TL;DR

• Bitcoin price dropped by 0.58% to $95,620.10, while Ethereum price fell by 1.04% to $2,688.03.
• The memecoin market cap has decreased to $6.667 billion.
• Ondo Finance’s TVL (Total Value Locked) surpassed $777 million.
• Tron and Solana networks have issued $10.75 billion in stablecoins this year.
• Hyperliquid has launched its HyperEVM on Mainnet.
• Fold has become the first Bitcoin financial services company to be listed on NASDAQ.
• Grayscale launches the Grayscale Pyth Trust fund.

Market Analysis

• BTC — The BTC price has decreased by 0.58% over the past 24 hours, with the current price at $95,872.70. Recently, BTC’s price movement has shown a downward trend, finding support around the $94,000 level. The price has now rebounded to approach the descending trendline, where it faces resistance. The trading volume has been quite volatile overall. Despite a significant increase in buying volume recently, it has not been accompanied by a clear breakout of resistance levels, which could indicate that the current rebound is limited and upward momentum is insufficient.[1]

• ETH — The ETH price has dropped by 1.04% in the past 24 hours, with the current price at $2,685.42. Recently, ETH’s price has shown an overall upward trend. Although the price briefly broke below the ascending trendline, it found support around the $2,600 level and has since rebounded back into the upward channel.[2]

• ETF — According to SoSoValue data, on February 18, the total net outflow from U.S. Bitcoin spot ETFs was $129 million[3], while the total net inflow to U.S. Ethereum spot ETFs was $4.6 million. Data as of February 19, 12:30 PM (UTC+8)[4].
• Altcoins — The Bittensor Ecosystem, Payment Solutions, and Tokenized Assets sectors saw changes of +3.6%, +3.4%, and +3.3%, respectively[5].
• U.S. Stock Market Indices — On February 18, the S&P 500 Index rose by 0.24%, the Dow Jones Index increased by 0.02%, and the Nasdaq Index grew by 0.07%[6].
• Spot Gold — The price of spot gold was $2,927.46 per ounce, with a daily decline of 0.27%. Data as of February 19, 12:30 PM (UTC+8)[7].
• Fear and Greed Index — The Fear and Greed Index is at 44, indicating that the market is in a state of fear[8].

Top Performers

According to Gate.io market data [9], based on trading volume and price performance over the past 24 hours, the top-performing altcoins are as follows:

MSQ (MSQUARE) — The price increased by approximately 67.89% in one day, with a circulating market value of $116 million.
MSQUARE is a multifunctional platform startup that combines blockchain technology with real-world applications. Its flagship project is Metastar, a global blockchain-integrated real estate information platform launched in March 2022, aimed at improving transparency and security in real estate transactions through blockchain[10].

The recent price surge of MSQ can be attributed to a series of well-planned airdrop events and reward mechanisms. MSQUARE successfully attracted a large number of users through generous airdrop rewards, significantly increasing trading volume. This broad market participation not only provided immediate liquidity for MSQ but also created an active market atmosphere for the platform. Meanwhile, MSQUARE continues to improve and expand its platform functionality, and is strengthening its ecosystem through strategic partnerships, which has further boosted investor confidence in future developments.

OPUL (Opulous) — The price increased by approximately 37.10% in one day, with a circulating market value of $33.06 million.
Opulous is a music NFT minting and trading platform, as well as a DeFi lending platform tailored for musicians. On Opulous, music creators can mint NFTs for the copyrights of their music works and sell them on the platform. Users can purchase these music NFTs to obtain the copyrights to the works[11].

The recent increase in OPUL’s price may be related to its airdrop activities. In the latest airdrop, a total of 5 million LYRA tokens were distributed to reward users who staked OPUL. Airdrops typically attracted significant attention from users and investors. The project team also stated that more airdrop events would be launched, which further heightened market expectations and demand for the token, driving up its price.

ZBCN (Zebec Protocol) — The price increased by approximately 28.77% in one day, with a circulating market value of $147 million.
Zebec Network is a blockchain-based fintech company aiming to transform traditional sectors such as salary payments, financial transactions, and investments through its streaming payment technology. The platform offers services like real-time salary payments, micropayments, and payment card products, striving to provide users with more flexible and convenient payment and fund management solutions by integrating blockchain technology with the traditional financial system[12].

Recently, ZBCN launched the Zebec AI system in collaboration with Anthropic AI. Zebec AI provides enterprise-level security, compliance, and scalability, enhancing anti-fraud, predictive analytics, and automated reporting features, improving intelligent payment processing capabilities. In addition, ZBCN has integrated with Ondo Finance’s USDY token, further expanding the use cases of the Zebec ecosystem, including within Zebec’s Silver Card and salary suite. The increased usage and functionality enhancements of ZBCN appear to have contributed to the positive market response, driving the token price higher.

