Today's news highlights:
White House officials: Trump is expected to sign the cryptocurrency market structure bill before April.
Cryptocurrency compliance company TRM Labs completed a $70 million Series C financing, with a valuation of $1 billion.
PlanB proposed four scenarios for a bear market: in extreme cases, Bitcoin could retrace to $25,000.
Vitalik raised concerns about the L2 scaling model, and Arbitrum, Optimism, and Base responded in succession.
Multicoin co-founder Kyle Samani has transitioned to an advisory role, focusing on emerging technologies such as AI and robotics.
Tom Lee refuted the claim that Ethereum's treasury losses will suppress future ETH prices: 'This is a feature, not a bug.'
Sichuan's Butuo County issues a notice prohibiting the conduct of virtual currency 'mining' activities.
Norway's sovereign wealth fund indirectly holds 9,573 Bitcoins.
Macro & Regulation
White House officials: Trump will sign the cryptocurrency market structure bill before April.
According to The Bitcoin Historian, White House officials just stated that President Trump will sign the Bitcoin and cryptocurrency market structure bill before April.
U.S. Treasury Secretary Bessent states will not 'rescue' Bitcoin; the $500 million Bitcoin seized by the government has appreciated to $15 billion.
U.S. Treasury Secretary Scott Bessent testified in Congress that the U.S. government will not 'rescue' the asset by requiring private banks to buy more Bitcoin during a market downturn. He emphasized that neither the Treasury nor the Financial Stability Oversight Council (FSOC) has such authority. Bessent also revealed that the $500 million worth of Bitcoin seized by the U.S. government has appreciated to over $15 billion. According to an executive order signed by Trump in 2025, the U.S. can only increase its strategic reserves through asset seizures or budget-neutral strategies (such as converting oil or precious metals into Bitcoin) and not through open market purchases. Although this move has been criticized by some in the Bitcoin community as insufficient, Bitcoin advocates believe that government purchases could encourage other countries to build their own strategic reserves, thereby impacting Bitcoin prices and market demand.
U.S. January ADP employment figure is 22,000, below the expected 48,000.
According to Jin10, the U.S. ADP employment figure for January is 22,000, below the expected 48,000 and the previous value of 41,000.
Later news: 'Little non-farm' ADP employment figures fall short of expectations, U.S. labor market continues to slow.
U.S. Department of Labor: Non-farm payroll will be released on February 11, CPI data will be released on February 13.
According to Jin10 data, the U.S. Bureau of Labor Statistics announced that the release date for the January non-farm payroll report is set for February 11; the release date for the January CPI report has been changed to February 13. Additionally, the job openings and labor turnover report for December will be released on February 5. Previously, due to a partial shutdown of the U.S. government, the release of some data was delayed, but the shutdown ended late Tuesday local time, and funding for the Department of Labor and most other government agencies will last until September 30. It is reported that, in addition to the regular monthly employment data and unemployment rate data, the January employment report also contains the much-anticipated annual employment data revision.
Sichuan's Butuo County issues a notice prohibiting the conduct of virtual currency 'mining' activities.
Recently, the Butuo County of Liangshan Yi Autonomous Prefecture in Sichuan Province issued a notice (on prohibiting virtual currency 'mining' activities), stating that virtual currency 'mining' activities are explicitly prohibited by the state. The provincial and state governments attach great importance to rectifying virtual currency 'mining' activities and have made a series of arrangements to maintain social stability and regulate market order. The notice on prohibiting virtual currency 'mining' activities in the county is as follows: (1) All forms of virtual currency 'mining' activities are prohibited, including but not limited to 'mining' of Bitcoin, Ethereum, and other virtual currencies. (2) People's governments of towns and villages, as well as industry authorities in communications, electricity, etc., shall strengthen the investigation and regulation of virtual currency 'mining' activities according to local management and industry management principles, resolutely crack down on illegal 'mining' activities. (3) If illegal 'mining' activities are discovered, please report them immediately to the Butuo County People's Government and the Development and Reform Commission.
The Canadian Investment Industry Regulatory Organization has officially established a temporary cryptocurrency custody framework.
