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Taproot Wizards has raised $30 million with which it plans to build an ecosystem of applications using the OP_CAT Bitcoin improvement proposal (BIP).

OP_CAT is a feature that Bitcoin’s pseudonymous founder Satoshi Nakamoto included in the software’s original code but which he/she/they removed out of concerns that it exposed it to risks such as denial-of-service (DoS) attack.

Many developers have expressed a concern in bringing it back.

The proposal could bring Ethereum-like smart contract functionality to Bitcoin through introducing « covenants, » or rules that determine how a specific transaction will function.

Taproot Wizards, whose vision is to « make Bitcoin magical again, » sold a collection of 3,000 non-fungible token (NFT)-like pieces of digital art called « Quantum Cats » to drum up support for OP_CAT one year ago.

The Wizards have been attempting to « meme OP_CAT back into existence, » according to an emailed announcement on Tuesday.

Co-founder Udi Werthimer describes OP_CAT as « the missing piece » to attaining « permissionless programmability for bitcoin, allowing lending, trading and smart contracts without giving up self custody, » in Tuesday’s announcement.

The $30 million funding round was led by Standard Crypto.

By Omkar Godbole (All times ET unless indicated otherwise)

If you follow financial markets, you’ve probably come across the terms « risk-on » and « risk-off. » Now we seem to be entering a new era of « tariffs on/tariffs off. »

In a risk-on environment, growth-sensitive assets like stocks and cryptocurrencies tend to rise due to expectations of economic expansion or accommodative monetary policy. Conversely, risk-off situations reflects a lack of investor confidence, leading to sell-offs and a preference for safer assets.

But this week, President Trump’s tariffs announcement have single-handedly guided markets. Early Monday, bitcoin (BTC) plummeted to nearly $91,000 as Canada and Mexico retaliated against Trump’s tariffs. That was « tariffs on » trading.

Later, it rebounded above $100,000 after Trump paused the Mexico tariffs for the 30 days and announced the creation a sovereign wealth fund, which generated hopes of potential investments in BTC. That was « tariffs off. »

The bullish momentum ran out of steam early Tuesday as China retaliated against Trump’s import tax, reviving « tariffs on » trading. BTC fell over 3% to $98,000, dragging altcoins lower. Nasdaq futures dropped over 0.5% and the dollar drew haven bids.

Bitcoin and the broader crypto market will likely rebound should Trump announce an 11th-hour deal with China, just as he did with Mexico and Canada on Monday. Foreign-exchange market activity suggests that’s likely. The AUD/CAD is down just 0.3% for the day, a sign traders don’t expect a prolonged tariff war between the U.S. and China. (The Australian dollar is widely seen as a proxy for China).

« A cross like AUD/CAD should trade sharply lower in this situation given Canada has dodged tariffs and China has not, but it is only 0.5% lower on the day. That signals markets are pricing in a good chance that the US and China will also strike a deal and delay tariffs, » ING said in a note to clients.

That said, you can never be sure of Trump. So, expect heightened volatility and stay alert!

What to Watch

Crypto:

Feb. 5, 3:00 p.m.: Boba Network’s Holocene hard fork network upgrade for its Ethereum-based L2 mainnet.

Feb. 6, 8:00 a.m.: Shentu Chain network upgrade (v2.14.0).

Feb. 13: Start of Kraken’s « gradual » delisting of the USDT, PYUSD, EURT, TUSD, UST stablecoins for EEA clients. The process ends March. 31.

Macro

Feb. 4, 10:00 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases December’s Job Openings and Labor Turnover Survey (JOLTS) report.

Job Openings Est. 7.88M vs. Prev. 8.098M

Job Quits Prev. 3.065M

Feb. 4, 2:30 p.m.: White House AI and Crypto Czar David Sacks, along with four congressional leaders, hold a press conference on digital assets cooperation. Livestream link.

Feb. 4, 7:30 p.m.: Fed Vice Chair Philip N. Jefferson is giving a speech titled « U.S. Economic Outlook and Monetary Policy. »

Feb. 5, 9:45 a.m.: S&P Global releases January’s US Services PMI (Final) report.

Est. 52.8 vs. Prev. 56.8

Feb. 5, 10:00 a.m.: The Institute for Supply Management (ISM) releases January’s Services ISM Report on Business.

Services PMI Est. 54.3 vs. Prev. 54.1

Services Business Activity Prev. 58.2

Services Employment Prev. 51.4

Services New Orders Prev. 54.2

Services Prices Prev. 64.4

Feb. 5, 10:00 a.m.: U.S. Senate Banking Committee hearing on “Investigating the Real Impacts of Debanking in America,” featuring four witnesses including Nathan McCauley, co-founder and CEO of Anchorage Digital. Livestream link.

Feb. 5, 3:00 p.m.: Fed Governor Michelle W. Bowman is giving a speech titled “Brief Economic Update and Bank Regulation.”

Earnings

Feb. 5: MicroStrategy (MSTR), post-market, $-0.09

Feb. 10: Canaan (CAN), pre-market, $-0.08

Feb. 11: HIVE Digital Technologies (HIVE), post-market, $-0.11

Feb. 11: Exodus Movement (EXOD), post-market, $0.14 (2 ests.)

Feb. 12: Hut 8 (HUT), pre-market, break-even

Feb. 12: IREN (IREN), post-market

Feb. 12 (TBA): Metaplanet (TYO:3350)

Feb. 12: Reddit (RDDT), post-market, $0.25

Token Events

Governance votes & calls

Compound DAO is discussing the creation of Morpho-powered lending vaults on Polygon curated by Gauntlet. Polygon Labs is set to offer $1.5 million in POL, matched with $1.5 million in COMP to incentivize usage.

Arbitrum DAO is voting on whether to transfer 1,885 ETH in Nova transaction fees to its Treasury through the modernized fee collection infrastructure outlined in the ova Fee Router Proposal.

Aave DAO is nearing the end of a vote on deploying Aave v3 on Sonic, a new layer-1 Ethereum Virtual Machine (EVM) blockchain with a high transaction throughput.

Lido DAO is discussing distributing rewards to LDO stakers based on the protocol’s net revenue, as well as the use of a percentage of its annual revenue to buyback LDO tokens.

Feb. 4, 1 p.m.: TRON DAO and CryptoQuant to host a network review diving into performance, adoption and key metrics.

Feb. 4, 12 p.m.: Stellar to host its Q4 quarterly review.

Unlocks

Feb. 5: XDC Network (XDC) to unlock 5.36% of circulating supply worth $81.58 million.

Feb. 5: Kaspa (KAS) to unlock 0.67% of circulating supply worth $17.29 million.

Feb. 9: Movement (MOVE) to unlock 2.17% of circulating supply worth $31.60 million.

Feb. 10: Aptos (APT) to unlock 1.97% of circulating supply worth $68.20 million.

Token Launches

Feb. 4: Vine (VINE), Bio Protocol (BIO), Swarms (SWARMS), and Sonic SVM (SONIC) to be listed on Kraken.

Conferences:

Feb. 5-6: The 14th Global Blockchain Congress (Dubai)

Feb. 6: Ondo Summit 2025 (New York).

Feb. 7: Solana APEX (Mexico City)

Feb. 13-14: The 4th Edition of NFT Paris.

Feb. 18-20: Consensus Hong Kong

Feb. 19: Sui Connect: Hong Kong

Feb. 23 to March 2: ETHDenver 2025 (Denver, Colorado)

Feb. 25: HederaCon 2025 (Denver)

Token Talk

By Shaurya Malwa

Entities behind President Donald Trump’s memecoin TRUMP amassed nearly $100 million in trading fees within two weeks of its Jan. 17 introduction.