Data Highlights

Meme Market Cap Drops to $6.667 Billion

After several months of decline, the market capitalization of memecoins has dropped to $6.667 billion. This marks a 51.2% decline from the peak in December last year, effectively erasing all of the growth from the fourth quarter of 2024. According to chart data, although there was a slight rebound in Meme market cap in mid-January 2025, a significant drop occurred in February. This trend not only reflects some capital outflows and market uncertainty regarding the future direction, but also signals that investors need to reassess short-term market risks[13].

Ondo Finance TVL Surpasses $777 Million

Ondo Finance’s total value locked (TVL) has reached $777 million, with the Ethereum network contributing $567 million and the Solana network contributing $129 million. The remaining networks combined account for $80.59 million. This data not only highlights the platform’s broad application across multiple blockchains but also reflects its significant advantages on mainstream chains, particularly Ethereum and Solana. In fact, Ethereum, being the oldest and most secure blockchain, has attracted a large amount of institutional and user funds, while Solana, with its high throughput and low transaction fees, is gradually capturing attention from emerging markets.

Ondo Finance’s successful implementation of this multi-chain strategy not only helps to diversify risk but also leverages the distinct ecological advantages of each chain to attract a broader liquidity pool. Moreover, the platform’s stable growth trend showcases its strengthening core competencies in liquidity management and asset custody. By continuously optimizing product features and services, Ondo Finance is steadily expanding its influence in the DeFi space. Throughout this process, the platform’s ongoing pursuit of cross-chain asset integration and efficient liquidity will further solidify its market position, laying the foundation for future expansion and innovation[14].

Tron and Solana Networks Have Minted $10.75 Billion in Stablecoins This Year

The total market capitalization of stablecoins currently stands at $225.1 billion, with USDT accounting for $142 billion and USDC at $56.2 billion. Recently, stablecoin minting activities have been on the rise, particularly on the Tron and Solana networks. Since the beginning of 2025, Tether has minted 3 billion USDT on the Tron network, while Circle has minted 7.75 billion USDC on the Solana network. Notably, just in the past 24 hours, the Tron network has minted an additional 1 billion USDT, while the Solana network has minted 250 million USDC. In contrast, direct minting on Ethereum remains relatively low, indicating that stablecoin minting activities are gradually shifting towards more efficient blockchains like Tron and Solana[15].

Spotlight Analysis

Hyperliquid Launches HyperEVM Mainnet

Hyperliquid’s HyperEVM mainnet has officially launched, introducing “universal programmability” to its Layer 1 blockchain, allowing developers to run Ethereum-compatible smart contracts. The initial version supports the transfer of spot HYPE and HyperEVM version HYPE between each other and leverages security and high performance through the HyperBFT consensus mechanism. Although the tools and analytics features are still being improved, the Hyper Foundation has already introduced a bug bounty program and plans to add ERC-20 native transfers and precompiled functions in future network upgrades[16].

This move marks a solid step forward for Hyperliquid in enhancing platform performance and expanding its ecosystem. By embedding Ethereum-compatible smart contract capabilities into its high-performance Layer 1, Hyperliquid not only attracts the attention of Ethereum developers but also provides a technical foundation for introducing richer DeFi applications and innovations in the future. At the same time, the support for different forms of HYPE spot transfers enables seamless liquidity integration within the platform, further improving market efficiency.

Fold Becomes the First Bitcoin Financial Services Company to List on Nasdaq

Fold officially went public on Nasdaq today, becoming the first public company focused on Bitcoin financial services. This milestone not only demonstrates Fold’s deep involvement in digital assets—holding over 1,000 Bitcoins on its balance sheet—but also reflects the growing acceptance of crypto assets in traditional financial markets. The listing not only opens up more avenues for Fold’s financing and business expansion but could also inspire more Bitcoin-centric financial firms to explore the public market, thereby driving innovation and integration within the fintech sector. Fold’s move could become a significant catalyst for the integration of the cryptocurrency industry with traditional financial markets, offering investors a new perspective on the role and potential of digital assets in mainstream financial systems[17].

Grayscale Launches Grayscale Pyth Trust

Grayscale has launched the Grayscale Pyth Trust, a single-asset crypto investment product. By purchasing shares of the trust, investors can gain indirect exposure to PYTH tokens, avoiding the risks and complexities associated with directly purchasing and storing digital assets. According to the asset management report from February 14, the fund’s assets total approximately $10.948 million, with a net asset value (NAV) per share of $10.95 and a management fee of 2.5%[18].

