy Digital, founded by Michael Novogratz, announced a net loss of $482 million, or $1.08 per share, for Q4 2025. This loss exceeded analysts' expectations of $282 million and $0.99 per share, as surveyed by Bloomberg. The primary reason for the loss was the decline in digital asset prices during the quarter.
Ethereum developers stated that network metrics remained stable during the price drop.
Despite a recent 17% drop in ETH prices, Ethereum network metrics remain high. Marius Van Der Wijden, a core developer at the Ethereum Foundation, stated that the market often fails to accurately reflect on-chain technology fundamentals. Messari analyst Sam Ruskin pointed out that Ethereum's TVL (total value in ETH) is near its all-time high, indicating that capital has not flowed out of the ecosystem. Furthermore, the ETH staking queue time is approximately 70 days, showing that institutional demand for locked funds remains strong. ether.fi CEO Mike Silagadze stated that user and revenue growth continues, while token price performance has lagged behind. RedStone CEO Marcin Kazmierczak believes that the current decline is more market noise, and the fundamentals have not weakened.
BNB Chain released the BAP-578 standard, proposing the concept of Non-Fungible Proxy (NFA).
The BNB Chain developer team stated that as the ecosystem continues to expand, applications need to share rules to achieve seamless collaboration. To this end, BNB Chain launched the BAP (BNB Application Proposal) mechanism, which allows developers to reach consensus on application-layer standards such as NFT utility, AI agent behavior, and identity specifications without touching the consensus layer or EVM.
The official announcement also introduced the first proposal, BAP-578, the Non-Fungible Agent (NFA) token standard. This standard proposes that an NFA is an AI-driven, on-chain asset capable of autonomous operation and possessing capabilities such as wallet holding, transaction execution, recording behavioral history, and operation across multiple dApps. BAP-578 is considered one of the infrastructures of the "agent economy," aiming to promote the flow and collaboration of AI agents within the BNB Chain ecosystem according to a unified standard.
BNB Chain points out that BAP is designed to be community-driven, allowing developers to participate in reviewing BAP-578, providing feedback, or submitting new BAPs to collectively shape the application layer standard system.
A Nevada judge has issued a 14-day temporary restraining order against prediction market operator Blockratize, prohibiting it from offering game contracts to Nevada residents. This ruling challenges industry views that federal goods laws supersede state betting rules.
The court upheld the Nevada Gaming Control Board's application, finding that Polymarket's sports and other events marketplace constituted unlicensed gaming rather than a regulated financial product. The judge noted that if the platform continued to operate without a gaming license, it would cause irreparable damage to the state's ability to regulate gaming integrity, minor gambling, and compliance standards. Previously, Tennessee had also requested that platforms such as Polymarket and Kalshi cease operating sports event contracts in the state.
According to Lookonchain monitoring, a whale(0x4f76) has deposited 4 million USDC again after a two-month hiatus to buy HYPE. This address currently holds 591,470 HYPE, worth $20.17 million, and another 2.43 million USDC is being deployed to buy more HYPE.
Grayscale CoinDesk Crypto 5 ETF will add BNB
According to official sources, Grayscale's CoinDesk Crypto 5 ETF will add BNB. This ETF is already listed on the NYSE Arca and covers Bitcoin, Ethereum, SOL, and XRP. Its trading code is GDLC. The product was formerly known as the Grayscale Digital Large Cap Fund.
Project News
Axie Infinity plans to launch a new token, bAXS, and conduct two rounds of airdrops.
Axie Infinity announced on its official blog that AXS will become the reserve currency for the new application token Bonded AXS (bAXS). As an ERC20-C token, bAXS has the same utility as AXS, including use for Axie evolution, breeding, crafting items on App.axie, and staking.
The project will conduct two rounds of bAXS airdrops, targeting AXS stakers and based on Axie Score. The first airdrop pool contains 100,000 bAXS, with a snapshot time of February 5th at 00:01 UTC. Eligibility requires a wallet that has staked at least 10 AXS. Details of the second airdrop are yet to be determined; bAXS obtained from staking the first airdrop will increase the weight of the second airdrop.