The fees were generated on Meteora, a DeFi exchange where the initial TRUMP coins were traded. Here, fees are charged for liquidity provision, which benefits the coin’s creators by allowing them to earn from trading activities indefinitely, according to Reuters.

A marketwide drop on Monday sent the token spiraling further down, bringing losses from the peak to a staggering 75%.

The president continues to endorse the token on his social media platform, Truth Social, where he posted « I LOVE $TRUMP!! » alongside a link to purchase the token over the weekend.

Derivatives Positioning

Perpetual funding rates for SOL, DOGE, ADA, LINK and AVAX remain negative, indicating a bias for short positions. These coins may see outsized gains on the back of a short-squeeze should the market environment flip back to « tariffs off » during the American hours.

Deribit’s ETH volatility index has retreated to 70% from above 100%. BTC’s volatility has faded from Monday’s spike to 61%.

The perpetual futures open interest-adjusted cumulative volume delta for most large-cap tokens, excluding TRX, is negative for the past 24 hours. That raises a question on the sustainability of the price recovery.

Deribit’s BTC, ETH options expiring this month continue to exhibit downside fears. The broader bias for bullish calls remains intact.

Block flows featured a bear call spread in SOL, a calendar spread in BTC and long positions in the ETH $3K and $3.2K calls.

Market Movements:

BTC is down 1.85% from 4 p.m. ET Monday at $99,347.23 (24hrs: +4.4%)

ETH is up 2.3% at $2,777.08 (24hrs: +7.45%)

CoinDesk 20 is down 2.21% at 3,154.76 (24hrs: +5.33%)

CESR Composite Staking Rate is up 88 bps at 3.91%

BTC funding rate is at 0.0035% (3.76% annualized) on Binance

DXY is down 0.39% at 108.57

Gold is down 0.16% at $2,814.16/oz

Silver is up 0.18% at $31.65/oz

Nikkei 225 closed +0.72% at 38,798.37

Hang Seng closed +2.83% at 20,789.96

FTSE is down 0.12% at 8,572.97

Euro Stoxx 50 is up 0.13% at 5,224.71

DJIA closed on Monday -0.28% at 44,421.91

S&P 500 closed -0.76% at 5,994.57

Nasdaq closed -1.2% at 19,391.96

S&P/TSX Composite Index closed -1.14% at 25,241.76

S&P 40 Latin America closed +0.25% at 2,376.48

U.S. 10-year Treasury is up 2 bps at 4.58%

E-mini S&P 500 futures are down 0.16% at 6012.75

E-mini Nasdaq-100 futures are unchanged at 21,398.50

E-mini Dow Jones Industrial Average Index futures are down 0.21% at 44,472.00

Bitcoin Stats:

BTC Dominance: 61.70 (1.06%)

Ethereum to bitcoin ratio: 0.02750 (-3.27%)

Hashrate (seven-day moving average): 833 EH/s

Hashprice (spot): $57.5

Total Fees: 6.1 BTC / $592,574

CME Futures Open Interest: 164,925 BTC

BTC priced in gold: 35.0 oz

BTC vs gold market cap: 9.94%

Technical Analysis

Bitcoin’s daily chart shows a classic « stair step » bull run, characterized by price rises followed by consolidations, representing accumulation periods.

The latest consolidation between $90,000 and $110,000 is the third such pattern since 2023. A breakout would mean continuation of the uptrend.

Note, however, that gains seen after the second consolidation between $50,000 and $70,000 were significantly less than those seen after the first breakout in late 2023.

Crypto Equities

MicroStrategy (MSTR): closed on Monday at $347.09 (+3.67%), down 1.35% at $342.40 in pre-market.

Coinbase Global (COIN): closed at $284.41 (-2.38%), down 0.47% at $283.08 in pre-market.

Galaxy Digital Holdings (GLXY): closed at C$28.02 (-1.62%)

MARA Holdings (MARA): closed at $17.95 (-2.13%), down 1.23% at $17.73 in pre-market.

Riot Platforms (RIOT): closed at $11.99 (+0.93%), down 0.58%% at $11.92 in pre-market.

Core Scientific (CORZ): closed at $12.33 (+0.49%), down 1.05% at $12.20 in pre-market.

CleanSpark (CLSK): closed at $10.59 (+1.44%), down 0.85% at $10.50 in pre-market.

CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $22.69 (+0.62%).

Semler Scientific (SMLR): closed at $50.46 (-2.89%).

Exodus Movement (EXOD): closed at $59.59 (+19.47%), unchanged in pre-market.

ETF Flows

Spot BTC ETFs:

Daily net flow: -$234.4 million

Cumulative net flows: $40.26 billion

Total BTC holdings ~ 1.177 million.

Spot ETH ETFs

Daily net flow: $83.6 million

Cumulative net flows: $2.84 billion

Total ETH holdings ~ 3.648 million.

Source: Farside Investors

Overnight Flows

Chart of the Day

Google trends for the worldwide search query « how to buy crypto » shows retail investor interest in digital assets has cooled since hitting a peak of 100 last month.

While You Were Sleeping

Ethereum Raises Gas Limits for First Time Since 2021, Boosting ETH Appeal (CoinDesk): Ethereum’s gas limit rose to nearly 32 million units, which should help increase the network’s throughput and potentially lower transaction costs during periods of high demand.

Lending Protocol Aave Processes $200M in Liquidation Without Adding to Bad-Debt Burden (CoinDesk): Aave processed $210 million in liquidations on Monday, the most since August, without adding new debt. Strong risk controls reduced existing liabilities by 2.7% amid market volatility.

TRON, Movement Labs Deny ‘Token Swap’ Deal for World Liberty Financial Inclusion (CoinDesk): Representatives from TRON and Movement Labs rejected allegations of token swap deals for treasury inclusion with World Liberty Financial (WLFI).

Yuan Extends Loss With China Proxies as US Trade War Reignites (Bloomberg): China’s retaliatory tariffs on U.S. coal, LNG, oil and agricultural equipment spooked Asia-Pacific markets, pressuring offshore Chinese yuan. Talks between the U.S. and China could help deescalate the trade war.

Stocks Erase Gains After China Retaliates Against U.S. (Financial Times): Shortly after Trump’s 10% tariff on all Chinese goods took effect on Tuesday, Beijing hit back by imposing import tariffs on various U.S. goods, causing global stocks to give back some of Monday’s gains.

Euro Stays Weaker Amid Tariff Risks (The Wall Street Journal): Danske Bank’s Stefan Mellin says Trump’s threats of tariffs on EU imports are likely to keep the euro under pressure over the next several weeks even though these might just be « primarily a negotiating tool. »

In the Ether

Le casino Web3 Mega Dice ($DICE) peut se vanter un pionnier sur la blockchain Solana. Il est de nouveau un précurseur en proposant une collection exclusive de jetons non fongibles (NFT) baptisée « Roll of Fortune ». Conçus comme un véritable passeport privilégié, ces NFT récompensent les joueurs les plus fidèles d’avoir contribué au développement…

L’article Mega Dice Lance les NFT Roll of Fortune : 15 % de cashback et 1 000 $ de crédits de casino est apparu en premier sur Cryptonaute.

Data portability is a commonly-repeated promise of crypto. “Take your followers and social graph across the internet.” “Bring your video game items across games and platforms.” “Log into any site with a single, unified identity.” These claims have excited builders and developers, but haven’t yet gone mainstream.

Recent platform shifts have highlighted the fragility of our digital lives. With talks of a potential TikTok ban, creators face losing years of content and audience relationships overnight. Meanwhile, as US consumers embrace new AI models like DeepSeek, built in China, they face similar questions about where their data lives and who might get access to it.

These are symptoms of a fundamental problem: users don’t truly own or control their data. We live on rented land.