According to Cointelegraph, the Canadian Investment Industry Regulatory Organization (CIRO) has officially implemented a temporary regulatory framework for cryptocurrency and tokenized asset custody. This framework aims to provide regulatory clarity for investment dealers and protect investor interests during the long-term rule-making period. The framework imposes custody requirements on dealer members operating cryptocurrency trading platforms, including setting upper limits on custody ratios, specifying capital thresholds, and clarifying reporting obligations. CIRO has introduced a layered custody model, increasing capital, insurance, governance, and technical assurance requirements according to the proportion of customer assets that custodians are allowed to hold. For example, first-tier and second-tier custodians can hold 100% of dealer's customer crypto assets but must meet higher capital thresholds, while the upper limit for internal custodians of dealers is 20%.
Project Dynamics
Zhao Changpeng responds to rumors: Binance has seen net inflows of billions of dollars over the past month.
Binance founder Zhao Changpeng posted on the X platform stating: 'Binance has achieved net inflows of billions of dollars over the 1-day, 7-day, and 1-month statistical periods. Some who spread panic saw a completely opposite result.'
Binance will delist the perpetual contracts RVVUSDT and YALAUSDT on February 10.
Binance announced that it will automatically settle and close all positions of USDⓈ-M RVVUSDT and YALAUSDT perpetual contracts at 17:00 on February 10, 2026, Beijing time, and subsequently delist the related contracts.
Espresso announces the economics of the ESP token: 10% for airdrops, 24.81% for future incentives.
Espresso Foundation announces that Espresso Network is about to transition to a decentralized proof-of-stake (PoS) consensus while launching the ESP token. ESP is an ERC-20 token with an initial total supply of 3.59 billion, with no fixed maximum supply. The ESP token will be used to support Espresso's HotShot consensus, pay protocol fees, and promote the decentralization and ecological development of the network. Espresso Network is designed for Rollups, providing fast, secure finality and low-cost data availability, achieving seamless interoperability between chains. The distribution of the ESP token includes: Contributors (27.36%), Investors (14.32%), Airdrops (10%), Community Launchpad (1%), Staking Incentives (3.01%), Future Incentives (24.81%), Foundation Operations (15%), and Liquidity Supply (4.5%). The airdrop portion will be fully unlocked, while other portions will be distributed according to different linear unlocking plans.
Kyle Samani intensively responds to community concerns: will not return to Multicoin, Ethereum has no advantage in RWA.
After announcing his exit from Multicoin Capital, Kyle Samani has been actively responding to community concerns on the X platform. Dragonfly managing partner Haseeb stated that his departure is akin to Jordan leaving the Bulls, to which Kyle Samani responded, hinting that he will not return to the Bulls, suggesting he will not return to Multicoin Capital. Additionally, he mentioned that he will support Solana's rapid development and stated that Ethereum does not have a distinct advantage in RWA beyond stablecoins, while Solana has made significant strides in payments, applications, and DePIN.
Previous reports indicated that Multicoin co-founder Kyle Samani has transitioned to an advisory role, focusing on emerging technologies such as AI and robotics; suspected Multicoin Capital-related wallets have exchanged large amounts of ETH for HYPE tokens; and Multicoin co-founders have deleted tweets stating that cryptocurrencies are not as interesting as expected and that the potential of blockchain is limited.
SBI Holdings and Startale Group launch Strium blockchain, focusing on the on-chain securities market.
Japanese financial giant SBI Holdings and blockchain development company Startale Group (the team behind Sony Layer 2) have jointly developed a Layer 1 blockchain network called Strium. This network is designed to support on-chain securities trading and aims to become the 'base trading layer' for the Asian on-chain securities market, providing 24/7 trading capabilities and DeFi composability. Previously, SBI and Startale announced in August 2025 their collaboration to develop a yen-based stablecoin and an RWA trading platform, targeting cross-border instant settlement, fractional ownership, and compliant on-chain trading. The proof of concept for Strium was released today, showcasing its key technical capabilities in settlement efficiency, resilience in high-load environments, and interoperability with traditional financial systems and blockchain networks. Additionally, Startale recently received a $13 million investment from Sony to develop the Ethereum Layer 2 project Soneium and operates Japan's largest public chain, Astar Network. SBI Holdings has also increased its investment in the crypto space, including investing in Circle's IPO and developing a potential crypto ETF that may be listed on the Tokyo Stock Exchange.
Coinbase adds Aztec, Espresso, Rainbow, and RaveDAO to the listing roadmap.
According to official news from Coinbase Markets, today adds Aztec (AZTEC), Espresso (ESP), Rainbow (RNBW), and RaveDAO (RAVE) to the listing roadmap.
