Important Information
【This week's White House crypto meeting will discuss stablecoin yields, with bank representatives attending for the first time】
The White House will hold the second round of staff-level meetings on "stablecoin yield/rewards" this Tuesday (Eastern Time 2026/02/10). Compared to the previous round, bank representatives will be present and will consult with representatives from the crypto industry trade organizations.
Impact/Insight: The focus is on "whether to ban or restrict stablecoin yields." Banks are concerned that this will divert deposits and require bank-like regulation; meanwhile, the crypto industry believes that the yield mechanism is key to product competitiveness and user growth. This issue is tied to the U.S. negotiations on digital asset legislation/market structure rules, and if a compromise is reached, it may affect the business model, yield compliance boundaries, and regulatory expectations for future compliant stablecoin products.
Industry News
【Guotai Junan Securities first gives HashKey HLDGS a 'Buy' rating】
Guotai Junan Securities has launched coverage on HashKey HLDGS (http://03887.HK), giving it a 'Buy' rating and setting a target price (as disclosed in the report) of HKD 10.14, focusing on its compliance barriers in Hong Kong, institutional business share, and integrated ecological capabilities.
Related asset: http://03887.HK (Hong Kong Stock Exchange), the coverage and target price information in the report directly affect investor expectations and trading sentiment, and also reflect the changes in the valuation anchors of 'compliant trading/asset management platforms' in the Hong Kong stock market.
【#Tether Gold reserves exceed 23 billion USD, ranking among the top 30 gold holders globally】
According to media reports (CoinDesk) and investment bank research opinions, a Jefferies report estimates Tether's gold reserves at about 148 tons, valued at approximately 23 billion USD, claiming its gold holdings have entered the top 30 globally.
Related asset: USDT (and Tether ecosystem-related assets), the market interprets this as a diversification of reserves and a strengthening of risk hedging strategies, impacting discussions on the 'reserve quality/transparency/risk appetite' of stablecoins; it also relates to the heated narrative of tokenized gold.
Price Dynamics
【#bitcoin 】$BTC
Driving Analysis: Against the backdrop of previous sharp declines and a series of liquidations, market discussions have focused on 'liquidity contraction + high leverage de-risking'. During the same time window, the 'misdelivery of BTC' incident by Bithumb caused abnormal fluctuations within exchanges and regulatory attention, which also heightened market sensitivity to exchange risks and short-term sentiment shocks (though primarily a single platform impact, it can be amplified in a fragile market).
【#Ethereum 】$ETH
Driving Analysis: The main driver is the de-leveraging of risk assets synchronized with BTC; at the same time, the market is also tracking narrative disturbances brought by the launch of new Ethereum L2 chains (such as MegaETH), but the main reason for the price on that day remains the overall market volatility and a decrease in risk appetite, rather than a single positive development.
#日报