Many of today’s leading crypto investors wrote about data portability and user sovereignty in the early days of Web2. This vision of an internet — where users, not platforms, control their digital lives — was one of the driving forces behind crypto. While crypto has succeeded in financial applications, this promise of portable data and a self-sovereign internet remains unfulfilled.

We’ve seen many attempts: NFTs letting you bring items across games, decentralized social networks like Farcaster and Bluesky promising portable social graphs, and verifiable identity standards. None have (yet) seen widespread adoption.

The reality? While early internet thinkers care deeply about the principles of data sovereignty, most users have a simpler question: What can I actually do with it?

Without AI, most data is only relevant within the walled gardens of the platform it’s on. With AI, it becomes a valued digital commodity and a tool to power nearly every application. Your message history helps AI understand your writing style, your preferences, and your relationships. With many users storing their data in self-sovereign wallets, developers can build AI experiences that are truly personalized. AI finally provides the “why” on data portability, in the form of a better product experience rather than ideology alone.

There is still a cold start problem. It’s inconvenient for users to connect their data. And for developers, the mindset today is: if you convince users to upload their data to your platform, why would you make it easy for them to take it elsewhere? This creates a cycle where each new platform becomes another walled garden, recreating the very problem they set out to solve.

This is where new incentive structures could finally break the extractive cycle. DataDAOs create an immediate opportunity for users to port their data through financial incentives, solving the cold start problem, so long as the data is onboarded in a self-sovereign, interoperable way, like on Vana. As more users bring their data into these interoperable systems, developers can build applications that weren’t possible before.

Imagine a personalized health coach that can analyze your sleep data from Oura, your workouts from Strava, your nutrition from food delivery apps, and your stress levels from communication patterns.

Or, an AI assistant that truly understands you because it can access your complete digital history while maintaining your privacy through granular permissions.

This solves a critical problem that has plagued past attempts at data portability. Users won’t export their data without clear benefits, and developers won’t build for portable data without users. Data DAOs break this deadlock by making it immediately worthwhile for users to connect data.

More importantly, once users make their data self-sovereign, entirely new kinds of applications become possible. AI agents can access your complete digital history to provide truly personalized experiences. Developers can build applications that combine data in ways that weren’t possible when it was siloed across platforms.

We know there’s a lot of demand for AI training data – many major model providers are poised to hit a data wall soon, making them search for publicly unavailable datasets to train newer, higher-performing models. New models like DeepSeek have shown the value of high quality data, with carefully curated human-generated examples to bootstrap their novel training method. At the same time, user data policies like GDPR and CCPA legally require platforms to allow users to export their data in a usable, standardized format. Networks like Vana allow users to monetize their data by collectively bargaining with model trainers in need of valuable training data no longer available on the public internet, and make it interoperable for true data sovereignty.

Two forces converging – the proliferation of AI, and new financial incentives – create the potential for both users and developers to benefit from data portability. The interests of users, developers, and data networks finally align. Users gain immediate value plus better AI experiences, developers get access to rich user data to build new applications, and networks grow stronger with each new participant.

For the first time, we have both the technology to make data portability valuable and the incentives to drive adoption.

Crypto has yet to deliver on its original promise of a self-sovereign, interoperable internet where users own their data, unfettered by Web2’s walled gardens. By creating financial incentives to bring data onboard and leveraging AI’s capabilities, we finally have a window of opportunity to make the internet truly user-owned.

By Omkar Godbole (All times ET unless indicated otherwise)

Crypto markets are a sea of red alongside a growing risk aversion in traditional markets, and Trump’s tariffs are to blame. Late Friday, the president imposed a 25% tariff on imports from Canada and Mexico and 10% on China, provoking retaliatory measures that have reignited a trade war reminiscent of 2018.

The consensus on social media and among the analyst community is that this tariff-induced slide in the crypto market is temporary and that bitcoin (BTC) will quickly rebound. However, there are reasons to believe otherwise.

Firstly, Trump has shattered the crypto market’s belief that he is looking to pump markets and would use small tariffs merely as a negotiating tactic. In fact, he has threatened to increase tariffs if trading partners retaliate. Since Canada and Mexico responded with their own measures, the potential for further tariff hikes looms large.

Geo Chen, a macro trader and author of the popular Substack-based newsletter, Fidenza Macro, shared his perspective in an email to subscribers: « My view is that they will remain in place for several months with the risk of increasing, as Canada has pledged to retaliate and China has initiated a lawsuit against the U.S. in the World Trade Organization. These responses could escalate the situation. The best we can hope for is a partial rollback of tariffs once negotiations conclude. »

Chen emphasized that the tariffs are driven by trade deficit concerns rather than the fentanyl crisis, as Trump likes to portray, adding that markets may take days or weeks to grasp this, leading to persistent volatility. Besides, the latest tariffs are on $1.3 trillion worth of goods that the U.S. imports from the three nations, which is seven times bigger in value than the first shot fired in 2018.

All this makes the latest episode appear more destabilizing than back then, when the S&P 500 initially dropped 9% from its peak in March before quickly rebounding. In other words, the potential pain may be greater this time around, which poses a challenge for risk-on assets like BTC.

As one crypto trader choosing to stay anonymous said: « Despite the talk of deals, this move doesn’t feel temporary. » Stay alert!

What to Watch

Crypto:

Feb. 4: Pepecoin (PEPE) Halving. At block 400,000, the reward will drop to 31,250 PEPE.

Feb. 5, 3:00 p.m.: Boba Network’s Holocene hard fork network upgrade for its Ethereum-based L2 mainnet.

Feb. 6, 8:00 a.m.: Shentu Chain network upgrade (v2.14.0).

March 11 (TBC): Ethereum’s Pectra upgrade.

Feb. 13: Start of Kraken’s « gradual » delisting of the USDT, PYUSD, EURT, TUSD, UST stablecoins for EEA clients. The process ends March. 31.

Macro

Feb. 3, 9:45 a.m.: S&P Global releases January’s U.S. Manufacturing PMI Final report.

Est. 50.1 vs. Prev. 49.4

Feb. 3, 10:00 a.m.: The Institute for Supply Management (ISM) releases January’s Manufacturing PMI Report on Business.

Est. 49.5 vs. Prev. 49.3

Feb. 4, 10:00 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases December’s Job Openings and Labor Turnover Survey (JOLTS) report.

Job Openings Est. 7.88M vs. Prev. 8.098M

Job Quits Prev. 3.065M

Feb. 5, 9:45 a.m.: S&P Global releases January’s US Services PMI (Final) report.

Est. 52.8 vs. Prev. 56.8

Feb. 5, 10:00 a.m.: The Institute for Supply Management (ISM) releases January’s Services ISM Report on Business.

Services PMI Est. 54.3 vs. Prev. 54.1

Services Business Activity Prev. 58.2

Services Employment Prev. 51.4

Services New Orders Prev. 54.2

Services Prices Prev. 64.4

Earnings

Feb. 5: MicroStrategy (MSTR), post-market, $0.09

Feb. 10: Canaan (CAN), pre-market

Feb. 11: HIVE Digital Technologies (HIVE), post-market

Feb. 11: Exodus Movement (EXOD), post-market, $0.14 (2 ests.)

Feb. 12: Hut 8 (HUT), pre-market, C$0.01

Feb. 12 (TBA): Metaplanet (TYO:3350)

Feb. 12: Reddit (RDDT), post-market

Feb. 13: CleanSpark (CLSK), $-0.05

Feb. 13: Coinbase Global (COIN), post-market, $1.61

Feb. 18: CoinShares International Ltd (STO:CS), pre-market

Feb. 18: Semler Scientific (SMLR), post-market, $0.26 (1 est.)

