1. Popular cryptocurrencies on CEXs
Top 10 CEX trading volumes and their 24-hour price changes:
- BTC: -12.25%
- ETH: -12.36%
- SOL: -13.23%
- BNB: -11.35%
- DOGE: -13.66%
- Binance Life: -24.3%
- XRP: -21.28%
- ASTER: -12.68%
- IDEX: -5.15%
- ZAMA: +1.37%
24-hour gainers list (data source: OKX):
- HYPE: +4.74%
- AEVO: +2.75%
- PARTI: +1.48%
- ZENT: +0.65%
- RIO: +0.51%
- FOGO: +0.41%
- LAT: +0.06%
- USDC: +0.02%
- USAT: +0.02%
- PYUSD: +0.02%
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 ):
- littletsj
- cigarette
- BULBS
- DOOM
- dodo
Headlines
Some S21 series miners and Whatsminer miners have reached their shutdown price.
According to Antpool data, based on the current Bitcoin mining difficulty and an electricity price of $0.08 per kilowatt-hour, the Antminer S21+, Antminer S21e Hyd., Antminer S21, and Whatsminer M63S (360T) have reached their shutdown price. In addition, the Antminer S21 Imm., Antminer S21 Hyd., and Antminer S21+ Hyd are currently approaching their shutdown price.
U.S. Treasury Secretary Scott Bessent admitted on Wednesday under questioning from several Democratic lawmakers that he and his Key Square investment firm were wrong to tell their partners in January 2024—before Trump wins re-election—that the view that “tariffs are inflationary.”
During a often heated hearing before the House Financial Services Committee, Bessant was questioned by lawmakers about the document and expressed his desire to correct the record.
“If I was wrong before, I’m willing to correct myself. My statement that tariffs could trigger inflation was indeed wrong,” Bessant, an official appointed by Trump, told lawmakers.
During Asian trading hours, U.S. Treasury yields fell slightly across the board, driven by expectations surrounding Federal Reserve Chair nominee Kevin Warsh. In a report, Commerzbank analyst Erik Liem noted that Trump's nomination of Warsh reinforced market expectations that the Fed may not rely as heavily on balance sheet measures in the future. Meanwhile, the Treasury's decision to maintain stable auction sizes was in line with market expectations, although officials stated they were still assessing the possibility of increasing the size of future auctions of notes, bonds, and floating-rate bonds.
The European Central Bank kept its three key interest rates unchanged, in line with market expectations, marking the fifth consecutive meeting without taking any action. The deposit facility rate, the main refinancing rate, and the marginal lending rate remained unchanged at 2%, 2.15%, and 2.40%, respectively.
Industry News
Gemini plans to cut up to 25% of its workforce, affecting the US and Singapore markets.
Cryptocurrency exchange Gemini announced plans to cut up to 25% of its workforce, affecting up to 200 positions globally, including in the US and Singapore. Gemini co-founders Tyler and Cameron Winklevoss stated, “These overseas markets have proven difficult to win for various reasons, and we found ourselves struggling to cope with the complexities of our organization and operations, which increased our cost structure and slowed us down.”
As Bitcoin prices fell, Bitfinex's margin long positions rose to approximately 77,100 BTC, a near two-year high. This trend indicates that there is still significant buy the dips buying interest during the market downturn. Furthermore, Bitfinex's margin long positions have increased by about 64% over the past six months, which is generally seen as a signal that large investors or high-risk-averse funds are continuously adding positions during periods of market stress. However, historical experience shows that while this indicator tends to expand during market stress, it does not necessarily mean that prices have bottomed out. Analysts believe that the current accumulation of margin long positions reflects both bargain hunting behavior and the possibility that the market has not yet completed its final clearing, and short-term volatility risks remain.
Garrett Jin withdrew 80,000 ETH from Binance, worth $167 million.
According to Lookonchain, Bitcoin OG Garrett Jin (fbd3...) withdrew 80,000 ETH from Binance, worth $167 million. Garrett Jin has since begun buying ETH again.
According to Ai Yi, an on-chain analyst, who posted on the X platform, ETH has fallen below $2,000. If Trend Research, a subsidiary of Yi Lihua, were to liquidate all leveraged positions, it would need to sell another 320,000 ETH. Currently, its liquidation range is $1,574.6 - $1,681.49.
As Bitcoin's sell-off intensified and it fell below $70,000, its core selling point of "limited edition of 21 million coins" is being questioned by the market. Analysts point out that derivatives such as ETFs, cash-settled futures, options, and margin lending have diluted Bitcoin's scarcity, creating a "synthetic supply" that makes its price more driven by derivatives trading than by supply and demand. Senior analyst Bob Kendall wrote: "Once a synthetic supply can be achieved, the asset is no longer scarce, and the price becomes a derivatives game, which is exactly what Bitcoin is currently experiencing. Similar structural changes have also occurred in the gold, silver, oil, and stock markets."
