- Popular Coins on CEX
Top 10 CEX Trading Volume and 24-Hour Price Change:
- 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 Price Increase Ranking (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 Coin Stock Price Increase Ranking (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%
- On-Chain Popular Memes (Data Source: GMGN):
- littletsj
- cigarette
- BULBS
- DOOM
- dodo
Headlines
Some S21 Series Miners and Shenchuan Miners Have Reached Shutdown Price
According to Antpool data, based on the current Bitcoin mining difficulty and an electricity cost of $0.08 per kilowatt-hour, Antminer S21+, Antminer S21e Hyd., Antminer S21, and Shenchuan Miner M63S (360T) have reached shutdown prices. Additionally, Antminer S21 Imm., Antminer S21 Hyd., and Antminer S21+ Hyd are currently approaching shutdown prices.
Democratic Lawmakers Launch Attack, Bessent Admits Error: "Tariffs Drive Up Inflation" is Wrong
U.S. Treasury Secretary Scott Bessent admitted on Wednesday, under questioning from several Democratic lawmakers, that his assertion made in January 2024—before Trump won re-election—that "tariffs are inflationary" was incorrect.
During a sometimes heated hearing of the House Financial Services Committee, Bessent faced questions about this document and expressed a desire to correct the record.
"If I was wrong before, I am willing to correct it. My statement that tariffs could trigger inflation was indeed incorrect," Bessent, a Trump appointee, told lawmakers.
During the Asian trading session, U.S. Treasury yields fell slightly, driven by expectations related to the nomination of Kevin Wash as Fed Chair. Deutsche Bank analyst Erik Liem noted in a report that Trump's nomination of Kevin Wash has strengthened market expectations that the Fed may not rely as heavily on balance sheet measures in the future. Meanwhile, the U.S. Treasury's decision to maintain stable auction sizes aligns with market expectations, although officials stated they are still assessing the possibility of increasing the auction sizes for notes, bonds, and floating rate bonds in the future.
European Central Bank Holds Steady, Keeps Three Key Rates Unchanged
The European Central Bank kept its three key rates unchanged, in line with market expectations, marking the fifth consecutive meeting of inaction. The deposit facility rate, main refinancing rate, and marginal lending rate remain at 2%, 2.15%, and 2.40%, respectively.
Industry News
Gemini Plans to Cut Up to 25% of Staff, Affecting U.S. and Singapore Markets
Cryptocurrency exchange Gemini announced plans to cut up to 25% of its staff, affecting up to 200 positions globally, including employees in the U.S. and Singapore. Gemini co-founders Tyler and Cameron Winklevoss stated, "For various reasons, these overseas markets have proven difficult to win, and we find ourselves struggling with the complexity of organization and operations, which has driven up our cost structure and slowed us down."
As Bitcoin prices fell, Bitfinex margin long positions rose to approximately 77,100 BTC, reaching a nearly two-year high. This trend indicates that there is still significant bottom-fishing leverage in the market during the downturn. Additionally, over the past six months, Bitfinex margin long positions have increased by about 64%, typically seen as a signal of large players or high-risk preference funds continuing to accumulate during market stress. However, historical experience shows that this indicator often expands during market stress but does not necessarily mean that prices have bottomed out. Analysts believe that the current accumulation of margin longs reflects both market behavior of buying on dips and the possibility that the market has not yet completed its final clearing, with short-term volatility risks still present.
Garrett Jin Withdraws 80,000 ETH from Binance, Worth $167 Million
According to monitoring by Lookonchain, Bitcoin OG Garrett Jin (fbd3…) withdrew 80,000 ETH from Binance, valued at $167 million. Garrett Jin has now begun to repurchase ETH.
Trend Research Under Yi Li Hua Needs to Sell Another 320,000 ETH if All Leverage is Cleared
According to on-chain analyst Ai Yi on the X platform, with ETH dropping below $2,000, Trend Research under Yi Li Hua would need to sell another 320,000 ETH if all leverage is cleared. Their liquidation range is currently between $1,574.6 - $1,681.49.
As Bitcoin's sell-off intensified and prices fell below $70,000, its core selling point of being "limited to 21 million" is facing market skepticism. Analysts point out that derivatives such as ETFs, cash-settled futures, options, and financing loans have diluted Bitcoin's scarcity, creating "synthetic supply" that makes prices more influenced by derivatives trading rather than supply and demand. Senior analyst Bob Kendall stated, "Once synthetic supply can be created, assets are no longer scarce, and prices become a derivatives game, which is the current state of Bitcoin. Similar structural changes have also occurred in the gold, silver, oil, and stock markets."
