1. Popular cryptocurrencies on CEXs
Top 10 CEX trading volumes and their 24-hour price changes:
- BTC: +1.96%
- ETH: +0.07%
- BNB: -1.46%
- WLFI: +1.69%
- SOL: -0.56%
- PSG: -0.75%
- DOGE: -1.65%
- ATM: +2.22%
- CITY: +0.19%
- JUV: -2.76%
24-hour gainers list (data source: OKX):
- ICX: +14.12%
- BERA: +11.78%
- TOSHI: +7.02%
- SWFTC: +4.41%
- SONIC: +4.29%
- HYPE: +4.19%
- LQTY: +3.53%
- SPK: +3.36%
- MAGIC: +3.14%
- BABY: +2.59%
24-hour cryptocurrency stock gainers list (data source: msx.com ):
- SQQQ: +7.57%
- NIO: +5.18%
- LITE: +4.61%
- GILD: +2.91%
- MKSI: +2.76%
- ARM: +2.74%
- CSCO: +1.48%
- COST: +1.27%
- BE: +1.26%
- MRK: +1.2%
2. Popular on-chain memes (data source: GMGN ):
- WhiteWhale
- USELESS
- Buttcoin
- PENGUIN
- WAR
Headlines
U.S. Treasury Secretary Bessant stated that gold appears to be experiencing a typical speculative sell-off; he sees the cyclical components of the market in an expansionary phase; and he expects the Federal Reserve will not take any swift action on its balance sheet. He believes Warsh will remain very independent.
Bithumb has resolved the Bitcoin mis-sending incident and initiated user compensation.
According to a Bithumb announcement, the platform has completed all handling of the previous Bitcoin mis-issuance incident and confirmed that as of 22:42:52 on February 7, 2026, users' Bitcoin (BTC) assets have achieved over 100% consistency. Bithumb stated that approximately 99.7% of the mis-issued Bitcoins were recovered on the day of the incident, and the remaining 0.3% (1788 BTC) that had been sold has been replenished with the company's own assets, ensuring that users' assets are not affected.
The announcement indicates that Bithumb's current reserves of all crypto assets, including BTC, are exactly the same as or higher than the user's total holdings. The platform also released a timeline for handling the incident and announced that it will begin phased user compensation measures starting February 8th. These measures include issuing 20,000 Korean won in compensation to users online during the incident, refunding the price difference to users who sold at a lower price and paying an additional 10% consolation money, and offering a 0% transaction fee discount on all cryptocurrencies for 7 days starting February 9th.
Previous report: Bithumb mistakenly airdropped a total of 620,000 BTC last night, and has now recovered 99.7% of them.
Data: Despite the sharp drop in silver prices, retail investors are still doubling down their bets.
Despite the plunge in silver prices, which has almost wiped out the stunning gains made at the beginning of the year, retail investors still poured nearly $500 million into the silver market over the past week. According to data analysis from Vanda Research, as silver prices plummeted, retail investors poured $430 million into the largest silver ETF, SLV, in the six trading days ending Thursday, including over $100 million on January 30th, when silver prices fell 27%, marking the largest single-day drop in history. "People are drawn to the allure of silver," said StoneX analyst Ronna O'Connell. She added that silver's appeal was further amplified by its "massive sell-off," which some investors saw as a buying opportunity at lower prices.
Trader Eugene, reviewing last week's market performance, stated that from a high-timeframe (HTF) market structure perspective, significant issues remain in the market. While $60,000 for Bitcoin can still be considered reasonable support, he noted that a lesson learned from the previous cycle is: never blindly cross margin-in on long positions without stop-loss protection.
Eugene points out that bull markets often see prices surge more dramatically than expected, while bear markets tend to experience more severe declines than anticipated. He acknowledges that the bottom of the bear market is still unclear, as is whether Bitcoin has bottomed out at $60,000, but emphasizes that "survival is always the top priority." He advises traders to assess the risk of each trade individually and implement stop-loss strategies to protect against further downside risks.
Analysis indicates that the boom in the US prediction market is built on an unstable foundation, primarily benefiting from regulatory arbitrage opportunities. For example, currently, various US states lack comprehensive regulations to oversee user participation in sports betting through prediction markets. Dune Analytics data shows that in 2025, sports-related transactions will account for approximately 85% of Kalshi's trading volume, while Polymarket will account for approximately 39%. Devin Ryan, Head of Financial Technology Research at Citizens Bank, believes that the market needs to establish sound integrity rules, and trading volume in non-sports markets needs to increase. Currently, the market size for predicting January CPI inflation data on Kalshi is less than $1 million, and the market size for predicting core inflation is less than $30,000. Such liquidity is insufficient to attract institutional participation.
