Market Overview (24h)

  • Spot: As of 00:00 UTC Feb 10, BTC trades around 70,100 USD (-0.6% 24h, -27% YoY); ETH ~2,100 USD (+0.5% 24h, -20% YoY).12 Major alts from the watchlist are modestly red on the day after last week’s sharp drawdown: SOL ~86.8 USD (-0.2%), BNB ~636 USD (-0.8%), XRP ~1.44 USD (+0.3%), ADA ~0.27 USD (-0.3%), DOGE ~0.096 USD (-0.7%).34567
  • Total crypto market cap is roughly 2.39T USD; it is down about 10% month‑to‑date in February but up about 0.7% over the last 24h, as BTC stabilizes above 70k after briefly testing 60k on Feb 6.8910
  • Derivatives: Aggregate crypto futures open interest is about 62.3B USD (+1.3% 24h) with 24h liquidations ~90.8M USD, sharply below levels seen during the early‑February crash, indicating reduced forced selling. BTC futures OI is roughly 45–49B USD, still well below pre‑selloff levels after a >20% week‑on‑week drop. Funding is near flat to slightly negative for BTC across major venues and mildly positive but subdued for ETH, reflecting cautious, slightly bearish positioning after the bounce.11121314
  • Stablecoins: USDT market cap is ~184B USD with 24h volume ~88–96B; USDC trades at parity with a market cap near 73B USD. Pegs are stable and there are no notable depeg events in the last 24–48h.15161718

Top Headlines (What & Why it matters)

  • Spot Bitcoin ETFs see renewed inflows – U.S. spot BTC ETFs recorded net inflows of about 144.9M USD on Feb 9, led by Grayscale’s new “Mini BTC” (+130.5M), while BlackRock’s IBIT saw ~20.9M USD outflows. Risk: Medium (supports BTC on dips; flows remain fund‑specific, not uniformly strong).192021
  • Deleveraging narrative persists after early‑Feb crash – Analysis from FXStreet and Glassnode points to a roughly 10% February drawdown in total market cap to ~2.4T USD, a sharp BTC pullback from October’s 126k USD high, and a significant collapse in futures open interest, suggesting a cleaner but more risk‑averse market structure. Risk: Medium (limits upside leverage but reduces crash risk).22239
  • CFTC widens who can issue “payment stablecoins” used as derivatives collateral – On Feb 6, the CFTC’s Market Participants Division reissued Staff Letter 25‑40 to clarify that nationally chartered trust banks can be permitted issuers of payment stablecoins accepted as margin by FCMs, aligning treatment of bank‑issued tokens with state‑regulated issuers. Risk: Medium (incrementally bullish for institutional stablecoin adoption and derivatives liquidity).24252627
  • SEC–CFTC “Project Crypto” moves toward harmonized U.S. digital‑asset rules – At a joint event in early February, SEC Chair Atkins and CFTC Chair Selig said Project Crypto will now be a shared initiative, aiming to define bright‑line taxonomies (digital commodities vs. securities) and shift away from “regulation by enforcement” toward rulemaking. Risk: Medium–High (clearer regime could materially change product design and compliance burdens over 12–24 months).282930
  • Ethereum Foundation backs SEAL’s “Trillion Dollar Security” initiative – The EF is funding a dedicated security engineer for nonprofit Security Alliance (SEAL) to monitor and disrupt large‑scale wallet drainer and phishing campaigns, with a new tracking dashboard launched Feb 9–10. Risk: Low–Medium (positive for ETH user security and ecosystem trust, indirect price impact).3132
  • CrossCurve bridge hacked for ~3M USD – Cross‑chain bridge protocol CrossCurve disclosed on Feb 1–2 that a smart‑contract validation flaw let attackers spoof cross‑chain messages and unlock tokens across several networks; forensic write‑ups over the past week estimate losses around 3M USD, with the bridge paused and a 10% white‑hat bounty offered. Risk: Medium for DeFi/bridges (adds to bridge‑risk premium; limited systemic spillover so far).3334353637