Project News
Circle and Polymarket Partner to Optimize Prediction Market Stablecoin Infrastructure
Stablecoin provider Circle announced a partnership with Polymarket to optimize the stablecoin infrastructure for prediction markets. Circle will introduce transparent, fully-reserved stablecoin infrastructure to prediction markets, improving settlement reliability and reducing friction to support the next phase of development in on-chain financial markets.
Rainbow: We are coordinating with our partners to ensure that RNBW trading begins at the same time.
Crypto wallet Rainbow announced on the X platform that it is coordinating with its partners to ensure that its token RNBW can begin trading at the same time (February 6th, 1:00 AM). Distribution to CoinList is underway and will be completed before trading begins on the exchange.
Aster announced on the X platform that it executed a 100% burn of the tokens from the fourth and fifth phases of its buyback program on February 5th at 21:00 (Beijing time). A total of 98,400,345.46 ASTER tokens were permanently burned, with 53,920,060.26 tokens burned in the fourth phase and 44,480,285.20 tokens burned in the fifth phase. The relevant burn transactions have been verified and publicized through BscScan. The announcement also stated that the sixth phase of the buyback program is still ongoing, and users can track the buyback progress through the provided on-chain address.
Cap Labs Limited announced that its token sale contract has been deployed to Uniswap, and public sale registration is simultaneously available on the Predicate platform. The public sale will begin with a pre-auction at 9:00 AM ET on February 9th, and will utilize Uniswap's Continuous Clearing Auction (CCA) mechanism. Cap stated that it will use the CCA supply curve model for token sales, with the sale currency adjusted to USDC, and no upper limit on single bids.
To participate in this public offering, KYC/KYB registration is required. During the bidding phase, users must set their acceptable maximum FDV and bid amount. All bids will be settled at a uniform price in each block.
Investment and Financing
Web3 security company Cetora receives funding from the Ethereum Foundation.
Web3 security company Certora announced that it has received funding from the Ethereum Foundation, the specific amount of which has not yet been disclosed. The funds will be used to support its verification of the correctness of automatic pre-compilation, a key optimization technology in zero-knowledge computing. It was developed by Powdr Labs for the Ethereum Foundation's zkEVM project. Certora reportedly plans to open-source the specifications, proofs, and verification framework it developed.
Tether makes a $100 million strategic equity investment in Anchorage Digital
Tether officially announced a $100 million strategic equity investment in Anchorage Digital to advance shared goals in the next phase of digital asset adoption. Anchorage Digital Bank NA is the first federally regulated digital asset bank in the United States, providing staking, custody, governance, settlement, and stablecoin issuance services to institutions and innovators worldwide.
Singapore-based cryptocurrency company Penguin Securities announced the completion of a funding round of approximately 2.8 billion yen (about US$18 million), with investors including mint, Tokyo University of Science Investment Management, and several other Japanese investment institutions. The company was co-founded in February 2023 by Japanese entrepreneurs Yuya Kuratomi, Kentaro Kawabe, and Sho Setoguchi, and obtained a Capital Markets Services License from the Monetary Authority of Singapore (MAS) in 2025.
Regulatory Trends
Brazil passes law to ban algorithmic stablecoins; violators could face up to 8 years in prison.
The Brazilian Congress's Science and Technology Committee passed a bill to ban algorithmic stablecoins, explicitly prohibiting the issuance and trading of stablecoins without sufficient reserves, including Ethena's USDe and Frax. The new regulations require stablecoins issued in Brazil to be 100% backed by segregated reserve assets and increase transparency; issuing unsecured stablecoins will be a criminal offense, punishable by up to eight years in prison. For foreign stablecoins (such as USDT and USDC), only approved institutions are permitted to provide them, and transactions must verify whether the issuer meets Brazilian standards; otherwise, the transaction owner assumes all risks. Stablecoins currently account for approximately 90% of cryptocurrency trading volume in Brazil.
As the US regulatory environment gradually loosens, the fintech industry is accelerating its transformation towards "licensed banking." Last year, the approval process for trust bank licenses accelerated significantly. The Office of the Comptroller of the Currency (OCC) approved conditional applications for national trust bank licenses from five companies, including Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. It is understood that possessing a banking license is also seen as an important means of hedging against capital market volatility. Industry insiders believe that the era of fintech companies merely serving as front-end channels for traditional banks is ending. More and more digital finance and crypto institutions are directly seeking banking licenses. By accepting deposits and connecting to the federal payment system, crypto companies can obtain more stable and lower-cost funding sources.