Project News
Circle Partners with Polymarket to Optimize Prediction Market Stablecoin Infrastructure
Stablecoin provider Circle announced a partnership with Polymarket to optimize the prediction market stablecoin infrastructure. Circle will introduce transparent, fully reserved stablecoin infrastructure to the prediction market, enhancing settlement reliability and reducing friction to support the next phase of on-chain financial market development.
Rainbow: Coordinating with Partners to Start Trading RNBW at the Same Time
Crypto wallet Rainbow stated on the X platform that it is coordinating with various partners to ensure that the token RNBW can start trading simultaneously (February 6 at 1:00). They are handling the distribution work with CoinList, which will be completed before trading begins on the platform.
Aster announced on the X platform that it executed a 100% destruction of the 4th and 5th phase buyback tokens on February 5 at 21:00 (Beijing time). A total of 98,400,345.46 ASTER tokens were permanently destroyed, with 53,920,060.26 tokens destroyed in the 4th phase and 44,480,285.20 tokens in the 5th phase. The related destruction transactions have been verified and published via BscScan. The announcement also noted that the 6th phase buyback plan is still ongoing, and users can track buyback dynamics through the provided on-chain address.
Cap Launches Public Offering Registration, Token Sale to be Conducted via Uniswap CCA Mechanism
Cap Labs Limited announced that its token sale contract has been deployed to Uniswap, with public offering registration simultaneously launched on the Predicate platform. The public offering will begin pre-bidding at 9:00 AM EST on February 9, using the Continuous Clearing Auction (CCA) mechanism introduced by Uniswap. Cap stated that it will use the CCA supply curve model for token sales, with the sale currency adjusted to USDC and no limit on individual bids.
Participants in this public offering must complete KYC/KYB registration. During the bidding phase, users must set their acceptable maximum FDV and bid amount, with all bids settled at a uniform price in each block.
Investment and Financing
Web3 Security Company Certora Receives Funding from Ethereum Foundation
Web3 security company Certora announced that it has received funding from the Ethereum Foundation, with the specific amount not disclosed. The funds will be used to support the verification of the correctness of its automatically pre-compiled code, a key optimization technology in zero-knowledge computation developed by Powdr Labs for the Ethereum Foundation's zkEVM project. Certora plans to open-source its developed specifications, proofs, and verification framework.
Tether Makes $100 Million Strategic Equity Investment in Anchorage Digital
Tether officially announced a $100 million strategic equity investment in Anchorage Digital to promote shared goals in the next phase of digital asset applications. Anchorage Digital Bank N.A. is the first federally regulated digital asset bank in the U.S., providing staking, custody, governance, settlement, and stablecoin issuance services to global institutions and innovators.
Singapore cryptocurrency company Penguin Securities announced the completion of approximately 2.8 billion yen (about $18 million) in financing, with investors including mint and Tokyo University of Science Investment Management Company among several Japanese investment institutions. The company was co-founded in February 2023 by Japanese entrepreneurs Yuya Kuratomi, Kentaro Kawabe, and Shogoto Setoguchi, and has obtained a capital markets services license from the Monetary Authority of Singapore (MAS) in 2025.
Regulatory Trends
Brazil Passes Bill to Ban Algorithmic Stablecoins, Violators Could Face Up to 8 Years in Prison
Brazil's Congressional Technology Committee has 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 that stablecoins issued in Brazil must be 100% backed by segregated reserve assets and increase transparency; violations involving the issuance of unsecured stablecoins will be classified as a criminal offense, with a maximum penalty of 8 years in prison. For foreign stablecoins (such as USDT and USDC), only approved institutions are allowed to provide them, and exchanges must verify whether the issuer meets national standards, otherwise they must bear the risk themselves; stablecoins currently account for about 90% of Brazil's crypto trading volume.
As the U.S. regulatory environment gradually relaxes, the fintech industry is accelerating its "licensed banking transformation." Last year, the approval process for trust bank licenses significantly sped up, with the Office of the Comptroller of the Currency (OCC) approving conditional applications for national trust bank licenses for five companies, including Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. It is reported that holding a banking license is also seen as an important means to hedge against capital market volatility. Industry insiders believe that the era of fintech companies merely serving as front-end channels for traditional banks is ending, with more digital finance and crypto firms directly seeking banking licenses. By accepting deposits and connecting to the federal payment system, crypto companies can obtain a more stable and low-cost source of funding.
