TL;DR

• BTC price is testing key support around $96,000, and the short-term trend remains unclear.
• USDC Treasury minted 68.92 million USDC on Ethereum, boosting market liquidity.
• $PAIN achieves record-breaking presale of 186,000 SOL, becoming one of the largest meme projects in Solana’s history.
• The U.S. Congress scrutinizes cryptocurrency de-banking, with concerns raised over the FDIC’s policy shift.
• Ondo Finance launches the Layer 1 public chain Ondo Chain.
• In the past 24 hours, one project has publicly announced securing financing, raising €1.1 million, focusing on the RWA (Real-World Assets) sector.

Market Analysis

• BTC – In the past 24 hours, the BTC price has increased by 0.06%, currently priced at $97,461.7, with a high of $99,131.6 and a low of $95,678.9. In the short term, BTC tests key support around $96,000, and the trend remains unclear. If the price closes below $96,000 on the 1-2 hour timeframe, the short-term rebound may come to an end, with support to watch in the range of $96,000 to $94,000. On the other hand, if BTC can maintain above $98,000, it may test the resistance area between $99,033 and $101,383[1].

• ETH – ETH price has seen a noticeable decline today, with a 24-hour increase of 0.21%. The current price is $2,722.85, with a high of $2,855.92 and a low of $2,656.36. In the short term, ETH needs to break above $2,890 to confirm a rebound trend, otherwise, there will still be downward pressure. If the price continues to pull back, support levels to watch are in the range of $2,680 to $2,580, with market sentiment being cautious[2].

• ETF – (SoSoValue’s ETF data is updated daily at 4:00 AM UTC+0) According to SoSoValue data, on February 7, the U.S. Bitcoin spot ETF saw a total net outflow of $140 million[3], while the U.S. Ethereum spot ETF recorded a total net inflow of $10.65 million[4].
• Altcoins – CEX, RWA Protocol, and PoW sectors rose by 1.5%, 1.3%, and 1.1%, respectively[5].
• U.S. Stock Indices – The S&P 500 index increased by 0.36%, the Nasdaq index rose by 0.51%, and the Dow Jones index dropped by 0.28%[6].
• Spot Gold – The price of spot gold reached $2,868.68 per ounce, up 0.44% on the day[7].
• Fear and Greed Index – The Fear and Greed Index dropped from 49 yesterday to 44, indicating a shift in market sentiment from neutral to 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:

EMYC — Single-day increase of about 127.13%, circulating market cap of $2.4 million
E-money Network is the world’s first public permissioned blockchain network that supports on-chain KYC (Know Your Customer) and AML (Anti-Money Laundering). It enables both retail users and institutions to build bank-grade secure infrastructure that integrates identity verification (KYC) and anti-money laundering (AML) processes directly on the blockchain. Recently, the project joined the Circle Alliance Program, aiming to promote the development of E-money Card and IBAN account linking services and accelerate real-world application implementation. As a result of this positive news, the price of $EMYC surged sharply within a short period, attracting increased market attention. [10]

PMX — Single-day increase of about 43.99%, circulating market cap of $3.98 million
Primex Finance is a non-custodial protocol that revolutionizes the way users participate in decentralized finance (DeFi). It provides a comprehensive platform for leveraged trading and yield farming on spot DEXs, offering automated leverage and portfolio management experiences.
Recently, Primex Finance announced that it has fully transitioned to the $PMX utility token, allowing users to earn $PMX through staking, paying protocol fees, and participating in the Primex Rewards Program. As a result, the price of $PMX saw a single-day increase of 43.99%. [11]

XYO — Single-day increase of about 20.18%, circulating market cap of $308 million
XYO is a decentralized physical infrastructure network (DePIN) ecosystem, consisting of consumer software, developer tools, and blockchain data networks. The core token is XYO, and users can earn rewards through data contributions.
Recently, XYO announced that cryptocurrency and gaming influencer Sky Wee has joined as a strategic advisor. This move has strengthened market confidence in the project’s future development. Sky Wee, a seasoned investor, has played a significant role in multiple Web3 and blockchain projects. Additionally, the growing market interest in the DePIN ecosystem may have contributed to the rising demand for XYO tokens, leading to a continuous upward trend in XYO’s price. [12]