Lo Hoi-shi, Deputy Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission (SFC), revealed that the SFC is considering allowing licensed Virtual Asset Platforms (VATPs) to offer secondary trading of tokenized securities to retail clients. The focus is on local tokenized money market funds, with the aim of allowing them to trade on licensed VATP platforms. Currently, the regulator is studying the relevant requirements, operational risks, and control measures and is drafting a related circular. Lo stated that from the SFC's perspective, tokenized securities are essentially the same as ordinary securities, only with added technical aspects, and are subject to "the same business, the same risks, and the same rules."
A district court in Nevada has rejected a request from state regulators for an emergency ban on Coinbase's operation of a prediction market. The Nevada Board of Gaming had filed a lawsuit alleging that Coinbase offered unlicensed sports betting products in the state and sought a temporary restraining order. The court did not grant the emergency injunction but instead scheduled a hearing next week to allow Coinbase to respond.
Coinbase Chief Legal Officer Paul Grewal stated that the company has simultaneously filed a lawsuit in the state's federal court, arguing that the U.S. Commodity Exchange Act grants the Commodity Futures Trading Commission (CFTC) "exclusive jurisdiction" over swaps and event contracts listed on regulated exchanges, and that the state regulator's attempt to classify these instruments as state-level gambling conflicts with the federal derivatives regulatory framework.
Character voices
CryptoQuant released a report indicating that on-chain data signals show the current market downturn is deepening and performing worse than in the early stages of the 2022 bear market, with BTC prices potentially falling towards $60,000. The next major support zone for BTC is between $60,000 and $70,000, and the crypto market currently experiences widespread structural weakness. Institutional demand has reversed dramatically, with US spot BTC ETFs turning from net buyers to net sellers, while retail participation remains low, and the Coinbase premium has been negative since mid-October. Liquidity conditions are also tightening. Furthermore, long-term demand growth has collapsed significantly, with annual spot BTC demand growth falling by 93% over the past four months from 1.1 million BTC to 77,000 BTC.
Analysis: Bitcoin continues its sell-off; market liquidation may trigger a new round of decline.
Bitcoin's drop below $67,000 continued its nearly week-long sell-off, mirroring the weakness in global risk assets. Over $1 billion in liquidations occurred in the crypto market in the past 24 hours. Data shows that $70,000 is a key liquidity level; liquidity below this level is rapidly diluting, and a break below this level could accelerate the price decline to the $60,000 range. Coinglass's liquidity heatmap shows a short-term price magnet effect at the concentrated liquidation points, highlighting potential volatility risks for traders.
A report released by Deutsche Bank on Wednesday stated that Bitcoin's recent decline is more due to the slow erosion of institutional and regulatory confidence than to a single macroeconomic shock. The bank believes three forces are putting pressure on the asset: continued institutional outflows, a breakdown in Bitcoin's traditional market relationships, and a weakening of regulatory momentum that once supported liquidity and volatility compression. The report points out that US Bitcoin spot ETFs have recorded significant outflows since October, with over $7 billion flowing out in November, approximately $2 billion in December, and over $3 billion in January. Bitcoin's correlation with both stocks and gold has weakened, impacting its "digital gold" narrative; gold has risen over 60% this year, while Bitcoin has fallen 6.5%. Furthermore, progress on the bipartisan Clarity Act for digital asset markets has stalled amid congressional debate over stablecoin provisions. Deutsche Bank's survey shows that cryptocurrency adoption among US consumers has fallen from 17% by mid-2025 to around 12%. Furthermore, Citi noted in its Tuesday report that Bitcoin is trading below key ETF cost levels and is approaching its pre-election price bottom as inflows slow and headwinds increase.
According to Checkonchain data, Bitcoin's current market price of approximately $70,000 is below its average production cost of approximately $87,000, a difference of about 20%. Historically, Bitcoin prices falling below production costs are often a characteristic of bear markets. During the bear markets of 2019 and 2022, Bitcoin prices fell below production costs before gradually recovering. This production cost estimation model uses network difficulty as a proxy for the industry's overall cost structure. Currently, the hashrate, a measure of Bitcoin network power, has declined by about 20% after peaking at 1.1 ZH/s in October, and has now rebounded to 913 EH/s, showing some signs of stabilization. However, since many miners are still operating at a loss at the current price, they are continuously selling their Bitcoin holdings to cover daily operating costs, energy expenses, and debt.