CME Group explores launching 'CME Coin' and partners with Google to pilot tokenized cash.
According to CME Group CEO Terry Duffy in the company's latest earnings call, the firm is exploring the launch of its own cryptocurrency 'CME Coin' and plans to deploy it on a decentralized network for industry participants. This is the first time CME has explicitly mentioned the possibility of issuing its own token. Duffy stated that this plan is part of CME's exploration in the field of tokenized collateral, and the company is also collaborating with Google to develop a 'tokenized cash' solution expected to launch later this year. This solution will involve banks acting as custodians to facilitate transactions. Currently, CME has not clarified whether 'CME Coin' will serve as a stablecoin, settlement token, or for other purposes. Duffy added that the market's trust in it may be higher compared to tokens issued by systemically important financial institutions. Additionally, CME plans to launch 24/7 trading services for cryptocurrency futures in the second quarter of this year and introduce futures contracts for Cardano, Chainlink, and Stellar. By 2025, CME's average daily trading volume for cryptocurrencies has reached $12 billion, with micro Ethereum and Bitcoin futures performing particularly well.
Fidelity's stablecoin FIDD officially launched, open to retail and institutional investors.
According to The Block, Fidelity Investments' U.S. dollar stablecoin, Fidelity Digital Dollar (FIDD), has officially launched, open to retail and institutional investors. This stablecoin is issued by Fidelity Digital Assets on Ethereum, allowing users to directly purchase or redeem at $1 through Fidelity Digital Assets, Fidelity Crypto Assets, and Fidelity Crypto Assets Services for wealth management platforms.
BNB Chain: The AI agent economy standard ERC-8004 has been deployed on the BSC mainnet and testnet.
BNB Chain announces on the X platform that the 'AI Agent Economy' has logged onto BNB Chain, and the ERC-8004 infrastructure has been deployed on the BSC mainnet and testnet. This standard aims to establish a trust layer for AI agents by introducing two core components: identity registration and reputation registration, providing verifiable on-chain identities and reputation systems for autonomously operating AI agents.
UBS CEO: UBS is taking a 'fast follower' strategy in the field of tokenized assets.
According to Bloomberg, UBS Group CEO Sergio Ermotti stated during the earnings call that the bank is considering providing cryptocurrency access services for individual clients while emphasizing that it will not act as a 'first mover' in blockchain technology applications. Ermotti noted that UBS is building core infrastructure and exploring a range of targeted services from cryptocurrency access for individual clients to tokenized deposit solutions for corporate clients. He stated that UBS is taking a 'fast follower' strategy in the field of tokenized assets, and relevant business expansion will unfold over the next three to five years, serving as a complement to traditional business. Previously in January, UBS Group planned to offer cryptocurrency trading services to some clients.
Binance Alpha will launch WARD today at 20:00, with an airdrop threshold of 231 points.
According to an official announcement, Binance Alpha will launch Warden Protocol (WARD), with Alpha trading starting on February 4, 2026, at 20:00 (UTC+8). Users holding at least 231 Binance Alpha points can claim the token airdrop. To claim 200 WARD tokens from the Alpha event page, it is first come, first served. If the event does not end, the score threshold will automatically decrease by 5 points every five minutes. Please note that claiming the airdrop will consume 15 Binance Alpha points. Users must confirm the claim on the Alpha event page within 24 hours, otherwise, it will be regarded as a waiver of the airdrop.
Analysis & Opinions
CryptoQuant: Bitcoin has fallen below the 365-day moving average for the first time since March 2022, potentially further declining to the $60,000–$70,000 range.
According to the weekly report released by CryptoQuant, the Bitcoin market has entered a bear market phase. Here are the main analysis points: On-chain indicators show bear market signals: Bitcoin's price reached a high of $126,000 in early October 2025, at which time the bull market score index was 80 (bullish). However, after the liquidation event on October 10, the index turned bearish and has now dropped to zero, with the current Bitcoin price hovering around $75,000, indicating weak market structure. Institutional demand has significantly decreased: The U.S. spot ETF purchased 46,000 BTC in 2025, while in 2026, it net sold 10,600 BTC, with a demand gap of 56,000 BTC compared to last year, continuously applying selling pressure. U.S. spot demand is sluggish: Despite the price drop, the Coinbase premium has remained negative since mid-October 2025, indicating low participation from U.S. investors. This contrasts sharply with past bull markets driven by U.S. demand. Liquidity conditions are tightening: USDT's market capitalization growth has turned negative for the first time in 60 days (-$133 million), marking the first contraction since October 2023. The expansion of stablecoins peaked at $15.9 billion at the end of October 2025, and the current pullback aligns with the characteristics of bear market liquidity contraction. Additionally, in the past year, the growth of visible spot demand has plummeted by 93%, from 1.1 million BTC to 77,000 BTC. Technical structures indicate downside risks: Bitcoin price has fallen below the 365-day moving average for the first time since March 2022, and has dropped 23% within 83 days, performing worse than the bear market in early 2022. The loss of key on-chain support levels suggests that Bitcoin may further decline to the $60,000–$70,000 range.