Data Highlights

USDT Net Inflow of $2.72 Billion in One Week, Reaching a New High Since 2022
This week, a total of $2.72 billion USDT flowed into exchanges, marking the largest single-week net inflow since 2022. This increase occurred during a market downturn and triggered massive liquidations, suggesting that traders are moving stablecoins into exchanges to replenish leveraged positions or as a hedge. Stablecoin inflows are typically seen as a sign of rising market activity, but in the current context of heightened market volatility, the direction of future fund flows remains a key point of attention. [13]

Mining Company BitFuFu Releases January Mining Data, Expands Hashrate and Launches Optimization Plan
Mining company BitFuFu Inc. recently announced its Bitcoin mining performance for January 2025. The company mined 83 BTC from its own operations and produced 200 BTC for its cloud mining customers, bringing its total BTC holdings to 1,742 coins. To further expand its mining operations, BitFuFu plans to launch 2,000 S21XP mining machines in March and intends to acquire a 51 MW mining facility located in the United States to enhance operational efficiency. Currently, the company’s total managed hashrate is 20.2 EH/s, and its hosting facilities have a capacity of 424 MW, primarily located in Ethiopia and the United States.
Additionally, BitFuFu’s cloud mining platform has reached 598,785 registered users and launched BitFuFuOS, a power regulation software that supports various overclocking and underclocking modes, which can boost mining profits by up to 20%. As a global leader in Bitcoin mining, BitFuFu, relying on strategic cooperation with Bitmain, is committed to providing secure, compliant blockchain infrastructure and efficient mining solutions. [14]

USDC Treasury Mints 68.92 Million USDC on Ethereum, Enhancing Market Liquidity
According to Whale Alert monitoring, USDC Treasury has minted approximately 68.92 million USDC on Ethereum, boosting market supply. This minting could be related to institutional fund flows, the growth of cross-chain applications, and rising demand in the DeFi sector.
Recently, as the market’s reliance on stablecoins grows, the circulation of USDC on Ethereum, Solana, and Layer 2 networks has continued to rise to meet payment settlement and liquidity needs. USDC Treasury’s recent action may be preparing for upcoming large-scale settlements or market capital movements, further strengthening its competitiveness in the multi-chain ecosystem. [15]

Spotlight Analysis

$PAIN Pre-sale of 186,000 SOL, Becoming One of the Largest Meme Projects in Solana’s History
The Solana-based meme project $PAIN, incubated by Memeland, raised 186,000 SOL (approximately $38 million) in just two days, making it one of the largest meme pre-sales in history. The project is inspired by the famous meme character “Meme Grandpa” András István Arató, and the brand effect has attracted a massive influx of funds. However, despite the official heavy use of images related to Arató, there is no evidence suggesting that he authorized the issuance of the $PAIN token. Additionally, during the pre-sale, large whales were actively involved, with the top 20 addresses holding a total of 31.87% of the tokens, posing a risk of short-term selling pressure. [16] As the project’s launch nears, the team announced that 80% of the pre-sale funds will be refunded, leaving only 37,000 SOL for operational expenses, and transferred to a new address, painvault.sol. However, the method of token distribution remains unannounced and there is uncertainty about the market trend. Investors should proceed with caution. [17]

US Congress Focuses on Crypto De-banking, FDIC Policy Shift Raises Concerns
The U.S. House Financial Services Committee recently held a hearing to discuss regulatory pressures on banks and crypto firms. Republican lawmakers accused the Biden administration of hindering innovation, while Democrats argued that enhanced regulation was based on risk considerations. Meanwhile, the Senate Banking Committee also held discussions on similar topics, highlighting the continued divisions within U.S. politics regarding crypto regulation.
Additionally, a court has ordered the FDIC to expedite the release of regulatory documents. Following the appointment of FDIC Acting Chair Travis Hill, who was appointed during the Trump administration, the agency has released numerous related documents, signaling a potential shift in regulatory policy. Senator Cynthia Lummis also disclosed internal Federal Reserve documents, further strengthening allegations against “Operation Chokepoint.” These developments indicate that the U.S. crypto regulatory environment continues to evolve, and future congressional hearings will continue to focus on the direction of industry development. [18]