Feb. 20: Block (XYZ), post-market, $0.88

Feb. 26: MARA Holdings (MARA), $-0.15

Feb. 26 (TBA): Sol Strategies (CSE: HODL)

Feb. 27: Riot Platforms (RIOT), $-0.18

March 4: Cipher Mining (CIFR), $-0.09

March 6 (TBA): Bitfarms (BITF)

March 17 (TBA): Bit Digital (BTBT)

March 18 (TBA): TeraWulf (WULF)

March 27 (TBA): ​​Bitdeer Technologies Group (BTDR)

March 28 (TBA): DeFi Technologies (NEO:DEFI)

March 31 (TBA): Galaxy Digital Holdings (TSE:GLXY)

April 11 (TBC): KULR Technology Group (KULR)

April 22: Tesla (TSLA), post-market

Token Events

Governance votes & calls

Compound DAO is discussing the creation of Morpho-powered lending vaults on Polygon curated by Gauntlet. Polygon Labs is set to offer $1.5 million in POL, matched with $1.5 million in COMP to incentivize usage.

Arbitrum DAO is voting on whether to transfer 1,885 ETH in Nova transaction fees to its Treasury through the modernized fee collection infrastructure outlined in the ova Fee Router Proposal.

Aave DAO is nearing the end of a vote on deploying Aave v3 on Sonic, a new layer-1 Ethereum Virtual Machine (EVM) blockchain with a high transaction throughput.

Feb. 4, 1 p.m.: TRON DAO and CryptoQuant to host a network review diving into performance, adoption and key metrics.

Feb. 4, 12 p.m.: Stellar to host its Q4 quarterly review.

Unlocks

Feb. 5: XDC Network (XDC) to unlock 5.36% of circulating supply worth $75.9 million.

Feb. 9: Movement (MOVE) to unlock 2.17% of circulating supply worth $30.06 million.

Feb. 10: Aptos (APT) to unlock 1.97% of circulating supply worth $64.92 million.

Token Launches

Feb. 4: Vine (VINE), Bio Protocol (BIO), Swarms (SWARMS), and Sonic SVM (SONIC) to be listed on Kraken.

Conferences:

Feb. 3: Digital Assets Forum (London)

Feb. 5-6: The 14th Global Blockchain Congress (Dubai)

Feb. 6: Ondo Summit 2025 (New York).

Feb. 7: Solana APEX (Mexico City)

Feb. 13-14: The 4th Edition of NFT Paris.

Feb. 18-20: Consensus Hong Kong

Feb. 19: Sui Connect: Hong Kong

Feb. 23 to March 2: ETHDenver 2025 (Denver, Colorado)

Feb. 25: HederaCon 2025 (Denver)

March 2-3: Crypto Expo Europe (Bucharest, Romania)

March 8: Bitcoin Alive (Sydney)

March 19-20: Next Block Expo (Warsaw)

March 26: DC Blockchain Summit 2025 (Washington)

March 28: Solana APEX (Cape Town, South Africa)

April 23: Crypto Horizons 2025 (Dubai)

April 23-24: Blockchain Forum 2025 (Moscow)

May 1-2: Sui Basecamp (Dubai)

May 12-13: Filecoin (FIL) Developer Summit (Toronto)

May 20-22: Avalanche Summit London

May 29-30: Litecoin Summit 2025 (Las Vegas)

Token Talk

By Shaurya Malwa

Hyperliquid’s HYPE is holding strong in the market bloodbath, with a 5% jump in the past 24 hours.

The decentralized exchange generated nearly $4 million in fees over the past 24 hours, and part of the revenue is being used to buy back HYPE, helping support its price amidst a bearish market.

Elsewhere, prices of long-forgotten Jeo Boden (BODEN), a parody token mimicking Joe Biden that was worth $1 billion by market capitalization at peak, rose as much as 300% in the past 24 hours.

It registered trading volumes of over $8 million, the highest since July 2024, for no immediately apparent reason, which swiftly shifted prices of the once-behemoth token that now has a tiny $3.5 million capitalization.

Derivatives Positioning

Major altcoins like ETH, XRP, BNB, SOL, DOGE, ADA are seeing negative perpetual funding rates, a sign of dominance of short positions.

OM and HYPE tokens stand out with flat open interest-adjusted cumulative volume delta, pointing to a neutral flow. Other tokens exhibit negative CVD, which imply net selling.

BTC, ETH short-dated options show a bias for puts, with ETH reflecting greater downside fears relative to BTC.

Block flows featured a large short position in the BTC $120K call expiring on March 28 and a bear put spread in ETH $2.8K and $2.5K strikes.

Market Movements:

BTC is down 6.3% from 4 p.m. ET Friday at $95,631.55 (24hrs: -3.25%)

ETH is down 21.9% at $3,734.92 (24hrs: -15.28%)

CoinDesk 20 is down 15.9% at 3,154.76 (24hrs: -10.32%)

CESR Composite Staking Rate is up 3 bps at 3.03%

BTC funding rate is at 0.0036% (3.97% annualized) on Binance

DXY is up 0.95% at 109.41

Gold is unchanged at $2,801.09/oz

Silver is down 0.31% at $31.28/oz

Nikkei 225 closed -2.66% to 38,520.09

Hang Seng closed unchanged at 20,217.26

FTSE is down 1.17% at 8,572.04

Euro Stoxx 50 is down 0.4% at 5,203.52

DJIA closed on Friday -0.75% to 44,544.66

S&P 500 closed -0.5% to 6,040.53

Nasdaq closed +0.83% at 19,480.91

S&P/TSX Composite Index closed -1.07% to 25,533.10

S&P 40 Latin America closed -0.73% to 2,370.49

U.S. 10-year Treasury was unchanged at 4.54%

E-mini S&P 500 futures are down 1.38%% at 5,983.50

E-mini Nasdaq-100 futures are down 1.59% at 21,247.00

E-mini Dow Jones Industrial Average Index futures are down 1.23% at 44,149

Bitcoin Stats:

BTC Dominance: 61.62 (1.35%)

Ethereum to bitcoin ratio: 0.02725 (-7.22%)

Hashrate (seven-day moving average): 833 EH/s

Hashprice (spot): $55.93

Total Fees: 4.56 BTC / $435,584

CME Futures Open Interest: 177,260 BTC

BTC priced in gold: 33.9 oz

BTC vs gold market cap: 9.65%

Technical Analysis

BTC has bounced from the double top support line at $91,384, trimming losses.

The series of red candles, however, suggests the path of of least resistance is on the lower side for now.

A close (UTC midnight) under the support line would trigger a double top bearish reversal pattern, opening doors to a potential drop to $75,000.

Crypto Equities

MicroStrategy (MSTR): closed on Friday at $334.79 (-1.56%), down 5.37% at $316.81 in pre-market.

Coinbase Global (COIN): closed at $291.33 (-3.31%), down 5.69% at $274.74 in pre-market.

Galaxy Digital Holdings (GLXY): closed at C$28.48 (-2.90%)

MARA Holdings (MARA): closed at $18.34 (-4.38%), down 5.34% at $17.36 in pre-market.

Riot Platforms (RIOT): closed at $11.88 (-0.17%), down 4.21% at $11.40 in pre-market.

Core Scientific (CORZ): closed at $12.27 (+0.08%), down 6.68% at $11.45 in pre-market.

CleanSpark (CLSK): closed at $10.44 (-4.83%), down 5.08% at $9.91 in pre-market.

CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $22.55 (+0.22%), down 6.34% at $21.12 in pre-market.

Semler Scientific (SMLR): closed at $51.96 (-0.36%), down 6.08% at $48.80 in pre-market.

Exodus Movement (EXOD): closed at $49.88 (-18.74%), up 2.25% at $51 in pre-market.

ETF Flows

Spot BTC ETFs:

Daily net flow: $318.6 million

Cumulative net flows: $40.50 billion

Total BTC holdings ~ 1.172 million.