PlanB proposes four bearish scenarios: in extreme conditions, Bitcoin may retrace to $25,000.
Crypto analyst PlanB posted on the X platform that, in his view, there may be four potential bearish scenarios for Bitcoin in this cycle: 1) Retracement from the previous historic high of approximately $126,000 by about 80%, corresponding to a price of around $25,000; 2) Falling to the 200-week moving average or already realized price range, corresponding to about $50,000 to $60,000; 3) Falling slightly above the historical high of the previous cycle, corresponding to around $70,000; 4) The market may have completed a phased bottom near $72,900 yesterday.
a16z states: Blockchain is the key infrastructure for trust in the AI era.
The a16z crypto team pointed out that as AI systems scale, the internet lacks a native way to distinguish between humans and machines, and the trust system faces challenges, while blockchain technology can provide solutions. The article summarizes the following five key roles: Increase the cost of AI impersonation: By implementing a decentralized human identity verification system (such as World ID), limit the scale of false identity generation and increase attack costs. Decentralized identity verification: Blockchain empowers users with control over their own identities, avoiding single points of failure in centralized identity systems while protecting privacy and censorship resistance. Creating a universal 'passport': A blockchain-based identity layer enables AI agents to operate across platforms, carrying permissions and payment information, enhancing interoperability and preventing lock-in effects. Supporting machine-scale payments: Utilizing blockchain micropayments and smart contracts for low-cost, refined payment distribution, supporting economic activities between machines. Strengthening privacy protection: Through zero-knowledge proofs, users can verify their identity without exposing specific data, preventing AI from misusing information for impersonation. a16z believes that blockchain is the necessary infrastructure for building an AI-native internet, capable of restoring trust and supporting the healthy development of AI systems.
Traders: Bitcoin's key trend line at $68,000 is expected to support its price.
According to Cointelegraph, multiple traders have analyzed that Bitcoin's price may be approaching a critical long-cycle trendline support level. Analysis shows that Bitcoin's 200-week exponential moving average (EMA) is currently around $68,400, which is viewed as an important potential macro bottom area. Trader Nic Puckrin noted that if Bitcoin falls below the current April low of around $74,400, the next key support level is near $70,000. If it loses that level, the market may look towards the $55,700 to $58,200 range, which falls between the global average holding cost and the 200-week moving average, and is expected to become the final bottom. Other traders like Altcoin Sherpa and BitBull also believe that a price drop to the 200-week EMA 'makes sense,' and historically, every time Bitcoin fell below the 100-week EMA, it usually retested the 200-week EMA as long-term support.
Citigroup: Bitcoin is nearing a support level before the U.S. elections, and ETF fund inflows have significantly slowed.
According to CoinDesk, Citibank analysis indicates that Bitcoin is nearing a critical price support level before the U.S. elections. The report states that after several weeks of decline, Bitcoin's price has fallen below the estimated average entry cost of approximately $81,600 for the bank's U.S. spot Bitcoin ETF and is approaching the critical level of around $70,000 before last year's election. The report notes that the primary source of new demand supporting the market—ETF fund inflows have significantly slowed, while the futures market has seen continuous long liquidations. Analysts state that the cryptocurrency market exhibits volatility similar to that of precious metals but has failed to follow the recent safe-haven rise in gold, highlighting that its price remains primarily influenced by liquidity conditions and risk sentiment rather than safe-haven demand. The report suggests that regulatory progress remains a key potential catalyst, but the advancement of the U.S. digital asset market structure bill has been slow and uneven, and related expectations have weakened. The report also mentions macro risks, including concerns over the Federal Reserve's balance sheet contraction, which historically exerts pressure on crypto assets by reducing bank system liquidity.