Furthermore, the current US prediction market exhibits characteristics of a "fragile boom," with growth primarily reliant on regulatory gray areas and substantial marketing investment. Growth could come under pressure should regulations tighten or user interest decline. There is also some bargaining at the regulatory level. For example, US prediction markets typically claim to be event-driven contract trading regulated by the Commodity Futures Trading Commission (CFTC), but state-level regulators are more cautious, and related legal disputes may ultimately reach the Supreme Court for adjudication.
Industry News
Strategy's strategist: Strategy will never stop buying BTC.
Chaitanya Jain, a Bitcoin strategist at Strategy, stated on the X platform that he will never stop buying BTC.
According to Coinglass data, the Coinbase Bitcoin premium index has been in negative territory for 25 consecutive days, currently at -0.0864%. So far in 2026, it has only been positive for two days: 0.011% on January 6 and 0.0023% on January 15.
The Coinbase Bitcoin Premium Index measures the difference between the price of Bitcoin on Coinbase (a major US trading platform) and the global market average. This index is an important indicator for observing fund flows, institutional investment activity, and market sentiment changes in the US market. A positive premium indicates that the Coinbase price is higher than the global average, typically signifying strong buying pressure in the US market, active participation from institutional or compliant funds, ample dollar liquidity, and optimistic investment sentiment. A negative premium indicates that the Coinbase price is lower than the global average, typically reflecting significant selling pressure in the US market, decreased investor risk appetite, increased market risk aversion, or capital outflows.
Project News
NBA Milwaukee Bucks star Giannis Antetokounmpo previously announced that he has become a shareholder of Kalshi, a prediction market platform regulated by the U.S. Commodity Futures Trading Commission (CFTC). According to a company spokesperson, Antetokounmpo's stake is less than 1%, but the specific shareholding data was not disclosed, nor was the difference between the actual shareholding and 1%. However, based on Kalshi's recent valuation of $11 billion, 1% of the shares are worth $110 million.
Tether has invested its stablecoin business profits in 140 investments spanning sectors from agriculture to sports, and plans to expand its workforce to 450 people.
Investment and Financing
Relay, an on-chain interoperability infrastructure for funds, announced on the X platform that it has completed a $17 million Series B funding round, led by Archetypevc and USV. Furthermore, Relay will launch Relay Chain, an infrastructure built specifically for instant cross-chain settlement.
Regulatory Trends
CFTC: Allows National Trust Banks to issue stablecoins under the GENIUS Act framework.
The U.S. Commodity Futures Trading Commission (CFTC) has expanded stablecoin rules, allowing National Trust Bank to issue dollar-pegged tokens under the GENIUS Act framework.
Illinois plans to pass a bill to establish a state-level Bitcoin reserve.
Bitcoin.com News reported on the X platform that Illinois introduced the "Community Bitcoin Reserve Act" earlier this week. This bill aims to establish a state-run project to hold Bitcoin through multi-signature cold storage, initially establishing the Altgeld Bitcoin Reserve. Under the bill, the reserved Bitcoin can only be traded or sold upon obtaining new legislative authorization.
Crypto journalist Eleanor Terrett revealed that the White House will hold another cryptocurrency meeting next Tuesday, focusing on stablecoin yields. This is the second in a series of meetings, still at the staff level, and will not invite corporate CEOs, but senior policymakers from several banks will be attending for the first time.
Sources familiar with the matter said that major banks such as Bank of America, JPMorgan Chase, and Wells Fargo have received invitations, and Citibank, PNC Bank, and U.S. Bancorp may also participate; the banking representatives include the Banking Policy Institute, the American Bankers Association, and the Independent Community Bankers Association.
The report states that banks want to restrict crypto companies from paying interest to stablecoin holders, fearing that high-yield accounts will attract deposit outflows and affect loan funding. Crypto companies, on the other hand, believe this proposal will weaken competition and stifle innovation. Scott Bessant stated this week that deposit volatility is undesirable and he will strive to avoid stablecoin yield payments causing deposit instability.
This meeting is related to the advancement of the Cryptocurrency Market Structure Act (CLARITY Act). Patrick Witt, executive director of the White House Cryptocurrency Council, has urged all parties to reach a consensus by the end of this month.