Spot ETH ETFs

Daily net flow: $27.8 million

Cumulative net flows: $2.76 billion

Total ETH holdings ~ 3.634 million.

Source: Farside Investors

Overnight Flows

Chart of the Day

Ethereum has seen the highest amount of net inflows through crypto bridges in the past 24 hours, while the usual leaders Base, Solana, Arbitrum have seen most outflows.

That’s a classic risk-off investor behavior, where the move to the oldest and biggest smart contract blockchain, anticipating deeper market swoon.

While You Were Sleeping

XRP, Dogecoin Plunge 25% as Crypto Liquidations Cross $2.2B on Tariffs Led Dump (CoinDesk): On Sunday, major cryptocurrencies including XRP, DOGE, and ADA slumped as U.S. tariffs on Canada and Mexico announced on Saturday fueled trade war fears and $2.2 billion in futures liquidations.

Chance of Bitcoin Tanking to $75K Doubles as Trump’s Tariffs Ignite Trade War, Derive’s Onchain Options Market Shows (CoinDesk): Derive.xyz’s on-chain options now indicate a 22% chance bitcoin will drop to $75K by March 28 — double last week’s odds.

USDe Stable Despite Trade War Volatility (CoinDesk): Ethena’s synthetic stablecoin USDe maintained its $1 peg amid volatile crypto markets, likely aided by its yield-generating mechanism.

Dollar Soars, Stocks Fall as Trump Imposes Tariffs: Markets Wrap (Bloomberg): The tariffs announced Saturday propelled the dollar to a two-year high as global stocks, U.S. equity futures, and crypto prices plunged amid mounting fears of rising inflation and economic disruption.

Beijing Prepares Its Opening Bid to Talk Trade With Trump (The Wall Street Journal): China will reportedly contest Trump’s 10% tariffs via the WTO and resume trade talks to revive the Phase One deal by pledging increased U.S. purchases and investments.

Bank of England Expected to Cut Interest Rates Again as U.K. Economy Stagnates (Financial Times): With stagnant growth and easing inflation, the Bank of England is expected to cut rates by 0.25% this week, though rising energy costs and trade tensions may trigger stagflationary pressures.

In the Ether

Mercato-crypto. Cela fait maintenant quelques années que le milieu du football et le secteur des cryptomonnaies se sont rapprochés, notamment avec les cartes à collectionner de joueurs sous forme de NFT (tokens non fongibles). Aujourd’hui, on apprend que le transfert d’un joueur de foot vers le club polonais du Raków Częstochowa a même carrément été payé par cryptomonnaies via la plateforme d’échange Zondacrypto.

Le club polonais Raków Częstochowa paye en cryptos pour recruter le footballeur Ibrahima Seck

Cette fin janvier 2025, le club de football de Raków Częstochowa en Pologne a annoncé l’arrivée du jeune joueur sénégalais Ibrahima Seck au sein de l’équipe. Ce dernier à signer pour jouer jusqu’en 2028 pour le club polonais.

La grosse originalité de ce transfert, c’est qu’il a été réalisé avec des cryptomonnaies via la crypto-bourse locale Zondacrypto. L’exchange polonais explique, dans un communiqué publié sur le réseau X, que c’est « le premier » transfert de joueurs de foot payé en cryptos en Pologne.

« (…) Nous sommes heureux de pouvoir connecter des mondes qui, jusqu’à récemment, avaient peu de points communs. Qui aurait pensé il y a quelques années qu’un transfert de footballeur pourrait être réglé avec des cryptomonnaies ?
Il s’agit d’une véritable étape importante dans le secteur des crypto-actifs ! »

Compte X @zondacryptopl

La plateforme d’échange d’actifs numériques Zondacrypto n’en est pas à son coup d’essai dans le milieu sportif puisque, l’an dernier, l’exchange avait sponsorisé l’équipe de football de la Juventus de Turin. Et au-delà du foot, la crypto-bourse polonaise est également présente sur les maillots des joueurs du Monaco Basket (l’équipe de basketball de la principauté monégasque).

L’article Foot et cryptos : le transfert d’un joueur a été réglé en cryptomonnaies par ce club de football polonais est apparu en premier sur Journal du Coin.

By Omkar Godbole (All times ET unless indicated otherwise)

The crypto market is treading water and the biggest cryptocurrency, bitcoin, is taking a bull breather. Its upward momentum is getting stifled by Trump’s renewed tariff threats, which are also sending gold prices soaring to record highs and propping up demand for the U.S. dollar.

But there is action in some corners of the market. The VIRTUAL token popped after its recent listing on Upbit, and Hyperliquid’s HYPE token has seen a 3% gain. Litecoin is also making waves, with its perpetual futures open interest on centralized exchanges climbing to 5.19 million LTC, the most since Dec. 9, according to Coinglass. The surge hints at fresh capital flowing into the market, likely fueled by hopes of a spot ETF listing in the U.S.

Speaking of stablecoins, USDC is stealing the spotlight as the star performer this month, boasting a remarkable market cap growth of 21% to $53.12 billion. That’s its best month since May 2021, according to TradingView data. In contrast, USDT, the heavyweight champion of dollar-pegged stablecoins, eked out just a 1% increase. USDC even outperformed bitcoin, which grew a respectable 10%.

According to IntoTheBlock, USDC’s outperformance is likely due to its compliance with Europe’s MiCA regulations, while rivals like USDT face tough headwinds. But don’t count USDT out just yet; its market is starting to bounce back, and the simultaneous growth of USDC is offering a bullish impulse for the crypto market.

As we keep an eye on the macro landscape, the pivotal U.S. core PCE — the Fed’s go-to measure for inflation — is set to be released. Expectations are for a hot headline figure, with core reading, which excludes food and energy, showing positive improvements that might help BTC break out of its dull price action near $104,000.

However, ING is cautioning that the dollar might stay strong into the weekend.

“If we don’t receive any news on Canada and Mexico by the end of today, there’s a risk that the dollar could strengthen further as the market starts to price in a higher chance of tariffs being announced tomorrow,” it wrote. So, stay alert!

What to Watch

Crypto:

Jan. 31: Crypto.com is suspending purchases of cryptocurrencies USDT, WBTC, DAI, PAX, PAXG, PYUSD, CDCETH, CDCSOL, LCRO, and XSGD in the EU to comply with MiCA regulations. Withdrawals will be supported through Q1.

Feb. 2, 8:00 p.m.: Core blockchain Athena hard fork network upgrade (v1.0.14)

Feb. 4: Pepecoin (PEPE) halving. At block 400,000, the reward will drop to 31,250 PEPE.

Feb. 5, 3:00 p.m.: Boba Network’s Holocene hard fork network upgrade for its Ethereum-based layer-2 mainnet.

Feb. 5 (after market close): MicroStrategy (MSTR) Q4 FY 2024 earnings.

Feb. 6, 8:00 a.m.: Shentu Chain network upgrade (v2.14.0).

Feb. 11 (after market close): Exodus Movement (EXOD) Q4 2024 earnings.

Feb. 12 (before market open): Hut 8 (HUT) Q4 2024 earnings.

Feb. 13: CleanSpark (CLSK) Q1 FY 2025 earnings.

Feb. 13 (after market close): Coinbase Global (COIN) Q4 2024 earnings.

Feb. 15: Qtum (QTUM) hard fork network upgrade at block 4,590,000.

Feb. 18 (after market close): Semler Scientific (SMLR) Q4 2024 earnings.

Feb. 20 (after market close): Block (XYZ) Q4 2024 earnings.

Feb. 26: MARA Holdings (MARA) Q4 2024 earnings.

Feb. 27: Riot Platforms (RIOT) Q4 2024 earnings.

