Market Overview (24h)

  • Total crypto market cap is about 2.26T USD, down roughly 2.5% over the past day, consistent with a broad risk-off tone.1
  • BTC trades around 68–69k USD, down about 1.9% vs yesterday’s YCharts daily close; ETH is near 2,020 USD, down about 4.1%. Most majors on the watchlist are softer: SOL −1.4%, BNB −2.9%, XRP −2.8%, AVAX −0.5%, ADA −3.1%, DOGE −0.7%, TON −3.4%, OP −4.2%, while SUI is roughly flat to slightly up on the day.23456789101112
  • Derivatives: CoinGlass puts BTC futures open interest near 45.1B USD with BTC around 67k, and total crypto futures OI about 62.3B (+1.3% 24h) on 118B of 24h futures volume (−38% 24h), indicating a calmer but still elevated leverage backdrop. BTC and ETH funding rates across major venues cluster around ±0.01% per 8h, implying only a mild long bias.131415
  • Liquidations: Coinglass shows ~90.8M USD in 24h liquidations, while Gate’s analytics report ~168M and ~65k accounts liquidated over the same horizon, suggesting methodology differences but confirming a relatively modest shakeout compared with the early‑February 2.5B BTC liquidation spike.141617
  • Stablecoins: Kaiko estimates stablecoin dominance above 10%, with net stablecoin inflows of about 22B USD over the last three weeks as capital parks defensively in USDT/USDC and peers. Combined with price action and OI, the dominant narrative remains “bear‑market deleveraging with rotation into stablecoins while infra and regulatory build‑out continues.”1819

Top Headlines (What & Why it matters)

  • Tether invests in LayerZero Labs; USDt0 passes 70B USD in cross‑chain volume (Risk: Medium) – Tether announced a strategic investment in LayerZero Labs, whose interoperability stack underpins USDt0 and XAUt0; USDt0 alone has moved over 70B USD cross‑chain in under 12 months, validating LayerZero’s OFT standard as critical infra for large‑scale stablecoin and RWA mobility. This deepens Tether’s bet on omnichain rails and “agentic finance” (AI‑driven wallets), reinforcing cross‑chain / RWA tokenization as a core 2026 theme.202122
  • Tether puts 100M USD into Anchorage Digital (Risk: Medium) – On 5 Feb, Tether Investments disclosed a 100M USD strategic equity investment in Anchorage Digital Bank N.A., the first federally chartered US digital‑asset bank, strengthening ties around custody, settlement and stablecoin issuance (including USAT). The move signals Tether’s intent to anchor part of its stack inside US regulatory perimeters, relevant for US‑facing stablecoin flows and counterparty risk.232425
  • Hong Kong SFC greenlights VA margin collateral and perps for pros (Risk: High) – The SFC will allow brokers to accept BTC and ETH as collateral for securities margin financing and has outlined a framework for licensed VA platforms to offer perpetual contracts to professional investors, alongside allowing affiliated market makers under strict conflict‑of‑interest and risk controls. SFC leadership framed this as the next step in the “ASPIRe” roadmap to deepen VA liquidity, with local reports pointing to stablecoin licensing beginning around March.262728
  • Coinbase spot listings for RAVE, DEEP, WAL and UP (Risk: Medium) – Coinbase has launched spot trading for Superform (UP) and announced RaveDAO (RAVE), DeepBook (DEEP) and Walrus (WAL) spot pairs (RAVE‑USD, DEEP‑USD, WAL‑USD) going live on or after 9:00 AM PT (17:00 UTC) on 11 Feb, subject to liquidity, per CoinbaseMarkets’ X post relayed by Wu Blockchain and multiple Chinese‑language summaries. RAVE and UP are Base‑native; DEEP and WAL sit on Sui, so flows here are a direct sentiment read on Base and Sui ecosystem risk.293031
  • Kaiko: early‑February drawdown likely mid‑cycle bear phase (Risk: Medium) – Kaiko’s latest Data Debrief argues that BTC’s early‑February test of ~60k, ~32% off recent highs, plus roughly 9B USD in liquidations and a jump in stablecoin dominance above 10%, marks a typical “midpoint” of a post‑halving bear cycle rather than the start of a structural collapse. They note falling BTC/ETH futures OI and shrinking spot volumes alongside rising stablecoin share as consistent with a defensive but maturing market structure.1918
  • Taiwan FSC pushes RWA tokenization infrastructure (Risk: Medium) – Taiwan’s FSC confirmed it has asked affiliated institutions to form an “RWA Token Platform Task Force” to plan a centralized RWA token trading venue and supporting ecosystem, as part of a broader push on tokenized real‑world assets. This adds Taiwan to the list of jurisdictions actively building regulated RWA rails, relevant for future onshore tokenization plays.32