Analysis: Bitcoin has historically spent very little time in the $70,000 to $80,000 range; current stay may indicate a prolonged consolidation.
According to CoinDesk, Bitcoin prices have been consolidating in the $70,000 to $80,000 range for five days. This price level has historically seen very short trading duration, totaling only about 35 days, lacking solid historical support or resistance levels, making it likely to become a sustained consolidation area or face downward testing pressure. Data shows that the on-chain supply structure in this price range is weak. The largest company position holder, Strategy, completed a large-scale purchase only once in this range, buying 27,200 Bitcoins at an average price of approximately $74,463 in November 2024. Historical data also shows that Bitcoin often quickly traverses this region; for example, the price surged from $68,000 to $100,000 within weeks after the November 2024 election without forming effective consolidation. Analysts point out that the longer the price stays in a certain range, the accumulated positions may turn into stronger support. The current situation suggests that Bitcoin may continue to consolidate within this range or test the lower boundary again before establishing a more solid foundation.
Analysis: Multiple indicators show that the downtrend in Bitcoin may not be over yet.
According to Cointelegraph, although the price of Bitcoin has rebounded above $76,000, multiple indicators show that its downtrend may not yet be over. Technical analysis indicates that the BTC/USD weekly chart has confirmed a head-and-shoulders formation. After breaking below the $82,000 neckline support, its theoretical downward target points to around $52,650. Additionally, the daily chart has also confirmed a bearish flag formation, with analysts noting that the next key liquidity target is around $65,500. Analyst BitcoinHabebe believes that in the face of macro headwinds, a drop in Bitcoin to $60,000 is 'obvious.' On-chain indicators also point to weakness. The Puell Multiple indicator tracking miner income has entered the 'discount zone' and may remain there, which analysts note usually indicates a continuation of the bearish trend. Meanwhile, Bitcoin's total network hash rate has dropped 12% from the peak in November 2025, marking the largest decline since 2021, suggesting a potential miner capitulation. Furthermore, on-chain data shows that a large number of BTC continues to flow into Binance exchange, with a cumulative inflow of 56,000 to 59,000 BTC on February 4 and 5, which may create actual selling pressure in the spot market, indicating that the market may be entering a panic selling stage.
Analysis: An indicator shows that Bitcoin may be approaching a cyclical bottom, which has previously been accurately predicted multiple times.
According to CoinDesk analysis, an on-chain indicator known as 'Bitcoin Profit and Loss Supply' shows that the current market may be approaching a historic bottom area. This indicator measures the relationship between the overall holding cost and price of Bitcoin by comparing the number of Bitcoins in profit and loss. Glassnode data shows that currently about 11.1 million Bitcoins are in profit, while 8.9 million are in loss. Historically, when these two data points converge, it often corresponds to the market's cyclical bottom, such as in 2022 (around $15,000), 2020 (below $3,000), 2019 (around $3,300), and 2015 (slightly above $200). Analysis indicates that if convergence is achieved at the current cost level, it may imply that Bitcoin prices are nearing $60,000. This indicator reflects the overall holding pressure of the market and investor sentiment by tracking the changes in the number of profitable and unprofitable coins in circulation, with its convergence point seen as a reliable signal for identifying market capitulation and long-term opportunities.
After Vitalik questioned the L2 scaling model, Arbitrum, Optimism, and Base responded in succession.
According to Cointelegraph, after Ethereum co-founder Vitalik Buterin commented that 'the original vision of Layer 2 as the primary scaling engine is no longer applicable,' several L2 builders responded in succession, generally agreeing that Rollups need to transcend the positioning of 'a cheaper Ethereum,' but there are differences regarding whether scaling should still be its core role. Optimism co-founder Karl Floersch welcomed the challenge of building a modular L2 stack that supports 'full spectrum decentralization,' while acknowledging that there are still major obstacles such as long withdrawal periods, second-phase proofs not reaching production readiness, and insufficient cross-chain application tools. He supports the native Rollup precompilation scheme emphasized by Buterin.
Arbitrum developer Offchain Labs co-founder Steven Goldfeder holds a stronger stance, believing that although the Rollup model has evolved, scaling remains the core value of L2. He points out that Arbitrum was not built as 'a service for Ethereum' but because Ethereum provides a high-security, low-cost settlement layer that enables large-scale Rollups. He warns that if Ethereum is seen as hostile to Rollups, institutions may choose to launch independent Layer 1 chains instead of deploying on Ethereum.