March 4: Cipher Mining (CIFR) releases Q4 2024 earnings.

Macro

Jan. 31, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases December’s Personal Income and Outlays report.

Core PCE Price Index MoM Est. 0.2% vs. Prev. 0.1%.

Core PCE Price Index YoY Est. 2.8% vs. Prev. 2.8%.

PCE Price Index MoM Est. 0.3% vs. Prev. 0.1%.

PCE Price Index YoY Est. 2.6% vs. Prev. 2.4%.

Feb. 2, 8:45 p.m.: China’s Caixin releases January’s Manufacturing PMI report.

Manufacturing PMI Est. 50.5 vs. Prev. 50.5.

Token Events

Governance votes & calls

Compound DAO is voting on an upgrade of its governance contracts from GovernorBravo to OpenZeppelin’s modern Governor implementation.

Balancer DAO is voting whether to initiate a token swap between Balancer DAO and CoW DAO involving 200,000 BAL tokens and around 631,000 COW tokens.

Unlocks

Jan. 31: Optimism (OP) to unlock 2.32% of circulating supply worth $46.39 million.

Feb. 1: Sui (SUI) to unlock about 2.13% of its circulating supply worth $261.91 million.

Feb. 2: Ethena (ENA) to unlock about 1.34% of its circulating supply worth $29.53 million.

Token Listings

Jan. 31: Movement (MOVE), Virtuals Protocol (VIRTUAL) and Sundog (SUNDOG) to be listed on Indodax.

Conferences:

Day 3 of 3: Crypto Peaks 2025 (Palisades, California)

Day 2 of 2: Ethereum Zurich 2025

Day 2 of 2: Plan B Forum (San Salvador, El Salvador)

Day 2 of 3: Crypto Gathering 2025 (Miami Beach, Florida)

Day 2 of 3: CryptoXR 2025 (Auxerre, France)

Day 2 of 4: Oasis Onchain 2025 (Nassau, Bahamas)

Day 2 of 6: The Satoshi Roundtable (Dubai)

Feb. 3: Digital Assets Forum (London)

Feb. 5-6: The 14th Global Blockchain Congress (Dubai)

Feb. 6: Ondo Summit 2025 (New York).

Feb. 7: Solana APEX (Mexico City)

Feb. 13-14: The 4th Edition of NFT Paris.

Feb. 18-20: CoinDesk’s Consensus Hong Kong

Feb. 19: Sui Connect: Hong Kong

Feb. 23-March 2: ETHDenver 2025 (Denver, Colorado)

Feb. 25: HederaCon 2025 (Denver)

Derivatives Positioning

TRX, TRUMP and OM registered the biggest increase in perpetual futures open interest. Traders, however, seem to be shorting TRUMP, as evident from the negative cumulative volume delta.

BTC, ETH open interest and CVD are little changed. The BTC CME basis is hovering around 10%.

Flows in Deribit’s options market have been muted, but BTC and ETH calls continue to trade pricier than puts.

Market Movements:

BTC is down 0.29% from 4 p.m. ET Thursday to $104,810.50 (24hrs: -0.47%)

ETH is up 2.39% to $3,324 (24hrs: +3.32%)

CoinDesk 20 is down 0.3% to 3,838.81 (24hrs: +0.28%)

CESR Composite Staking Rate is up 4 bps to 3.07%

BTC funding rate is at 0.0012% (1.2961% annualized) on OKX

DXY is up 0.47% at 108.30

Gold is unchanged at $2,794.77/oz

Silver is up 0.19% at $31.60/oz

Nikkei 225 closed +0.15% to 39,572.49

Hang Seng closed +0.14% to 20,225.11

FTSE is up 0.3% at 8,673.13

Euro Stoxx 50 is up 0.39% at 5,302.75

DJIA closed on Thursday +0.38% to 44,882.13

S&P 500 closed +0.53% to 6,071.17

Nasdaq closed +0.25% to 19,681.75

S&P/TSX Composite Index closed +1.31% to 25,808.25

S&P 40 Latin America closed +2.21% to 2,388.03

U.S. 10-year Treasury is up 2 bps at 4.536%

E-mini S&P 500 futures are up 0.43% at 6,125.75

E-mini Nasdaq-100 futures are up 0.79% at 21,795.50

E-mini Dow Jones Industrial Average Index futures are up 0.32% at 45,200.00

Bitcoin Stats:

BTC Dominance: 59.21 (-0.11%)

Ethereum to bitcoin ratio: 0.03127 (0.84%)

Hashrate (seven-day moving average): 781 EH/s

Hashprice (spot): $61.7

Total Fees: 4.97 BTC/ $522,698

CME Futures Open Interest: 176,270 BTC

BTC priced in gold: 37.3 oz

BTC vs gold market cap: 10.60%

Technical Analysis

The chart shows $60 has emerged as a strong resistance for BlackRock’s IBIT exchange-trade fund since December, with bulls consistently failing to establish a foothold above that level.

Such patterns represent bullish exhaustion and often pave the way for minor price pullbacks that shake out weak hands, setting the stage for the next leg higher.

Crypto Equities

MicroStrategy (MSTR): closed on Thursday at $340.09 (-0.34%), up 0.2% at $340.77 in pre-market.

Coinbase Global (COIN): closed at $301.30 (+3.54%), down 0.17% at $300.80 in pre-market.

Galaxy Digital Holdings (GLXY): closed at C$29.33 (+0.83%).

MARA Holdings (MARA): closed at $19.18 (+4.13%), up 0.36% at $19.25 in pre-market.

Riot Platforms (RIOT): closed at $11.90 (+6.06%), up 0.76% at $11.99 in pre-market.

Core Scientific (CORZ): closed at $12.26 (+6.98%), up 3.18% at $12.65 in pre-market.

CleanSpark (CLSK): closed at $10.97 (+6.92%), up 0.55% at $11.03 in pre-market.

CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $22.50 (+6.33%), up 3.47% at $23.28 in pre-market.

Semler Scientific (SMLR): closed at $52.15 (+0.13%).

Exodus Movement (EXOD): closed at $61.38 (-31.27%), down 2.23%% at $60.01 in pre-market.

ETF Flows

ETF Flows

Spot BTC ETFs:

Daily net flow: $588.2 million

Cumulative net flows: $40.18 billion

Total BTC holdings ~ 1.18 million.

Spot ETH ETFs

Daily net flow: $67.77 million

Cumulative net flows: $2.73 billion

Total ETH holdings ~ 3.65 million.

Source: Farside Investors

Overnight Flows

Chart of the Day

The MOVE index, which represents an options-based measure of how volatile the U.S. Treasury market is likely to become in the next four weeks, has turned lower.

Declining Treasury market volatility often bodes well for risky assets.

While You Were Sleeping

Bitcoin Steady, Gold Tokens Shine as XAU Hits Record High; Inflation in Tokyo Rises (CoinDesk): President Trump’s tariff threats are a headwind for bitcoin, but derivatives data indicate skepticism toward a major downturn, with traders remaining bullish and growing interest in state-level BTC reserves.

Grayscale Files SEC Proposal to Convert XRP Trust Into ETF (CoinDesk): On Thursday, NYSE Arca filed a Form 19b-4 with the SEC to list shares of Grayscale’s XRP Trust as an ETF.

VIRTUAL Surges 28% as Upbit Listing Exposes the Token to Altcoin Savvy South Koreans (CoinDesk): The price of VIRTUAL, the native token of Virtuals Protocol, a decentralized platform on the Base blockchain for creating AI agents, surged after Upbit said it would list the token.

Trump Is Getting the Lower Interest Rates He Demanded From Everyone but the Fed (Reuters): Despite Trump’s calls for rate cuts, the Fed remains hawkish, while the Bank of Canada, Bank of England and European Central Bank are easing monetary policy.