Exchanges

  • Binance – margin and spot changes
    • Binance Margin is listing new cross‑margin pairs: PAXG/USD1 at 08:30 UTC and ASTER/U, SUI/U, XRP/U at 10:30 UTC on Feb 10. Risk: Low (more leverage access in metals and watchlist alts).38
    • Binance will delist several spot pairs (including ARDR/BTC, GALA/FDUSD and others) on Feb 10 at 16:00 UTC+8 (08:00 UTC), as part of liquidity housekeeping. Risk: Low–Medium (localized liquidity/route changes in small caps).39
    • Binance Wallet is launching an “Alpha Box” multi‑project airdrop event starting Feb 11 (UTC, details to be posted that day), and is running a pre‑TGE sale for Espresso (ESP) on Feb 10 from 12:00–14:00 UTC for users with sufficient Alpha Points. Risk: Low (retail engagement, potential short‑term volatility in listed tokens).4041
  • Kraken
    • Kraken reported and resolved a Stacks (STX) funding delay between Feb 8 02:19–Feb 9 13:38 UTC; prior to that, a “historical balances display issue” affected web/mobile clients but did not impact trading engine integrity. Risk: Low (UX incident more than solvency or systemic risk).4243
  • Coinbase
    • Coinbase Exchange status page shows no new incidents in recent days. Risk: Low.44

Regulation / Law

  • CFTC payment stablecoin no‑action relief expanded (U.S.) – The Feb 6 reissued Staff Letter 25‑40 explicitly includes national trust banks as permitted issuers of “payment stablecoins” eligible as margin collateral at FCMs, reinforcing the GENIUS Act framework and further integrating bank‑issued stablecoins into regulated derivatives markets. Risk: Medium (material for bank‑issued stablecoins and derivatives liquidity, modest near‑term spot impact).25262724
  • SEC–CFTC coordination and taxonomy push (U.S.) – At a joint “Project Crypto” event on Feb 3, both chairs signaled a move to codified taxonomies (digital commodities, collectibles, tools vs. securities) and coordinated market‑structure rules, explicitly de‑emphasizing enforcement‑only approaches in light of GENIUS and other statutes. Risk: Medium–High (prospective relief for large‑cap tokens not structured as securities; significant for exchange and token‑issuer strategies).2928
  • Hong Kong VA dealer/custodian regime advancing (HK) – The SFC has concluded its consultation on extending supervision beyond exchanges to crypto custodians and dealers, with broad industry support; it will now work with the FSTB on legislative proposals to set up a formal licensing framework, alongside a parallel consultation for VA advisors and asset managers. Risk: Medium (tightens institutional rails, supports Hong Kong’s “regulated hub” narrative).4546
  • SFC enforcement on mis‑sold VA products (HK) – A recent Asia regulatory bulletin notes the SFC reprimanded and fined a licensed firm ~HKD 4M for internal‑control and suitability failures in distributing complex virtual‑asset funds to retail clients, enforcing existing restrictions on offering such products only to professional investors. Risk: Medium (signals continued scrutiny on retail VA exposure in Hong Kong).47
  • SEC drops CryptoFed case (U.S.) – A Feb 5 legal update notes the SEC has dismissed its registration case against DAO‑linked issuer CryptoFed, with the order acknowledging that the regulatory landscape for crypto assets has evolved since the action was filed. Risk: Low–Medium (symbolic shift away from older enforcement theories; limited immediate market impact).48

Research / White Papers (last ~14 days)