Base head Jesse Pollak stated that the scalability of Ethereum L1 is a 'victory for the entire ecosystem' and agreed that L2 cannot just be 'a cheaper Ethereum.' He mentioned that Base is differentiating itself through applications, account abstraction, and privacy features and is striving towards decentralization in its second phase. StarkWare CEO Eli Ben-Sasson hinted that some ZK-native L2s (like Starknet) believe they already fit the specialized role described by Buterin. The entire Ethereum ecosystem is facing a roadmap adjustment: the base layer aims to enhance its capabilities, while L2s are being repositioned to serve specialized environments for different technical needs.
Tom Lee refutes the claim that the unrealized loss in Ethereum's treasury will suppress future ETH prices: 'This is a feature, not a flaw.'
According to The Block, BitMine Chairman Tom Lee refuted the claim that its unrealized Ethereum losses would suppress future ETH prices. He stated that experiencing unrealized losses during a market downturn is 'a feature of Ethereum treasury strategy, not a flaw,' and pointed out that such pullbacks are an expected part of market cycles. Previous market commentary indicated that BitMine has about $6.6 billion in unrealized losses, and its accumulated Ethereum will eventually create selling pressure and limit price increases. Lee responded that this viewpoint misunderstands the positioning of the Ethereum treasury, emphasizing that BitMine aims to track Ethereum prices and achieve excess returns over the entire market cycle. He likened this to the situation where index ETFs suffer losses during broad market downturns.
Analysis: Signals from the crypto options market reinforce a cautious stance; $75,000 is a key turning point for Bitcoin.
Singapore crypto investment firm QCP Capital analyzes that the crypto market remains volatile, with Bitcoin dropping to about $72,900, marking the lowest point since the post-election rise in the U.S., and then rebounding due to the U.S. House passing a $1.2 trillion funding bill that ended the partial government shutdown. On the macro front, the risk of government shutdown has eased, but the Department of Homeland Security's funding is only extended until February 13, and new deadline risks remain. Additionally, after the U.S. shot down an Iranian drone near an aircraft carrier in the Arabian Sea, oil prices have rebuilt geopolitical premiums, but diplomatic news has restrained the increase. The nomination of the Federal Reserve chair has reignited the risk of policy reaction; if the market starts to price in larger rate cuts this year, it could provide marginal support for risk assets and weaken the dollar, but investors are also focused on the pace of balance sheet contraction. If reserves become scarce in critical areas, it could trigger market pressure. Signals from the options market have reinforced a cautious stance. Despite a rebound in spot prices, front-end implied volatility remains high, and at-the-money option volatility remains elevated, with the term structure tilting towards mild inversion, indicating that the market is still paying a premium for recent jump risks. The put skew has steepened sharply, and butterfly spread options remain expensive, showing concentrated demand for downside convexity. From a tactical perspective, $75,000 is a key turning point. If it stabilizes at this price level and the funding rates return to normal with position rebuilding, this level seems to be a reasonable position to increase risk exposure. Once it falls below, market sentiment may quickly turn defensive.
Galaxy CEO: The biggest risk to Bitcoin lies in governance, not quantum computing.
According to Cryptobriefing, Galaxy Digital CEO Mike Novogratz stated during the earnings call that the biggest risk facing Bitcoin currently is internal governance issues, rather than quantum computing. He believes that quantum computing is more of a market hype narrative and expects Bitcoin to upgrade to quantum-resistant technology in a timely manner. Novogratz pointed out that the real long-term threat to Bitcoin lies in the potential for persistent disagreements among developers or the inability to reach consensus on upgrades, but he believes this is unlikely to happen and that Bitcoin has the capacity to address these issues. Regarding the recent market downturn, Novogratz believes that the selling pressure mainly comes from long-term holders distributing their chips, rather than a collapse in market confidence. While he acknowledges the possibility of further downside, his intuition suggests that the market is closer to a cyclical bottom rather than the beginning of another prolonged crypto winter. He mentioned that U.S. regulatory framework legislation for the crypto market could serve as a catalyst to attract new demand through Wall Street channels and noted that Bitcoin's role as a macro asset supported by both retail and institutional investors has been consolidated.
Investment and Financing
The prediction market Opinion completes $20 million Pre-A round financing, with Hack VC and others participating.