Ondo Finance Launches Layer 1 Blockchain Ondo Chain
Ondo Finance has announced the launch of Ondo Chain, a Layer 1 blockchain specifically designed for institutional-grade financial markets. It aims to address the infrastructure barriers faced by public blockchains in the tokenization of real-world assets (RWAs) and promote the on-chain integration of global capital markets.
Ondo Chain combines the openness of public chains with the compliance of permissioned chains, offering institutions secure solutions for the issuance, management, and cross-chain liquidity of RWAs. Its key features include an institution-grade cybersecurity model based on RWA staking, a regulated validator network, seamless integration with traditional financial networks, on-chain oracles, and native cross-chain communication mechanisms. Ondo Chain also uses a native asset reserve proof mechanism to ensure transparency and full collateralization for RWA issuance. The launch of this innovative blockchain could further encourage institutional capital to enter the on-chain market and foster the integration of DeFi and traditional securities markets. [19]

Funding News

According to RootData, only One Project Announced Funding in the Past 24 Hours, Raising €1.1 Million in the RWA Sector [20]

Fraktion — Fraktion completes €1.1 Million Seed Round, Backed by Cabrit Capital, Tezos Foundation, Vox Capital, and Renowned Angel Investors

Fraktion has completed a €1.1 million seed round, with participation from Cabrit Capital, Tezos Foundation, Vox Capital, and notable angel investors such as Olivier Huby (former MFEX), Andréa Bensaïd (Eskimoz), and Guillaume Mayot (Lukeion). The funding will be used to support the development and growth of its platform.

Fraktion focuses on asset tokenization, offering a user-friendly interface and efficient decentralized solutions to enhance asset circulation and liquidity.

Airdrop Opportunities

Side Protocol

Side Protocol is the first non-custodial lending protocol in the Bitcoin ecosystem, utilizing DLC (Discreet Log Contracts) technology to mitigate cross-chain bridge risks. It aims to build on-chain banking infrastructure. The project was founded by an experienced team in the crypto industry and has received investment from firms like a16z. On February 5th, the mainnet went live, and the $SIDE token can be used for staking, paying gas fees, and other purposes. [21]

How to Participate:

• Visit the official website[22]
• Connect your Bitcoin wallet
• Go to the Staking page and select a node to stake $SIDE
• Participate in cross-chain by converting BTC to sBTC to earn rewards
• Perform a reverse cross-chain conversion back to BTC and earn additional $SIDE rewards

Note:
The airdrop plan and participation methods may be updated at any time, so users are advised to follow Side Protocol’s official channels for the latest information. Additionally, users should participate with caution, be mindful of risks, and conduct thorough research before participating. Gate.io does not guarantee the issuance of subsequent airdrop rewards.


Reference:

1. Gate.io,https://www.gate.io/trade/BTC_USDT
2. Gate.io,https://www.gate.io/zh/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/emoney_network/status/1887134112798146579
11. X,https://x.com/primex_official/status/1887082764127633731
12. X,https://x.com/OfficialXYO/status/1887501506150380005
13. IntoTheBlock,https://app.intotheblock.com/coin/USDT
14. BitFuFu,https://www.bitfufu.com/sg
15. Whale Alert,https://whale-alert.io/transaction/ethereum/0x95d79c1378e816baf3c8b69b834c65e5bdc85d13561860291ce7a7496812109c
16. Dune,https://dune.com/zkayape/painpresale
17. X,https://x.com/pain/status/1887126657506656506
18. Financial Services,https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=409451
19. X,https://x.com/OndoFinance/status/1887522597480337672
20. Rootdata,https://www.rootdata.com/Fundraising
21. X,https://x.com/SideProtocol/status/1887063652081050038
22. Side Protocol,https://station.side.one

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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.