Trump Says 25% Tariffs on Mexico and Canada May Not Include Oil (CNBC): Trump confirmed on Thursday that 25% tariffs on Mexican and Canadian imports will start Feb. 1 but left oil uncertain.

Japan’s Economy Faces Fallout From Trump’s China Tariff Threats (Bloomberg): Japan’s chief economist, Tomoko Hayashi, said a U.S.-China trade war could hurt her country’s economy, though she believes firms are better prepared now than during Trump’s first term.

In the Ether

Découvrez tout sur Abstract, le layer 2 d’Igloo Inc., la firme derrière les NFT Pudgy Penguins. Cette nouvelle blockchain a-t-elle les moyens de ses ambitions ? On vous explique en vidéo.

L’article Abstract : La blockchain qui arrivera au milliard d’utilisateurs ? est apparu en premier sur Cryptoast.

Découvrez tout sur Abstract, le layer 2 d’Igloo Inc., la firme derrière les NFT Pudgy Penguins. Cette nouvelle blockchain a-t-elle les moyens de ses ambitions ? On vous explique en vidéo.

L’article Abstract : La blockchain qui arrivera au milliard d’utilisateurs ? est apparu en premier sur Cryptoast.

By Omkar Godbole (All times ET unless indicated otherwise)

The crypto market is trading positively with the Fed risk event out of the way, focusing on positives such as the crypto-friendly president in the White House, the renewed upswing in Tether’s market, and the bullish Chinese New Year effect.

Among cryptocurrencies with $5 billion-plus market valuations, the standout performer is litecoin (LTC), the silver to bitcoin’s gold, which has jumped more than 11% since the early Asian hours compared with gains of 1% to 3% for the rest. It is the third-best performing of the top 100 coins in the past 24 hours, thanks to the SEC acknowledging Canary Capital’s Litecoin ETF proposal. That has opened for public feedback, a move that hints at potential approval in the coming months.

« This is the first altcoin ETF filing to get acknowledged, » Bloomberg Senior ETF analyst Eric Balchunas said on X, noting that the proposal is the one to make the most progress in regulatory requirements.

A potential listing could be as positive for LTC as it has been for BTC and ETH. Note that despite the price surge to $130, LTC is still well short of the $410 record high hit in 2021. Its price chart shows a constructive outlook (check out the Technical Analysis section below).

In other key developments, on-chain activity tracked by Glassnode shows a lower level of retail participation in BTC right than in November. That’s encouraging for bulls looking for cues on whether the latest move above $100,000 is sustainable. Meanwhile, Lombard Finance is becoming more dominant in the bitcoin staking space, capturing a giant share of the total BTC staked this week.

The number of Ethereum’s active addresses recently topped a March 2024 high, signaling a renewed uptick in the on-chain activity, according to IntoTheBlock data. Ether’s price has crossed above $3,200 but is yet to clear the bearish trendline connecting the Dec. 16 and Jan. 6 highs.

In traditional markets, the yield on the benchmark U.S. 10-year Treasury note has dropped to 4.50%, revisiting Monday’s low in a bullish move for risk assets. Those bullish on BTC may be hoping for U.S. core PCE inflation to come in softer-than-expected later today, driving the bond yield even lower.

That said, we will also get fourth-quarter GDP alongside the weekly jobless claims report. Meanwhile, European gas prices have surged to a 15-month high and could inject some volatility into risk assets. Stay alert!

What to Watch

Crypto:

Jan. 31: Crypto.com is suspending purchases of cryptocurrencies USDT, WBTC, DAI, PAX, PAXG, PYUSD, CDCETH, CDCSOL, LCRO, and XSGD in the EU to comply with MiCA regulations. Withdrawals will be supported through Q1.

Feb. 2, 8:00 p.m.: Core blockchain Athena hard fork network upgrade (v1.0.14)

Feb. 4: Pepecoin (PEPE) halving. At block 400,000, the reward will drop to 31,250 PEPE.

Feb. 5, 3:00 p.m.: Boba Network’s Holocene hard fork network upgrade for its Ethereum-based layer-2 mainnet.

Feb. 5 (after market close): MicroStrategy (MSTR) Q4 FY 2024 earnings.

Feb. 6, 8:00 a.m.: Shentu Chain network upgrade (v2.14.0).

Feb. 11 (after market close): Exodus Movement (EXOD) Q4 2024 earnings.

Feb. 12 (before market open): Hut 8 (HUT) Q4 2024 earnings.

Feb. 13 (after market close): Coinbase Global (COIN) Q4 2024 earnings.

Feb. 15: Qtum (QTUM) hard fork network upgrade at block 4,590,000.

Feb. 18 (after market close): Semler Scientific (SMLR) Q4 2024 earnings.

Feb. 20 (after market close): Block (XYZ) Q4 2024 earnings.

Feb. 26: MARA Holdings (MARA) Q4 2024 earnings.

Feb. 27: Riot Platforms (RIOT) Q4 2024 earnings.

Macro

Jan. 30: At a meeting of the Czech National Bank board, Governor Aleš Michl is presenting his plan for the central bank to adopt bitcoin as a reserve asset.

Jan. 30, 8:15 a.m.: The ECB announces its interest-rate decision. This is followed by a press conference at 8:45 a.m. Livestream link.

Deposit Facility Rate Est. 2.75% vs. Prev. 3%.

Main Refinancing Rate Est. 2.9% vs. Prev. 3.15%.

Marginal Lending Rate Prev. 3.4%.

Jan. 30, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases Q4 Advance GDP report.

GDP Growth Rate QoQ Est. 2.8% vs. Prev. 3.1%.

GDP Price Index QoQ Est. 2.5% vs. Prev. 1.9%.

Initial Jobless Claims for Week Ended Jan. 25 Est. 220K vs. Prev. 223K.

Continuing Jobless Claims Est. 18900K vs. Prev. 1899K.

Core PCE Prices QoQ Est. 2.5% vs. Prev. 2.2%.

PCE Prices QoQ Prev. 1.5%.

Real Consumer Spending QoQ Prev. 3.7%.

Jan. 30, 4:30 p.m.: The Federal Reserve releases H.4.1 report on Factors Affecting Reserve Balances for the week ended Jan. 29.

Balance Sheet Prev. $6.83T.

Jan. 30, 6:30 p.m.: Japan’s Ministry of Internal Affairs and Communications releases December unemployment report.

Unemployment Rate Est. 2.5% vs. Prev. 2.5%.

Jan. 30, 6:50 p.m.: Japan’s Ministry of Economy, Trade and Industry releases December industrial production (preliminary) report.

Industrial Production MoM Est. 0.3% vs. Prev. -2.2%.

Industrial Production YoY Prev. -2.8%.

Retail Sales MoM Prev. 1.8%.

Retail Sales YoY Est. 3.2% vs. Prev. 2.8%.

Jan. 31, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases December 2024’s Personal Income and Outlays report.

Core PCE Price Index MoM Est. 0.2% vs. Prev. 0.1%.

Core PCE Price Index YoY Est. 2.8% vs. Prev. 2.8%.

PCE Price Index MoM Est. 0.3% vs. Prev. 0.1%.

PCE Price Index YoY Est. 2.6% vs. Prev. 2.4%.

Token Events

Governance votes & calls

Rarible DAO is voting whether to grant the Rari Foundation a mandate to collaborate with Rarible on implementing multichain protocol fee collection and designing a primary protocol fee structure for NFT mints.

CoW DAO is voting on granting its Core Treasury Team an allocation of 80 million COW tokens to support liquidity provisioning, treasury growth, and product development for CoW DAO from 2025 to 2028.

Synapse DAO is voting on upgrading SYN token to CX from the Cortex Protocol and holders of both enjoy the same value.