  • Coinbase + Glassnode Q1 2026 “Charting Crypto” (Feb 2) – Joint institutional report finds BTC dominance near 59% as mid/small caps fail to hold 2025 gains; BTC options open interest has overtaken perpetual futures after October’s deleveraging, with positioning skewed to protective structures, implying more disciplined, hedged risk‑taking. Risk: Medium (supports “BTC over alts” and “options‑first” narratives).4922
  • Glassnode BTC Market Pulse (Week 7, Feb 8) – Highlights BTC’s recovery to ~69k after dipping into the low‑60k region, with on‑chain data showing distribution from longer‑term holders and elevated short‑term supply, consistent with a high‑velocity distribution phase following the prior cycle’s peak. Risk: Medium (cautions that bounces occur into distribution, not accumulation).23
  • Chainalysis China‑linked laundering networks (CNBC summary Feb 1) – New crime report chapter estimates Chinese‑language laundering networks moved ~16.1B USD of illicit funds via crypto in 2025, about 20% of total illicit volume (~82B USD), underscoring the rising role of professionalized cross‑border laundering services. Risk: Medium (supports ongoing compliance and sanctions‑evasion scrutiny, especially for Asia‑facing venues).5051

Security Incidents

  • CrossCurve cross‑chain bridge exploit (~3M USD) – In late Jan/early Feb, attackers exploited a message‑validation bug in CrossCurve’s bridge contracts (notably the ReceiverAxelar/PortalV2 path), allowing spoofed cross‑chain messages to unlock and drain tokens across multiple networks; estimates cluster around 3M USD in losses. CrossCurve has paused its bridge, named 10 receiving addresses, and offered up to 10% bounty under a SafeHarbor white‑hat policy for voluntary return of funds. Risk: Medium (reinforces bridge‑risk concerns; currently contained to one protocol).3435363733
  • No other major new exchange‑level hacks or nine‑figure protocol exploits have been confirmed in the last 48 hours; ongoing analyses continue to reference the much larger Bybit and Cetus incidents from 2025 as structural case studies rather than fresh events.5253

What to Watch (next 24–72h)

  • ETF flow momentum – Monitor whether Feb 9’s 144.9M USD net inflow into U.S. spot BTC ETFs continues or reverses; persistent inflows would help absorb spot selling after the February drawdown, while a relapse into outflows would reinforce the risk‑off narrative.20919
  • CrossCurve recovery and contagion risk – Watch for updates on fund recovery under its white‑hat program and any governance or technical changes to partner protocols (e.g., Curve‑adjacent integrations) to assess whether exploit fallout remains contained.363733
  • Implementation of CFTC stablecoin guidance – Track which national trust banks (and which stablecoins) move to take advantage of the updated Letter 25‑40 margin framework, and whether major derivatives venues begin explicitly accepting such tokens as collateral.272425
  • Hong Kong and U.S. rule‑making calendars – Expect more concrete timelines from Hong Kong’s FSTB/SFC on dealer/custodian legislation and from U.S. regulators on GENIUS‑related and Project Crypto rulemakings, which could re‑price regulatory risk premia across exchanges and large‑cap tokens.46545545
  • Token unlocks and exchange events – Near‑term unlocks (e.g., AVAX on Feb 11 and other mid‑caps this week) and Binance’s Feb 11 Alpha Box airdrop may create idiosyncratic volatility around affected names.4156

Confidence: High confidence; all items are sourced from primary regulatory, protocol, exchange, or analytics publications and cross‑checked with at least one reputable secondary source where applicable. 57585960616263646566676869707172737475767778798081828384858687888990919293949596979899100101102103104105106107108109110111112113114115116117118119120121122123124

⁂

Generated by

  1. https://ycharts.com/indicators/bitcoin_price ↩

  2. https://ycharts.com/indicators/ethereum_price ↩

  3. https://ycharts.com/indicators/solana ↩

  4. https://ycharts.com/indicators/binance_coin_price ↩

  5. https://ycharts.com/indicators/ripple_price ↩

  6. https://ycharts.com/indicators/cardano_price ↩

  7. https://ycharts.com/indicators/dogecoin_price ↩

  8. https://coincodex.com/article/81537/daily-market-update-for-february-10-2026/ ↩

