- Popular Coins on CEX
Top 10 CEX Trading Volumes and 24-Hour Price Changes:
- BTC: -3.75%
- ETH: -4.52%
- SOL: -5.57%
- BNB: -2.35%
- WLFI: +4.71%
- DOGE: -1.02%
- Binance Life: +11.7%
- MDT: -0.84%
- SENT: -6.4%
- UTK: +1.25%
- DATA: +8.81%
24-Hour Price Increase Rankings (Data Source: OKX):
- G: +32.08%
- SPACE: +5.1%
- BARD: +4.65%
- KAITO: +4.53%
- WLFI: +4.5%
- KITE: +4.06%
- ATOM: +3.86%
- NMR: +3.41%
- CVX: +3.4%
- CFG: +3.26%
24-Hour Coin Stock Price Increase Rankings (Data Source: msx.com):
- USAR: +15.24%
- TER: +13.33%
- ALTS: +8.91%
- FLY: +8.84%
- COHR: +8.7%
- RKLB: +8.56%
- GLD: +7.92%
- BE: +7.35%
- SIVR: +7.19%
- PAAS: +6.94%
- On-Chain Popular Memes (Data Source: GMGN):
- LASER
- CLAWLANCER
- UUNONA
- Pita
- Moner
Headlines
Market News: U.S. House Approves Funding Bill to End Government Shutdown
Market news: The U.S. House has approved a funding bill to end the government shutdown; the bill will be sent to President Trump for signing into law.
Federal Reserve Governor Milan: The Fed Needs to Cut Rates by About One Percentage Point This Year
Federal Reserve Governor Milan: The Fed needs to cut rates by about one percentage point this year.
Economist: Kevin Warsh May Cut Rates by 100 Basis Points Before Midterm Elections
Economist Robin Brooks predicts that Kevin Warsh, the Federal Reserve chair nominee by Trump, will cut rates by 100 basis points before the midterm elections, a view contrary to market concerns about Warsh's hawkish stance and its potential to lead to rising interest rates.
U.S. Economic Data Strengthens, Pushing Up U.S. Treasury Yields
As the latest data shows increased resilience in the U.S. economy, U.S. Treasury yields rise. Konstantinos Chrysikos from Kudotrade reported that the ISM Manufacturing PMI released on Monday "brought a significant upside surprise." He noted that although employment and inventory remain in contraction territory, the rebound in the employment sub-index suggests that the labor drag on the economy may be easing. "Overall, this data reinforces the narrative that U.S. economic growth remains resilient." According to Tradeweb data, the yield on the two-year Treasury rose by 1.4 basis points to 3.582%; the yield on the ten-year Treasury rose by 1 basis point to 4.286%.
Industry News
Galaxy Digital Reports Q4 2025 Net Loss of $482 Million, Exceeding Analyst Expectations
Galaxy Digital, founded by Michael Novogratz, announced a net loss of $482 million for Q4 2025, with a loss per share of $1.08. This loss exceeded the $282 million expected by analysts surveyed by Bloomberg and the $0.99 loss per share. The loss was primarily due to a decline in digital asset prices during the quarter.
Ethereum Developers State Network Metrics Remain Robust During Price Decline
Despite ETH prices recently dropping by 17%, various metrics of the Ethereum network remain high. Marius Van Der Wijden, a core developer at the Ethereum Foundation, stated that the market often struggles to accurately reflect the on-chain technological fundamentals. Messari analyst Sam Ruskin pointed out that the Ethereum TVL priced in ETH is close to historical highs, indicating that capital has not flowed out of the ecosystem. Additionally, the queue time for ETH staking entry is about 70 days, showing strong institutional demand for locked funds. Mike Silagadze, CEO of ether.fi, mentioned that user and revenue growth continues, while token price performance lags. Marcin Kazmierczak, CEO of RedStone, believes the current decline is more market noise, and the fundamentals have not weakened.
BNB Chain Releases BAP-578 Standard, Proposes Non-Fungible Agent (NFA) Concept
The BNB Chain developer team stated that as the ecosystem continues to expand, applications need to share rules for seamless collaboration. To this end, BNB Chain has launched the BAP (BNB Application Proposal) mechanism, allowing developers to reach consensus on application layer standards such as NFT utility, AI agent behavior, and identity specifications without touching the consensus layer or EVM.
The first proposal, BAP-578, introduces the Non-Fungible Agent (NFA) token standard. This standard proposes that NFAs are AI-driven, on-chain assets capable of autonomous operation, wallet holding, executing transactions, recording behavioral history, and operating across multiple dApps. BAP-578 is seen as one of the infrastructures for the "agent economy," aimed at promoting the flow and collaboration of AI agents within the BNB Chain ecosystem according to unified standards.
BNB Chain noted that BAP is designed to be community-driven, allowing developers to participate in reviewing BAP-578, providing feedback, or submitting new BAPs to collectively shape the application layer standard system.
A Nevada judge has issued a 14-day temporary restraining order against Blockratize, the operator of the prediction market Polymarket, prohibiting it from offering event contracts to residents of the state. This ruling challenges the industry's view that federal commodity law takes precedence over state gambling regulations.