Exchanges

  • Coinbase – Spot trading for UP is live; RAVE‑USD, DEEP‑USD, WAL‑USD will open on or after 01:00 Beijing time on 12 Feb (17:00 UTC / 09:00 PT on 11 Feb), pending liquidity, according to Coinbase’s official schedule as reported in Chinese and English summaries. (Risk: Medium – alt and ecosystem‑specific.)3029
  • Binance – Binance Futures has launched pre‑market ESPUSDT perps (ESP is an “Espresso” L1) and plans AZTECUSDT pre‑market perps on 11 Feb, alongside adding new margin pairs and recently listing ZAMA (ZAMA) across spot, Earn, Convert, Margin and Futures. (Risk: Medium – expands leverage on smaller L1/privacy narratives.)33
  • OKX – OKX will list ESP pre‑market perpetual futures, with ESP/USDT pre‑market trading scheduled from 10 Feb (Feb 11 00:00 UTC+8) and has added several new perpetuals (including XAUUSDⓈ) plus ZAMA spot in recent days. (Risk: Medium – perps for infra L1s and metals‑linked contracts increase cross‑asset leverage channels.)3435
  • Binance delistings – Third‑party notices highlight Binance delisting multiple illiquid spot pairs (e.g., ARDR/BTC, GALA/FDUSD) on 10 Feb 16:00 UTC+8, part of its regular liquidity review. (Risk: Low – mostly pair‑specific liquidity impact.)36

Regulation / Law

  • US SEC – tokenization stance (Risk: Medium) – In a 9 Feb speech, Commissioner Uyeda framed tokenization (including blockchain‑based securities ledgers) as compatible with existing law, emphasizing technology‑neutral rules and a preference for exemptive relief and pilot programs over “regulation by enforcement.” He also noted the SEC has advanced at least one tokenization‑related exemptive application under the Investment Company Act.37
  • Hong Kong SFC – VA leverage & ASPIRe roadmap (Risk: High) – Beyond the margin/perps moves above, SFC officials reiterated that Hong Kong’s VA policy is squarely pro‑innovation but will gate leverage and complex products to professional investors, while stablecoin licensing is expected imminently. This cements Hong Kong’s positioning versus Singapore as an institutional VA hub.2826
  • Taiwan FSC – RWA token exchange planning (Risk: Medium) – The FSC’s RWA token platform project group will explore a supervisor‑adjacent, centralized venue for trading tokenized real‑world assets, alongside earlier work on a dedicated Virtual Asset Service Act draft. Expect eventual knock‑on effects for local banks, brokerages and trust companies’ crypto/RWA offerings.3832

Research / White Papers

  • Kaiko Data Debrief: “Bitcoin’s Latest Drop Signals Halfway Point of Bear Market” (Risk: Medium) – Published 9 Feb, Kaiko’s note ties BTC’s ~32% pullback, ~9B USD in liquidations and the rise of stablecoin dominance to a mid‑cycle bear pattern, with comparisons to 2022 suggesting further downside is possible but that structural plumbing (exchange depth, derivatives markets) is more resilient than in prior cycles. For trading, the key watchpoints they flag are stabilization or decline in stablecoin dominance and a turn in BTC/ETH futures OI as early signs of re‑risking.1819

Security Incidents

  • No new large‑scale hacks in last 24–48h (Risk: Low) – There are no widely reported new exploits in the last two days with material systemic impact.
  • Ongoing CrossCurve bridge fallout (Risk: Medium) – Post‑mortems continue on the ~3M USD CrossCurve cross‑chain bridge exploit from 1–2 Feb, where attackers abused a smart‑contract validation flaw (ReceiverAxelar / PortalV2) across multiple networks; the team paused the bridge, identified ~10 receiving addresses, and offered a 10% white‑hat bounty for returns. The case reinforces the persistent structural risk embedded in cross‑chain bridges.394041

What to Watch (next 24–72h)

  • Coinbase alt listings go‑live – RAVE‑USD, DEEP‑USD, WAL‑USD spot pairs are slated to open on or after 17:00 UTC (09:00 PT, 01:00 CST+1) on 11 Feb, subject to liquidity; monitor order‑book depth, slippage and Base/Sui ecosystem spillover into derivatives.3130
  • Binance & OKX ESP/AZTEC perps – ESP and AZTEC pre‑market or standard perps on Binance and OKX should start trading around 10–11 Feb; watch for concentrated speculative OI and any cross‑venue basis dislocations.353433
  • Hong Kong implementation details – SFC’s forthcoming circulars on VA margin financing and perpetuals (including collateral haircuts, margining and market‑making rules) plus expected stablecoin licensing around March will shape how quickly institutional flows shift toward Hong Kong platforms.2628
  • Stablecoin dominance and OI – Kaiko and Coinglass both flag elevated stablecoin share and declining BTC/ETH futures OI; a turn in either over coming sessions would be an early signal for risk‑on re‑engagement.1418

High confidence; all items sourced from primary announcements, regulator or protocol publications, or reputable research outlets, with one liquidation metric presented as a range due to source discrepancies. 42434445464748495051525354555657585960616263646566676869707172737475767778798081828384858687888990919293949596979899100101102103104105106107108109110111112113114115116117118119120121122123124125126127128129130

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