  9. https://www.fxstreet.com/cryptocurrencies/news/crypto-today-crypto-market-holds-24-trillion-as-bearish-sentiment-persists-around-bitcoin-ethereum-xrp-202602101200 ↩ ↩2 ↩3

  10. https://en.macromicro.me/series/8707/cryptocurrency-total-market-cap ↩

  11. https://o-web.coinglasscdn.com/currencies/BTC/futures ↩

  12. https://www.theblockbeats.info/flash/331720 ↩

  13. https://app-coingllass.walletuser.com/coinglass/en/ ↩

  14. https://www.dlnews.com/articles/markets/bitcoin-crash-explained-five-reasons-van-eck/ ↩

  15. https://coinmarketcap.com/currencies/tether/ ↩

  16. https://metamask.io/price/usd-coin ↩

  17. https://phemex.com/price/tether ↩

  18. https://www.coingecko.com/en/coins/usdc ↩

  19. https://cryptorank.io/news/feed/a4eb9-spot-bitcoin-etf-inflows-february ↩ ↩2

  20. https://blockchain.news/flashnews/bitcoin-etf-net-flow-analysis-key-trends-from-farside-investors ↩ ↩2

  21. https://farside.co.uk/btc/ ↩

  22. https://insights.glassnode.com/coinbase-glassnode-charting-crypto-q1-2026/ ↩ ↩2

  23. https://insights.glassnode.com/btc-market-pulse-week-07-2026/ ↩ ↩2

  24. https://www.gibsondunn.com/derivatives-legislative-and-regulatory-weekly-update-february-6-2026/ ↩ ↩2 ↩3

  25. https://fintech.global/2026/02/10/cftc-updates-no-action-relief-on-payment-stablecoins/ ↩ ↩2 ↩3

  26. https://bitbullnews.com/article/cftc-staff-updates-payment-stablecoin-definition-to-include-trust-banks/ ↩ ↩2

  27. https://www.cftc.gov/PressRoom/PressReleases/9180-26 ↩ ↩2 ↩3

  28. https://www.consumerfinancialserviceslawmonitor.com/2026/02/cftc-and-sec-signal-new-era-of-crypto-harmonization-at-joint-project-crypto-event/ ↩ ↩2

  29. https://www.conference-board.org/research/CED-Newsletters-Alerts/the-outlook-for-digital-assets-in-2026 ↩ ↩2

  30. https://www.sec.gov/files/cftc-written-input-crypto-council-020226.pdf ↩

  31. https://www.tradingview.com/news/invezz:8e013e448094b:0-ethereum-foundation-backs-seal-to-curb-crypto-drainers-targeting-users/ ↩

  32. https://www.cryptopolitan.com/ethereum-works-with-seal-tackle-scam/ ↩

  33. https://www.halborn.com/blog/post/explained-the-crosscurve-hack-february-2026 ↩ ↩2 ↩3

  34. https://cybernews.com/crypto/two-defi-projects-hacked-30m-crypto-prices-fell/ ↩ ↩2

  35. https://www.mexc.com/news/615019 ↩ ↩2

  36. https://www.coti.news/news/crosscurve-hack-sees-3m-exploited-in-cross-chain-bridge-attack ↩ ↩2 ↩3

  37. https://www.mexc.com/news/620170 ↩ ↩2 ↩3

  38. https://www.binance.com/en/support/announcement/detail/f7e2e0bbfccf40848e05a6daeb53c9c0 ↩

  39. https://phemex.com/news/article/binance-to-delist-multiple-trading-pairs-on-february-10-59189 ↩

  40. https://x.com/BinanceWallet/status/2020815231358758987 ↩

  41. https://www.binance.com/en/support/announcement/detail/ce482ccb58654041b38df8f176f9b68d ↩ ↩2

  42. https://isdown.app/status/kraken ↩

  43. https://status.kraken.com ↩

  44. https://status.exchange.coinbase.com ↩

  45. https://www.elliptic.co/blog/crypto-regulatory-affairs-hong-kong-progresses-cryptoasset-regulatory-activities ↩ ↩2

