LIBRA "runaway" scandal may suppress altcoin and meme coin markets, options market awaits policy changes.
Author: Deep Tide TechFlow
Yesterday's Market Dynamics
Binance Launches Community* Voting* to Consult on Listing Pi Network
According to the official announcement, Binance has launched a community voting event to gather user opinions on whether to list Pi Network. The voting will take place on the Binance Square official platform from February 17, 22:45 to February 28, 7:59 (Beijing time).
Users participating in the vote must hold a verified Binance account, and their account assets must remain no less than the equivalent of $5 during the voting period. Each user can only vote once, and the voting results will be updated daily on the Binance Square official channel. The final results will be announced after disqualifying invalid and rule-breaking votes.
CZ: Binance Will Not Sell, or Accept Single-Digit Equity Investments
Binance founder Zhao Changpeng (CZ) stated on social media, "Some low-level, self-righteous Asian competitors are spreading FUD about Binance (centralized exchange) being sold.
As shareholders, Binance will not sell.
Top investors have always been interested in Binance. Over time, we may allow some investors to hold single-digit percentage equity."
Zhu Su: It's Time to Go All-In on Ethereum, Vitalik is Waiting for Victory
Zhu Su, co-founder of Three Arrows Capital (3AC), posted on X: "It's time to go all-in on Ethereum (ETH), Vitalik is waiting for victory, waiting for the enemy's corpses to float by."
QCP Capital: LIBRA "Runaway" Scandal May Suppress Altcoin and Meme Coin Markets, Options Market Awaits Policy Changes
QCP Capital's latest analysis points out that as the market continues to consolidate, Bitcoin's market dominance has risen to about 60%, nearing a four-year high, while ETH and other altcoins continue to perform poorly. The analysis indicates that the recent "runaway" scandal involving Argentina's President Milei and the LIBRA project may affect the development of similar projects and suppress altcoin and meme coin markets.
The report notes that after Bitcoin's price returned to the mid-range, the 7-day realized volatility dropped to 36, pushing implied volatility to continue declining. Due to the lack of significant positive catalysts for cryptocurrencies, price movements are more driven by macro factors, and the correlation between Bitcoin and the stock market remains significant.
Despite facing macro uncertainties such as tariffs, debt ceilings, and inflation, as well as the unpredictability brought by Trump, cryptocurrency implied volatility and VIX remain low.
The report also indicates that Bitcoin has shown strong resilience to recent macro data, and open interest has not seen a significant recovery after the end of January. This suggests that the cryptocurrency options market is waiting for specific policy changes rather than merely reacting to positive statements.
Currently, although volatility is low, market participants remain cautious about paying time value, similar to the situation in the second and third quarters of last year when Bitcoin oscillated within a range. Most trading is currently focused on recent volatility selling or range trading, rather than betting on significant breakout trends.
Binance to Launch GPS and SHELL Perpetual Contracts, Up to 25x** Leverage**
According to official news, Binance will launch the GPSUSDT perpetual contract on February 18 at 1:00 (Beijing time) and the SHELLUSDT perpetual contract at 1:15, offering up to 25x leverage.
Kaito AI: KAITO Yaps Snapshot Completed
On February 17, according to the official announcement, the AI-based crypto search engine Kaito AI completed the KAITO Yaps snapshot at 12:00 (UTC+8) on February 17.
Additionally, the platform will conduct a snapshot for Kaito Genesis NFT holders on February 18 at 12:00 (UTC+8).
IntoTheBlock: Bitcoin's Correlation with S&P 500 Drops to Zero, Similar Trend Seen Before Breaking $100,000
According to IntoTheBlock data, Bitcoin's correlation with the S&P 500 index has dropped to zero, indicating that the two are currently completely decoupled. The last time such a low correlation was observed was on November 5, 2024, just before Bitcoin broke the $100,000 price point.
Moonshot 24-Hour Trading Volume Drops to $3.119 Million, Down Nearly 95% from Historical Peak
According to Dune data, the 24-hour trading volume of the cryptocurrency trading app Moonshot has dropped to $3.119 million, down nearly 95% from the peak of $666 million on January 19, 2025. During the same period, trading fees also fell from $10.616 million to $56,500, a decrease of 99.4%.
U.S. Stock Exchange MEMX Applies to List 21Shares XRP Spot ETF
According to Cointelegraph, the U.S. stock exchange MEMX has submitted an application to the U.S. Securities and Exchange Commission (SEC) to list the 21Shares XRP exchange-traded fund (ETF) in the form of a "commodity trust."
Previously, another U.S. stock exchange, Cboe BZX, applied on February 6 to list four XRP spot ETFs, including the 21Shares Core XRP Trust, and the SEC confirmed receipt of the application on February 14.
Market Dynamics
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