In addition, Axie Homeland will be gradually shut down and replaced by the new land game Terrariums. Terrariums is expected to launch its MVP version in the second quarter of 2026, at which time bAXS will officially go live, and players can earn bAXS rewards through various activities within Terrariums.
Ondo launches real-time on-chain transaction service following its US IPO.
Ondo Finance announced on its website that Ondo Global Markets has confidentially filed a registration statement with the U.S. Securities and Exchange Commission (SEC). Once effective, this filing will provide global investors with issuer-level disclosures compliant with SEC standards. Ondo Global Markets is currently the world's largest tokenized equity platform, with total assets under management (TVL) exceeding $2.5 billion and cumulative trading volume exceeding $9 billion. Ondo Finance aims to support all major tokenization models, including direct holding, beneficial ownership, and natively tokenized securities, by integrating SEC-registered transfer agents, broker-dealers, investment advisors, and alternative trading systems (ATS). The platform currently offers over 200 tokenized U.S. stocks and ETFs to non-U.S. investors.
Ethena has announced the launch of "Exchange Points" to reward real trading activity on Ethena-backed exchanges (Ethereal and HyENA). Ethereal and HyENA will each distribute 100 million points weekly for six months, and the distribution is now underway.
The Ethena Trading Points Program will be independent of and can be combined with the current Season 5 Points Program. Its core objective is to provide substantial rewards based on users' actual trading activity across various trading platforms.
Chiliz Chain, a public blockchain for sports and entertainment, announced on the X platform that it will launch a US fan token in the coming months, with 10% of the fan token revenue going towards buying back and burning CHZ tokens.
Avalanche's policy alliance announced the official launch of a new advisory committee, led by Lee Schneider, General Counsel of Ava Labs. Committee members include Chris Holmes, a member of the House of Lords; Bart Smith, CEO of Avalanche Treasury Co.; Laine Litman, COO of Avalanche Treasury Co.; and Jolie Kahn, CEO of Avax One Technology. The committee's three core priorities for 2026 are token classification, the definition of intermediaries, and protecting internet access. Lee Schneider stated that the committee aims to ensure global regulatory and legal synergy, preventing significant differences in rules across major jurisdictions from hindering the operations of blockchain and crypto companies.
Investment and Financing
Pharos Network has announced the launch of a builder incubation program called Native to Pharos, with funding exceeding $10 million. This program aims to accelerate innovation within its on-chain finance ecosystem, focusing on the intersection of Real-World Assets (RWA), DeFi, and blockchain infrastructure.
This incubation program is supported by partners including Hack VC, Draper Dragon, Lightspeed Faction, and Centrifuge. Participating projects will receive technical guidance, strategic direction for product launches and expansion, and support from a network of investors and ecosystem partners. Pharos Network is a RealFi Layer 1 blockchain developed by former Ant Group executives and engineers. Applications are now open, with the first recruitment drive launching in Hong Kong.
Regulatory Trends
UK data protection regulator launches investigation into xAI
The UK's data protection regulator is investigating Elon Musk's xAI, intensifying its scrutiny of the AI chatbot Grok, which was allegedly used to generate and distribute sexually suggestive images. The Information Commissioner's Office (ICO) stated on Tuesday that the formal investigation will focus on whether personal data was improperly processed during the generation of these images. Grok sparked strong public and political backlash last month after users on X induced the chatbot to generate sexually suggestive images of real people without their consent. Earlier on Tuesday, French law enforcement raided X's Paris offices. The ICO stated it has the authority to fine xAI up to £17.5 million (approximately $24 million) or 4% of the company's global annual revenue, whichever is higher.