The court supported the application of the Nevada Gaming Control Board, finding that the sports and other event markets offered by Polymarket constitute unlicensed gambling rather than regulated financial products. The judge noted that if the platform continues to operate without a gambling license, it would cause irreparable harm to the state's ability to regulate gambling integrity, underage gambling, and compliance standards. Previously, Tennessee had also requested that platforms like Polymarket and Kalshi cease operations related to sports event contracts in the state.
A Whale Invests $4 Million to Buy HYPE Again Today, Currently Holding $20.17 Million in HYPE
According to Lookonchain monitoring, a whale (0x4f76) has deposited 4 million USDC to buy HYPE again after a two-month hiatus. Currently, this address holds 591,470 HYPE, valued at $20.17 million, with an additional 2.43 million USDC being deployed to buy more HYPE.
Grayscale CoinDesk Crypto 5 ETF to Add BNB
According to official news, the Grayscale CoinDesk Crypto 5 ETF will add BNB. This ETF has been listed on the NYSE Arca and covers Bitcoin, Ethereum, SOL, and XRP, with the trading code GDLC. The product is a successor to the Grayscale Digital Large Cap Fund.
Project News
Axie Infinity Plans to Launch New Token bAXS and Conduct Two Rounds of Airdrops
Axie Infinity announced on its official blog that AXS will become the reserve currency for the new application token Bonded AXS (bAXS). bAXS, as an ERC20-C token, has the same utility functions as AXS, including use for Axie evolution, breeding, forging items on App.axie, and staking.
The project team will conduct two rounds of bAXS airdrops for AXS stakers and based on Axie Score. The first airdrop pool will consist of 100,000 bAXS, with a snapshot time of February 5 at 00:01 UTC, and eligibility for wallets that stake at least 10 AXS. Details for the second round of airdrop are pending, and the bAXS obtained from the first round of airdrop will increase the weight for the second round of airdrop.
In addition, Axie Homeland will gradually shut down and be replaced by the new land game Terrariums. Terrariums is expected to launch its MVP version in the second quarter of 2026, at which point bAXS will officially go live, allowing players to earn bAXS rewards through various activities within Terrariums.
Ondo Launches Real-Time On-Chain Trading Service After U.S. Stock IPO
Ondo Finance announced on its official website that Ondo Global Markets has confidentially submitted a registration statement to the U.S. Securities and Exchange Commission (SEC). Once effective, this document will provide global investors with issuer-level information disclosure compliant with SEC standards. Currently, Ondo Global Markets has become the world's largest tokenized stock platform, with total assets under management (TVL) exceeding $2.5 billion and cumulative trading volume surpassing $9 billion. Ondo Finance aims to support all major tokenization models, including direct ownership, beneficial ownership, and native tokenized securities, by integrating SEC-registered transfer agents, broker-dealers, investment advisors, and alternative trading systems (ATS). The platform currently offers over 200 tokenized U.S. stocks and ETFs to non-U.S. investors.
Ethena announced the launch of "Exchange Points" to reward real trading activities conducted on exchanges supported by Ethena (Ethereal and HyENA). Each of Ethereal and HyENA will distribute 100 million points weekly for six months, and the points have already begun to be distributed.
The Ethena trading points program will operate independently and be stackable with the ongoing Season 5 points program, with the core goal of providing substantial rewards based on users' actual trading behavior across major trading platforms.
Chiliz to Launch U.S. Fan Tokens, 10% of Revenue to be Used for Buyback and Burn of CHZ Tokens
Sports and entertainment public chain Chiliz Chain announced on the X platform that it will launch U.S. fan tokens in the coming months, with 10% of the fan token revenue allocated for the buyback and burn of CHZ tokens.
The Avalanche Policy Alliance announced the formal launch of a new advisory committee led by Ava Labs' General Counsel Lee Schneider. Committee members include UK House of Lords member Chris Holmes, Avalanche Treasury Co. CEO Bart Smith, COO Laine Litman, and Avax One Technology CEO Jolie Kahn. The committee's three core focus areas for 2026 include token classification methods, definitions of intermediaries, and protecting internet access rights. Lee Schneider stated that the establishment of this committee aims to ensure global regulations and laws achieve coordination, avoiding significant discrepancies in rules across major jurisdictions that could hinder blockchain and crypto companies' operations.
Investment and Financing
Pharos Network Launches Over $10 Million RealFi Incubation Program, Involving Hack VC and Others
Pharos Network announced the launch of a builder incubation program called Native to Pharos, with funding exceeding $10 million. The program aims to accelerate innovation in its on-chain financial ecosystem, focusing on the intersection of real-world assets (RWA), DeFi, and blockchain infrastructure.
The incubation program is supported by partners such as Hack VC, Draper Dragon, Lightspeed Faction, and Centrifuge. Participating projects will receive technical guidance, strategic direction for product launch and scaling, as well as support from a network of investors and ecosystem partners. Pharos Network is a RealFi Layer 1 blockchain developed by former executives and engineers from Ant Group. The program is now open for applications, with the first recruitment event set to launch in Hong Kong.