Unlocks

Jan. 31: Optimism (OP) to unlock 2.32% of circulating supply worth $46.39 million.

Feb. 1: Sui (SUI) to unlock about 2.13% of its circulating supply worth $261.91 million.

Feb. 2: Ethena (ENA) to unlock about 1.34% of its circulating supply worth $29.53 million.

Token Listings

Jan. 30: Pepe (PEPE) to be listed on Bitflyer.

Conferences:

Day 2 of 3: Crypto Peaks 2025 (Palisades, California)

Jan. 30, 12:30 p.m. to 5:00 p.m.: International DeFi Day 2025 (online)

Day 1 of 2: Ethereum Zurich 2025

Day 1 of 2: Plan B Forum (San Salvador, El Salvador)

Day 1 of 3: Crypto Gathering 2025 (Miami Beach, Florida)

Day 1 of 3: CryptoXR 2025 (Auxerre, France)

Day 1 of 4: Oasis Onchain 2025 (Nassau, Bahamas)

Day 1 of 6: The Satoshi Roundtable (Dubai)

Feb. 3: Digital Assets Forum (London)

Feb. 5-6: The 14th Global Blockchain Congress (Dubai)

Feb. 6: Ondo Summit 2025 (New York).

Feb. 7: Solana APEX (Mexico City)

Feb. 13-14: The 4th Edition of NFT Paris.

Feb. 18-20: CoinDesk’s Consensus Hong Kong

Feb. 19: Sui Connect: Hong Kong

Feb. 23-March 2: ETHDenver 2025 (Denver, Colorado)

Feb. 25: HederaCon 2025 (Denver)

Token Talk

By Shaurya Malwa

The JELLY token soared to a $200 million market capitalization in latest example of Web2 startup founders launching their own tokens.

The token was launched by Sam Lessin, a co-founder of Venmo, to bootstrap and gain traction for a new video chat app called Jelly.

JELLY is integrated into Jelly eSports, which includes features like Solana Boxes, a loot box game where players can win luxury items by spinning with SOL or JELLY tokens.

Fees from using JELLY are dynamically allocated to burning, staking, liquidity provision incentives, gamification and team support.

Derivatives Positioning

Litecoin’s perpetual futures open interest has surged nearly 20% in 24 hours with positive net cumulative volume delta (CVD) signaling net buying.

TRX, SUI and BTC also boast of a positive net CVD.

BTC and ETH CME futures premiums tick higher in a sign of traders chasing bullish exposure.

On Deribit, BTC and ETH calls continue to trade pricier than puts. Block flows have been mixed, featuring calendar spreads and short vol strategies like short straddles.

Market Movements:

BTC is up 0.86% from 4 p.m. ET Wednesday to $105,190.06 (24hrs: +2.46%)

ETH is up 2.63% at $3,134.98 (24hrs: +2.62%)

CoinDesk 20 is up 1.74% to 3,826.50 (24hrs: +2.41%)

CESR Composite Staking Rate is down 3 bps to 3.03%

BTC funding rate is at 0.0092% (10.12% annualized) on Binance

DXY is unchanged at 107.98

Gold is up 0.91% at $2,778.26/oz

Silver is up 1.11% at $31.05/oz

Nikkei 225 closed +0.25% to 39,513.97

Hang Seng closed +0.14% to 20,225.11

FTSE is up 0.34% at 8,587.03

Euro Stoxx 50 is up 0.73% at 5,269.01

DJIA closed on Wednesday -0.31% to 44,713.52

S&P 500 closed -0.47% to 6,039.31

Nasdaq closed -0.51% to 19,632.32

S&P/TSX Composite Index closed +0.21% to 25,473.30

S&P 40 Latin America closed unchanged at 2,336.48

U.S. 10-year Treasury is down 3 bps at 4.51%

E-mini S&P 500 futures are up 0.33% at 6,087.50

E-mini Nasdaq-100 futures are up 0.49% at 21,627.75

E-mini Dow Jones Industrial Average Index futures are up 0.38% at 45,062.00

Bitcoin Stats:

BTC Dominance: 59.53 (-0.51%)

Ethereum to bitcoin ratio: 0.03054 (1.73%)

Hashrate (seven-day moving average): 774 EH/s

Hashprice (spot): $62.2

Total Fees: 4.82 BTC/ $494,506

CME Futures Open Interest: 170,105 BTC

BTC priced in gold: 38.0 oz

BTC vs gold market cap: 10.80%

Technical Analysis

LTC has broken out of a multimonth basing pattern, indicating a renewed bullish shift in momentum.

Resistance is seen at $150 followed by $300, with support at $86, the December swing low.

Crypto Equities

MicroStrategy (MSTR): closed on Wednesday at $341.25 (+1.58%), up 0.87% at $343.86 in pre-market.

Coinbase Global (COIN): closed at $291.00 (+3.26%), up 0.69% at $293 in pre-market.

Galaxy Digital Holdings (GLXY): closed at C$29.09 (+4.38%).

MARA Holdings (MARA): closed at $18.42 (+0.88%), up 0.87% at $18.58 in pre-market.

Riot Platforms (RIOT): closed at $11.22 (+2.47%), up 1.52% at $11.39 in pre-market.

Core Scientific (CORZ): closed at $11.88 (+1.33%), up 3.66% at $11.88 in pre-market.

CleanSpark (CLSK): closed at $10.26 (+2.09%), up 1.07% at $10.37 in pre-market.

CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $11.22 (+1.58%).

Semler Scientific (SMLR): closed at $52.08 (-0.42%), down 0.15% at $52 in pre-market.

Exodus Movement (EXOD): closed at $89.30 (+11.4%), up 5.88% at $94.55 in pre-market.

ETF Flows

ETF Flows

Spot BTC ETFs:

Daily net flow: $92 million

Cumulative net flows: $39.6 billion

Total BTC holdings ~ 1.17 million.

Spot ETH ETFs

Daily net flow: -$4.82 million

Cumulative net flows: $2.66 billion

Total ETH holdings ~ 3.6 million.

Source: Farside Investors

Overnight Flows

Chart of the Day

The chart shows BTC spent by wallets owned by small and retail investors and whales.

Small addresses are currently spending $10.7 million in BTC each hour, a 48% decline from the peak of $20.6 million in November.

While You Were Sleeping

Crypto Consortium T3 Helps Spanish Authorities Freeze $26.4M Linked to Crime Syndicate (CoinDesk): The T3 Financial Crime Unit, comprising investigators from Tron, Tether and TRM Labs, helped dismantle a European crime syndicate laundering money through cryptocurrency.

Pudgy Penguins’ Layer 2 Network, Abstract, Struggles to Attract Liquidity (CoinDesk): Abstract has struggled to attract liquidity since starting up on Jan. 27 with heavy transaction volume.

Polymarket Still Skeptical of U.S Bitcoin Reserve Despite David Sacks’ Assurance (CoinDesk): The Polymarket prediction market assigns just a 16% chance that President Trump will establish a U.S. bitcoin reserve.

Bitcoin Extends Advance After Fed Meeting, Powell Commentary (Bloomberg): Bitcoin climbed past $105,000 early Thursday after comments some traders saw as pro-crypto by Fed Chair Jerome Powell at Wednesday’s press conference.

Trump Lashes Out at a Favorite Nemesis: The Federal Reserve (The Wall Street Journal): Shortly after the Fed’s FOMC press conference ended, President Trump posted on Truth Social criticizing Powell for his handling of U.S. inflation.

France’s Shrinking Economy Betrays Urgent Need to Overcome Budget Wrangles (CNBC): France’s economy contracted 0.1% in Q4, heightening urgency for Prime Minister François Bayrou to navigate political deadlock and pass a 2025 budget.

In the Ether