Lo Hoi Si, Deputy Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, revealed that they are considering allowing licensed virtual asset platforms (VATPs) to provide secondary trading of tokenized securities for retail clients, focusing on local tokenized money market funds and hoping to allow trading on licensed VATP platforms. The regulatory body is currently studying related requirements, operational risks, and control measures and is drafting relevant circulars. Lo stated that from the perspective of the Hong Kong Securities and Futures Commission, tokenized securities are essentially the same as ordinary securities, just with a technological layer, applicable to "the same business, same risks, same rules."
U.S. Court Rejects Nevada Regulators' Request to Suspend Coinbase's Operation of Prediction Markets
A U.S. district court in Nevada has rejected a request from state regulators for an emergency ban on Coinbase's operation of prediction markets. The Nevada Gaming Control Board had previously filed a lawsuit accusing Coinbase of offering unauthorized sports event contract betting products in the state and sought a temporary restraining order. The court did not approve the emergency injunction but decided to hold a hearing next week, allowing Coinbase to respond.
Coinbase's Chief Legal Officer Paul Grewal stated that the company has also filed a lawsuit in federal court in the state, claiming 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 regulators' attempt to classify these tools as state-level gambling conflicts with the federal derivatives regulatory framework.
Voices
Analysis: Market Performance Weaker than Early 2022 Bear Market, BTC May Drop to $60,000
CryptoQuant released a report indicating that on-chain data signals show that the current market downturn is deepening and performing worse than the early 2022 bear market, with BTC prices potentially dropping towards $60,000. The next major support zone for BTC is between $60,000 and $70,000, and there is widespread structural weakness in the crypto market. Institutional demand has sharply reversed, with U.S. spot BTC exchange-traded funds shifting from net buying last year to net selling, while retail participation remains low, with Coinbase premiums remaining negative since mid-October. Liquidity conditions are also tightening. Additionally, long-term demand growth has collapsed significantly, with annual spot demand for BTC dropping from 1.1 million BTC to 77,000 BTC over the past four months, a decline of 93%.
Analysis: Bitcoin Continues to Sell Off, Market Liquidation May Trigger New Downturn
Bitcoin has continued its sell-off, dropping below $67,000 for nearly a week, in sync with the weakness of global risk assets. Over the past 24 hours, the crypto market has seen liquidations exceeding $1 billion, with data indicating that $70,000 is a key liquidity node, and liquidity below this level is rapidly diluted. If Bitcoin falls below this level, liquidation pressure may accelerate the price drop to the $60,000 range. Coinglass's liquidity heatmap shows that the concentration of long liquidations creates a short-term price magnet effect, warning traders of potential volatility risks.
Deutsche Bank: Recent Bitcoin Decline Due to Loss of Confidence, Not Market Structure Collapse
Deutsche Bank stated in a report on Wednesday that the recent decline in Bitcoin is more due to a slow erosion of confidence among institutions and regulators rather than a single macro shock. The bank believes that three forces are pressuring the asset: ongoing institutional capital outflows, the breakdown of Bitcoin's traditional market relationships, and the weakening of regulatory momentum that once supported liquidity and volatility compression. The report noted that U.S. Bitcoin spot ETFs have recorded sustained large capital outflows since October, with over $7 billion flowing out in November, about $2 billion in December, and over $3 billion in January. The correlation of Bitcoin with stocks and gold has weakened, and its "digital gold" narrative has been affected, with gold rising over 60% this year while Bitcoin has fallen 6.5%. Additionally, amid the congressional debate over stablecoin provisions, bipartisan cooperation on the digital asset market CLARITY Act has stalled. Deutsche Bank's survey shows that U.S. consumer cryptocurrency adoption has dropped from about 17% in mid-2025 to around 12%. Furthermore, Citi's report on Tuesday pointed out that as capital inflows slow and resistance increases, Bitcoin's trading price is below key ETF cost levels and is approaching its pre-election price bottom.
Analysis: Bitcoin Miners' Cost Line Breached, Selling Pressure May Become a Short-Term Variable
Checkonchain data shows that Bitcoin's current market price of about $70,000 has fallen below its average production cost of about $87,000, with a difference of about 20%. Historically, Bitcoin prices below production costs are typically a characteristic of bear markets. In the bear markets of 2019 and 2022, Bitcoin prices fell below production costs before gradually returning. This production cost estimation model uses network difficulty as a proxy indicator for the industry's overall cost structure. Currently, the hash rate measuring Bitcoin's network power has decreased by about 20% after peaking at 1.1 ZH/s in October, and has currently rebounded to 913 EH/s, showing some signs of stability. However, due to the current price, many miners are still in a loss position, and miners are continuously selling their held Bitcoin to cover daily operating expenses, energy costs, and debts.
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