According to CoinDesk, the blockchain prediction market platform Opinion announced the completion of a $20 million Pre-A round of financing, with participation from institutions such as Hack VC, Jump Crypto, Primitive Ventures, and Decasonic. Opinion is a fully on-chain settlement prediction market platform whose model is closer to Polymarket. The company stated that it currently handles about one-third of the global prediction market trading volume, with open contracts valued at over $130 million. The platform features diversified trading categories covering macroeconomics, regional events, crypto assets, and more, not limited to sports and politics. The company's founder stated that this round of financing will be used to deepen regional layouts and expand globally in anticipation of events such as the 2026 World Cup and multiple elections.
Crypto compliance company TRM Labs completes a $70 million Series C financing, with a valuation of $1 billion.
According to Fortune magazine, crypto compliance and investigation startup TRM Labs announced the completion of a $70 million Series C financing, achieving a valuation of $1 billion, becoming a new 'crypto unicorn.' This round of financing was led by early investor Blockchain Capital, with traditional institutions such as Goldman Sachs, Bessemer, Brevan Howard, Thoma Bravo, and Citigroup participating. TRM Labs was founded in 2018 by Esteban Castaño and Rahul Raina, and its blockchain analysis software is widely adopted by global law enforcement agencies and an increasing number of private companies using cryptocurrencies for fund transfers. Currently, about 40% of TRM's clients come from the private sector, and this proportion is growing as financial institutions explore tokenized deposits, equities, and other assets. The company's team has rapidly expanded to 350 people and is leveraging AI technology to address the escalation of criminal methods.
Institutions
Norway's sovereign wealth fund indirectly holds 9,573 Bitcoins.
According to CoinDesk, Norway's sovereign wealth fund, which has a scale of $18 trillion, has indirectly held 9,573 Bitcoins through equity in companies like Strategy, MARA, Metaplanet. As of 2025, its Bitcoin exposure has increased by 149% compared to the previous year.
BitMine currently holds approximately $8.42 billion in ETH, facing $7 billion in losses due to the drop in ETH price.
According to Coin Bureau, Tom Lee's BitMine currently holds 4.2851 million $ETH (approximately $8.42 billion), but as Ethereum's price fell below $2,100, BitMine is now facing over $7 billion in unrealized losses. Prior reports indicated that Strategy's BTC holdings had an unrealized profit of $1.332 billion, while BitMine's ETH holdings suffered an unrealized loss of $6.5 billion.
Trend Research's liquidation price has dropped to the range of $1575-$1681, with ETH accumulating losses of over $600 million.
According to monitoring by Ai Yi, Trend Research has lowered the liquidation price to the range of $1575.13 to $1681.94, temporarily alleviating liquidation risks. Over the past 8 hours, Trend Research has deposited 35,000 ETH onto Binance, and since February 1, has reportedly sold 191,411.05 ETH, with a total value of approximately $442 million, at an average deposit price of $2268, expecting a loss of $160 million. Currently, there are still 463,317.55 ETH (approximately $995 million) held on-chain, with an unrealized loss of $442 million, bringing total losses to as high as $602 million. Previous reports indicated that Trend Research transferred an additional $53.24 million in ETH to Binance, bringing the total to approximately $427 million.
Important Data
In 2025, the total amount of venture capital in the crypto field reached $34 billion, doubling from 2024.
According to Cointelegraph Research, total venture capital in the cryptocurrency field reached $34 billion in 2025, doubling from $17 billion in 2024. Among them, the tokenization of real-world assets has become the dominant narrative, with financing in this sector exceeding $2.5 billion. Investment logic has undergone a significant shift: institutions favor projects with sustainable income models and clear market fit, leading to later financing stages, with seed round financing down 18%, while Series B financing increased by 90%. The total market capitalization of tokenized RWA has exceeded $38 billion, becoming one of the fastest-growing sectors in crypto, but compared to the traditional market size of trillion dollars, there remains significant room for growth. Meanwhile, the financing enthusiasm for Ethereum Layer 2 and modular infrastructure has sharply declined, with financing of only $162 million in 2025, down 72% from 2024. The report suggests that this is due to the L2 ecosystem nearing saturation, and investment demand has been fully released.
ETH once fell below $2,100; BTC once fell below $71,000.
Spot gold fell 3.12%, and silver's losses expanded to 15%.
Bitcoin spot ETF saw a net outflow of $545 million yesterday, with BlackRock's IBIT seeing the largest outflow of up to $373 million.