Character voices
Arthur Hayes posted on the X platform, proposing a bet in response to Kyle Samani's comments that HYPE is underperforming. Hayes predicts that from February 10, 2026, 00:00 UTC to July 31, 2026, 00:00 UTC, HYPE, denominated in USD, will outperform any Altcoin with a market capitalization exceeding $1 billion on CoinGecko. The loser will be required to donate $100,000 to a charity designated by the winner.
Vitalik: Algorithmic stablecoins are the real DeFi
Vitalik Buterin, in an article on the X platform, stated that algorithmic stablecoins belong to the true DeFi. He believes that if high-quality algorithmic stablecoins with ETH as their underlying asset exist, even if the vast majority of liquidity is supported by CDP holders holding negative algorithmic USD, the ability to transfer counterparty risk to market makers remains an important characteristic. Even if algorithmic stablecoins are backed by RWA, ensuring sufficient collateralization even when a single RWA fails through over-collateralization and diversification is an effective improvement in risk characteristics for holders. He pointed out that the industry should move in these directions and gradually move away from using the USD as the pricing unit towards more universal and diversified indices. Furthermore, depositing USDC into Aave currently does not fall into the above category.
In an interview, Tom Lee, chairman of Bitmine, an Ethereum treasury company, stated that Ethereum has experienced seven pullbacks exceeding 60% in the past eight years alone, each followed by a rapid recovery. He pointed out that these patterns typically involve a sharp initial drop followed by a rapid rebound.
Tom Lee also stated that if the current crypto market is in a bottoming-out phase, this possibility exists based on the performance of some market segments, citing Strategy's recent rebound of approximately 25% as one factor to observe. He noted that historical experience shows such rallies tend to exhibit relatively rapid recovery characteristics.
Robert Kiyosaki, author of "Rich Dad Poor Dad," responded to community criticism on the X platform regarding his previous claim to "stop adding to his positions around $60 for silver, $6,000 for Bitcoin, and $300 for gold." He stated that he was aware of his Bitcoin purchase cost (approximately $6,000) but did not focus on the specific purchase date. Critics questioned the veracity of his statement based solely on the timing of the purchases. Kiyosaki further questioned the motivations of some community users who overemphasized the purchase date, stating that he focuses more on the price range and long-term value of assets. He indicated that if the price of Bitcoin falls back to the $6,000 level in the future, he still plans to continue buying, regardless of the specific purchase time. He also revealed that he is currently preparing to continue increasing his gold holdings. In his investment decisions, he focuses more on the asset allocation outcome, such as the amount of Bitcoin, gold, silver, and Ethereum held, rather than the specific acquisition time. Investors should avoid associating with those who overemphasize the acquisition date of assets while ignoring the asset value and price itself, and should cultivate a long-term value-oriented investment mindset.
Bitwise consultant Jeff Park published an article reviewing the sharp drop in Bitcoin and the crypto market on February 5th, arguing that the volatility was more likely triggered by risk mitigation in the traditional financial system and derivatives mechanisms, rather than by the fundamentals of the crypto industry itself or a single "black swan" event.
Jeff Park pointed out that Bitcoin ETFs, especially IBIT, saw record trading volumes and options activity that day, with options trading clearly dominated by bearish positions. Meanwhile, Bitcoin's price movements had been highly correlated with risk assets such as software stocks in previous weeks. February 4th was marked by Goldman Sachs' prime brokerage (PB) division as a day of extreme drawdown for multi-strategy funds, subsequently requiring rapid and indiscriminate deleveraging for risk management purposes. This process impacted Bitcoin-related positions and further amplified the decline on February 5th.
He analyzed that although the price fell by more than 13% within two days, and the market originally expected a large-scale outflow of ETF funds, the actual data showed that the Bitcoin ETF as a whole recorded net subscriptions, with IBIT adding about 6 million shares, increasing its size by more than $230 million. This indicates that the selling pressure mainly came from "paper money" and non-directional transactions related to hedging and market making, rather than the withdrawal of long-term funds.
Jeff Park further hypothesized that multi-asset portfolios were forced to deleverage in a highly correlated environment, including hedging exposure to Bitcoin; rapid liquidation of options and basis trading triggered a short-term gamma effect, forcing counterparties to sell IBIT during the decline, thus exacerbating volatility, but without resulting in substantial long-term capital outflows. Bitcoin prices rebounded as some neutral strategies replenished their positions on February 6th.
He concluded that this round of decline is more likely the result of a resonance between traditional financial system risk management and derivatives mechanisms, rather than a structural deterioration in the crypto market itself. Changes in ETF net inflows in the following days will be an important indicator to observe whether there is new long-term demand.