Coinbase: Major Australian banks impose "illegal regulatory bans" on crypto companies
Coinbase has filed a formal complaint with the Australian Parliament, accusing the country's four largest banks—Commonwealth Bank, Westpac, ANZ, and NAB—of systematically refusing to provide financial services to legitimate crypto companies. This account closure has become systemic, effectively constituting an illegal regulatory ban as the four banks control the majority of trading accounts and payment channels. Data shows that 60% of fintech companies faced bank denials in 2021. Coinbase is calling on legislators to mandate five transparency measures for banks, including informing them of the reasons for account closures, ensuring internal dispute resolution procedures, providing 30-day advance notice, and self-certification for compliance. These measures were proposed by the Australian Financial Supervisory Commission in 2022 but have yet to be implemented.
Character voices
Wintermute posted on X that it's clear we are in a bear market, and in fact, it has been going on for some time – especially judging from the performance of Altcoin, the extreme concentration of rebounds, and market sentiment on X. However, this bear market is different in that it wasn't triggered by structural collapses like FTX, Luna, or 3AC, but rather by a relatively natural deleveraging process driven by changes in the macro environment and cyclical trends. Its core drivers are changes in portfolio allocation, risk appetite, and market narrative.
This is crucial. Without bankruptcies and systemic contagion, this cycle may end faster than previous bear markets. Infrastructure is more robust, stablecoin adoption is still growing, and institutional interest hasn't disappeared, it's just temporarily retreating to the sidelines. Once the environment improves, attention and capital are likely to return rapidly—most likely in the second half of 2026, when macroeconomic uncertainty has decreased and the Fed's policy path will be clearer.
In the short term, positions have become significantly lighter after the liquidation, but market confidence remains weak. After two months of range-bound trading, we have returned to the price discovery phase. It is too early to talk about any meaningful upward trend, but if it does emerge, its pattern may be clearer than the reversals seen in previous bear markets—because this time, the crypto ecosystem has not suffered structural damage.
Vitalik: Ethereum's old L2 model is "dead" and a new path needs to be found.
vitalik.eth posted on the X platform that there has been increased discussion recently about the continued role of L2 in the Ethereum ecosystem. Due to the much slower-than-expected progress of L2 into Phase 2, and the ongoing expansion of L1 itself, with gas constraints expected to increase significantly in 2026, the original vision of L2 as a "branded shard" of Ethereum is no longer applicable, necessitating a new path.
Vitalik Buterin points out that L1 no longer needs L2 as a brand shard, and L2 cannot or is unwilling to meet the attributes required for true brand sharding. He suggests that L2 should identify value-added aspects beyond "scaling," such as privacy, application-specific efficiency, extreme levels of scalability, non-financial application design, ultra-low latency, and built-in oracles. If dealing with ETH or other Ethereum assets, L2 should at least reach Phase 1 and support maximum interoperability with Ethereum.
Furthermore, Vitalik Buterin stated that he has become more convinced of the value of native Rollup precompilations over the past few months, especially after acquiring the ZK-EVM proofs required to extend L1. This precompilation will make EVM verification without a security committee feasible. He believes that the design of this precompilation should be explored so that it can verify the EVM portion when L2 includes "EVM and other content." This would facilitate secure, robust, and trustless interoperability with Ethereum and enable synchronous composability.
Dalio: The world is on the brink of a capital war, and gold remains the number one hedging tool.
In an interview at the World Government Summit in Dubai, Ray Dalio stated that the world is nearing the brink of a capital war, with funds being weaponized and countries engaging in a game of trade embargoes, blocking access to capital markets, and leveraging debt. Dalio pointed out that European investors holding dollar assets are worried about sanctions, while the US is concerned about a halt in European capital inflows. History shows that capital wars are often accompanied by foreign exchange and capital controls, and sovereign wealth funds and central banks are already preparing for this. Furthermore, Dalio believes that gold remains the best choice for storing funds and is an effective tool for coping with economic downturns and diversifying risks, advising investors to maintain a fixed proportion of gold in their portfolios.