  46. https://mco.mycomplianceoffice.com/blog/unpacking-hong-kongs-virtual-asset-licensing-regime-in-2026 ↩ ↩2

  47. https://financialregulation.linklaters.com/post/102mha8/asia-fintech-payments-regulatory-bulletin-february-2026 ↩

  48. https://www.lowenstein.com/news-insights/newsletters/crypto-brief-february-5-2026 ↩

  49. https://20368641.fs1.hubspotusercontent-na1.net/hubfs/20368641/Glassnode x Coinbase Reports/Q1 2026 Charting Crypto_Glassnode%20x%20Coinbase.pdf ↩

  50. https://www.cnbc.com/2026/02/02/chinese-money-laundering-networks-crypto-telegram-2025-chainalysis-scam-southeast-asia-cambodia.html ↩

  51. https://www.chainalysis.com/blog/2026-crypto-crime-report-introduction/ ↩

  52. https://blog.mexc.com/news/crypto-hacks-2026-2-1b-stolen-complete-protection-guide/ ↩

  53. https://blocksec.com/blog/blog-4cetus-incident-one-unchecked-shift-drains-223m-in-the-largest-defi-hack-of-2025 ↩

  54. https://www.lw.com/en/insights/the-genius-act-of-2025-stablecoin-legislation-adopted-in-the-us ↩

  55. https://www.richmondfed.org/banking/banker_resources/news_flash/2025/20251118_genius_act ↩

  56. https://m.cnyes.com/news/id/6338919 ↩

  57. https://linkinghub.elsevier.com/retrieve/pii/S2666577826000067 ↩

  58. https://boneandjoint.org.uk/doi/10.1302/2048-0105.151.360301 ↩

  59. https://movementdisorders.onlinelibrary.wiley.com/doi/10.1002/mds.70164 ↩

  60. https://www.jcdr.net/article_fulltext.asp?issn=0973-709x\&year=2026\&volume=20\&issue=3\&page=YK01\&issn=0973-709x\&id=22528 ↩

  61. https://www.researchprotocols.org/2026/1/e89185 ↩

  62. https://www.researchprotocols.org/2026/1/e81837 ↩

  63. https://link.springer.com/10.1007/s10238-026-02073-y ↩

  64. https://www.semanticscholar.org/paper/d1aa9b4285bb27b959a5634132cca342825c2562 ↩

  65. https://www.researchprotocols.org/2025/1/e80703 ↩

  66. http://siba-ese.unisalento.it/index.php/h-ermes/article/view/19281/16414 ↩

  67. https://ora.ox.ac.uk/objects/uuid:9901f078-17d2-4f63-be8d-4e07fbe0f373/files/swd375z124 ↩

  68. http://arxiv.org/pdf/2404.18090.pdf ↩

  69. http://arxiv.org/pdf/2405.02547.pdf ↩

  70. https://arxiv.org/html/2403.06454v1 ↩

  71. http://arxiv.org/pdf/2502.09079.pdf ↩

  72. https://dl.acm.org/doi/pdf/10.1145/3589335.3651257 ↩

  73. http://arxiv.org/pdf/2405.11431.pdf ↩

  74. https://arxiv.org/pdf/2302.12319.pdf ↩

  75. https://www.binance.com/el/square/post/33893869824906 ↩

  76. https://news.futunn.com/en/post/66487745/key-insights-from-messari-s-2026-crypto-trends-report-from ↩

  77. https://www.linkedin.com/posts/chainalysis_in-the-introductory-chapter-to-our-2026-crypto-activity-7415010143387545600-IlHS ↩

  78. https://www.binance.com/en/square/post/02-07-2026-glassnode-report-indicates-potential-bear-market-signals-288955743594834 ↩

  79. https://phemex.com/news/article/messaris-2026-crypto-theses-highlights-systemic-integration-trends-47434 ↩