Regulatory Trends
UK Data Protection Regulator Investigates xAI
The UK data protection regulator is investigating xAI, a company owned by Elon Musk, as the regulatory body intensifies scrutiny over the use of the AI chatbot Grok to generate and disseminate sexualized images of individuals. The UK Information Commissioner's Office (ICO) stated in a release on Tuesday that this formal investigation will focus on whether personal data was improperly processed in the generation of these images. Last month, Grok faced strong backlash from the public and politicians after users induced the chatbot to generate AI images sexualizing real individuals without their consent. Earlier on Tuesday, French law enforcement conducted a raid on X's office in Paris. The ICO stated that it has the authority to impose a fine of up to £17.5 million (approximately $24 million) or 4% of the company's global annual revenue, whichever is higher.
Coinbase: Major Australian Banks Implementing "Illegal Regulatory Ban" on Crypto Companies
Coinbase announced that it has filed a formal complaint with the Australian Parliament, accusing the country's four major banks, including Commonwealth Bank, Westpac, ANZ, and NAB, of systematically refusing to provide financial services to legitimate crypto companies. This account closure behavior has evolved into a systemic characteristic, and since the four major banks control most transaction accounts and payment channels, such actions effectively constitute an illegal regulatory ban. Data shows that in 2021, 60% of fintech companies faced bank refusals. Coinbase is calling on lawmakers to enforce five transparency measures for banks, including informing customers of the reasons for account closures, ensuring internal dispute resolution processes, providing 30 days' notice, and conducting self-compliance certification. These measures were proposed by the Australian Financial Regulatory Authority in 2022 but have yet to be legislated.
Voices
Wintermute stated on X that it is clear that we are in a bear market, which has actually been ongoing for some time—especially considering the performance of altcoins, the extreme concentration of rebounds, and market sentiment on X. However, the difference in this bear market is that it is not driven by structural collapses like FTX, Luna, or 3AC, but rather a relatively natural deleveraging process driven by macro conditions and cyclical trend changes, with the core driving forces being changes in positions, risk appetite, and market narratives.
This is crucial. Without bankruptcies and systemic contagion, this cycle may end faster than previous bear markets. The infrastructure is more robust, stablecoin adoption continues to grow, and institutional interest has not disappeared; it has merely retreated to a wait-and-see stance. Once the environment improves, attention and capital may quickly return—likely occurring in the second half of 2026, when macro uncertainty decreases and the Federal Reserve's policy path becomes clearer.
In the short term, positions have clearly lightened after the liquidation, but market confidence remains insufficient. After two months of range-bound fluctuations, we have returned to a price discovery phase. It is still too early to talk about any meaningful upward trends, but if they do occur, their form may be clearer than the reversals seen in previous bear markets—because this time, the crypto ecosystem has not suffered structural damage.
Vitalik: The Old Model of Ethereum L2 is "Dead," New Paths Need to be Found
vitalik.eth posted on the X platform that discussions about the ongoing role of L2 in the Ethereum ecosystem have increased recently. As the progress of L2 entering Phase 2 is far slower than expected, and L1 itself is expanding, it is anticipated that Gas limits will significantly increase in 2026, meaning the original vision of L2 as Ethereum's "branded shard" is no longer applicable and new paths need to be sought.
Vitalik Buterin pointed out that L1 no longer needs L2 as a branded shard, and L2 cannot or does not want to meet the attributes required for true branded sharding. He suggested that L2 should identify value points beyond "scalability," such as privacy, efficiency for specific applications, extreme levels of scalability, non-financial application design, ultra-low latency, and built-in oracles. If handling ETH or other Ethereum assets, L2 should at least reach Phase 1 and support maximum interoperability with Ethereum.
Additionally, Vitalik Buterin stated that he has become more convinced of the value of native Rollup precompiles over the past few months, especially with the ZK-EVM proof needed to scale L1. This precompile would make EVM verification without a security committee feasible. He believes that research should be conducted on how to design this precompile so that it can verify the EVM portion when L2 includes "EVM and other content." This would make achieving secure, robust, and trustless interoperability with Ethereum easier and enable synchronous composability.
Dalio: The World is on the Brink of a Capital War, Gold Remains the Top Hedge Tool
Ray Dalio stated in an interview at the World Government Summit in Dubai that the world is nearing the brink of a capital war, with funds being weaponized as countries engage in games through trade embargoes, blocking access to capital markets, and leveraging debt. Ray Dalio pointed out that European investors holding dollar assets are concerned about sanctions, while the U.S. is worried about the cessation of capital inflows from Europe. History shows that capital wars are often accompanied by foreign exchange and capital controls, and sovereign wealth funds and central banks are preparing for this. Furthermore, Ray Dalio believes that gold remains the best choice for storing funds and is an effective tool for coping with economic downturns and diversifying risks, advising investors to maintain a fixed proportion of gold allocation in their portfolios.
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