The launch of this product highlights Grayscale’s expertise in digital asset management and responds to the market’s demand for compliant, convenient investment channels. For institutional investors and high-net-worth individuals, gaining crypto asset exposure through Grayscale’s trust can significantly reduce operational risks while benefiting from professional asset management’s value-added effects. Although the 2.5% management fee is relatively high, considering the additional costs associated with storage, insurance, and risk control, this fee level reflects the value of professional services and market recognition.

Funding News

According to RootData, in the past 24 hours, three projects have publicly announced fundraising, with a total of over $81 million raised, and the highest single round amount reaching $50 million. The fundraising activities span infrastructure, security solutions, DeFi, and other areas. Here are the details of the fundraising:

Blockaid — Blockaid has completed a $50 million Series B funding round, with participation from Ribbit Capital, GV, and others. Blockaid is a company focused on cryptocurrency security, aiming to protect digital assets from cyberattacks. The platform employs advanced security technologies to identify and prevent potential cyberattacks, ensuring the safety of crypto transactions and user assets[20].

Altius Labs — Altius Labs has completed a $11 million Pre-Seed funding round, with participation from Founders Fund, Pantera, and others. Altius Labs plans to launch a new blockchain layer aimed at significantly improving the performance of existing blockchains. By separating transaction execution from other functions, Altius Labs’ technology will enhance blockchain speed and interoperability with other networks. This technology will be compatible with various blockchain computing environments and can integrate with blockchains like Solana, driving further development of blockchain infrastructure[21].

Cygnus — Cygnus has completed a $20 million Pre-Seed funding round, with participation from OKX Ventures, Mirana Ventures, and others. Cygnus is a modular real yield layer project dedicated to enabling any blockchain to easily customize its re-staking network and achieve shared security. Cygnus has built a transparent, decentralized economic network in emerging ecosystems through its liquidity verification system, allowing both on-chain and off-chain assets to be staked, promoting seamless coordination and economic security[22].

Airdrop Opportunities

Ethereal

Ethereal is a decentralized spot and perpetual contract trading platform built on the Ethena network, using the native USDe as collateral. Ethereal offers near-institutional performance (with latency under 20 milliseconds and over 1 million orders per second) and processes transactions directly on the Ethena network, ensuring consistent performance and settlement even during peak trading volumes, unaffected by network congestion or delays[23].

Season Zero is a pre-deposit activity launched by Ethereal. Users who participate and hold eUSDe will earn Ethereal points. By earning points, users can gain priority access to the testnet and upcoming platform plans. Additionally, users will receive enhanced sats rewards. This activity not only rewards early supporters of the platform but also helps accumulate liquidity for the platform’s official launch.

How to Participate:

1. Visit the Ethereal Season Zero official website and connect your wallet.
2. Deposit USDe to receive eUSDe and earn points based on the holding duration.
3. Invite friends to participate in the activity to earn more points.

Note:
The airdrop program and participation methods may be updated at any time. It is recommended that users follow Ethereal’s official channels for the latest information. At the same time, users should participate with caution, be aware of risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of subsequent airdrop rewards.

References:

1. Gate.io,https://www.gate.io/trade/BTC_USDT
2. Gate.io,https://www.gate.io/trade/ETH_USDT
3. SoSoValue,https://sosovalue.xyz/assets/etf/us-btc-spot
4. SoSoValue,https://sosovalue.xyz/assets/etf/us-eth-spot
5. CoinGecko,https://www.coingecko.com/en/categories
6. Investing,https://investing.com/indices/usa-indices
7. Investing,https://investing.com/currencies/xau-usd
8. Gate.io,https://www.gate.io/bigdata
9. Gate.io,https://www.gate.io/price
10. X,https://x.com/GLOBAL_MSQ/status/1891311725070405753
11. X,https://x.com/opulousapp/status/1887174368519655666
12. X,https://x.com/Zebec_HQ/status/1891864229524742315
13. Coinmarketcap,https://coinmarketcap.com/view/memes/
14. Defillama,https://defillama.com/protocol/ondo-finance
15. X,https://x.com/spotonchain/status/1892020008475296217
16. Theblock,https://www.theblock.co/post/341424/hyperliquid-launches-hyperevm-on-mainnet-to-bring-general-purpose-programmability
17. X,https://x.com/BitcoinMagazine/status/1891872430513095156
18. Grayscale,https://www.grayscale.com/crypto-products/grayscale-pyth-trust
19. Rootdata,https://www.rootdata.com/Fundraising
20. Bloomberg,https://www.bloomberg.com/news/articles/2025-02-18/ribbit-leads-50-million-investment-in-crypto-security-platform
21. Bloomberg,https://www.bloomberg.com/news/articles/2025-02-18/hudson-river-amber-crypto-quant-vets-want-to-take-on-solana?srnd=undefined
22. Chaincatcher,https://www.chaincatcher.com/article/2168310
23. Ethereal,https://deposit.ethereal.trade/points

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Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.