  80. https://www.mexc.co/en-NG/news/439240 ↩

  81. https://insights.glassnode.com/the-week-onchain-week-02-2026/ ↩

  82. https://linkinghub.elsevier.com/retrieve/pii/S0168365926000349 ↩

  83. https://pubs.acs.org/doi/10.1021/jacs.5c09492 ↩

  84. https://www.semanticscholar.org/paper/ec3264afb536894072f7a5988172afc52594b4f8 ↩

  85. http://doi.wiley.com/10.1029/JZ064i006p00597 ↩

  86. https://jurnal.stkippgritulungagung.ac.id/index.php/jipi/article/view/6099 ↩

  87. https://jamanetwork.com/journals/jamaoncology/fullarticle/2815435 ↩

  88. https://iopscience.iop.org/article/10.3847/1538-4365/ad9470 ↩

  89. http://pubs.rsna.org/doi/10.1148/radiol.2020200463 ↩

  90. https://www.mdpi.com/2076-0760/12/9/504 ↩

  91. https://onlinelibrary.wiley.com/doi/10.1111/maps.70025 ↩

  92. https://arxiv.org/html/2410.11295v1 ↩

  93. https://arxiv.org/pdf/2310.01148.pdf ↩

  94. https://arxiv.org/pdf/2409.02836.pdf ↩

  95. https://arxiv.org/pdf/2309.01667.pdf ↩

  96. https://x.com/binance ↩

  97. https://x.com/ethereum ↩

  98. https://ethereum.org/foundation/ ↩

  99. https://metamask.io/price/solana ↩

  100. https://www.tradingview.com/news/u_today:715d1e866094b:0-big-year-solana-reveals-expectations-in-mixed-2026-start/ ↩

  101. https://blog.ethereum.org/archive ↩

  102. https://www.mexc.com/news/386620 ↩

  103. https://x.com/BinanceWallet ↩

  104. https://meme-insider.com/en/article/upcoming-solana-events-and-airdrops-2026/ ↩

  105. https://arxiv.org/pdf/2411.06327.pdf ↩

  106. https://downloads.hindawi.com/journals/ddns/2024/8066742.pdf ↩

  107. https://arxiv.org/pdf/2410.15195.pdf ↩

  108. https://arxiv.org/pdf/1912.05228.pdf ↩

  109. https://www.mdpi.com/1911-8074/16/9/412/pdf?version=1694778073 ↩

  110. https://arxiv.org/pdf/2409.00270.pdf ↩

  111. https://arxiv.org/pdf/2411.08145.pdf ↩

  112. https://arxiv.org/pdf/1804.05916.pdf ↩

  113. https://polymarket.com/event/bitcoin-etf-flows-on-february-9 ↩

  114. https://stocktwits.com/news-articles/markets/cryptocurrency/bitcoin-etfs-kick-off-february-with-560-million-inflows-after-1-5-billion-selloff/cZbiAWER4lA ↩

  115. https://bitbo.io/treasuries/grayscale/ ↩

  116. https://www.binance.com/en/square/post/02-09-2026-bitcoin-spot-etfs-see-significant-inflows-on-february-6-289678191769313 ↩

  117. https://marketchameleon.com/Overview/GBTC/Summary/ ↩

  118. https://www.21shares.com/en-us/products-us/arkb ↩

  119. https://x.com/FarsideUK/status/2019305251237445654 ↩

  120. https://www.marketwatch.com/investing/fund/gbtc/financials/cash-flow ↩

  121. https://ycharts.com/companies/ARKB ↩

  122. https://cryptoslate.com/bitcoin-etf-flow-numbers-are-fundamentally-broken-and-most-traders-are-missing-the-specific-sign-of-a-crash/ ↩

  123. https://finance.yahoo.com/quote/GBTC/history/ ↩

  124. https://www.21shares.com/pt-us/products-us/arkb ↩