24H Hot Cryptocurrencies and Key News｜Market News: U.S. House Approves Funding Bill to End Government Shutdown; Fed Governor Mester: The Fed Needs to Cut Rates by About One Percentage Point This Year (February 4th)
- Core View: The cryptocurrency market shows a broad decline, but on-chain fundamentals and industry innovation activities remain active, while macro policies and regulatory developments continue to influence market expectations.
- Key Elements:
- Market Performance: Major cryptocurrencies generally declined, with BTC, ETH, and SOL all falling over 3.5% in 24 hours, but some altcoins and tokenized stocks saw gains against the trend.
- Macro Environment: Strong U.S. economic data pushes Treasury yields higher, with market focus on Fed rate cut expectations and potential shifts in the policy path.
- On-chain Ecosystem: Ethereum's on-chain TVL (denominated in ETH) is nearing its historical high, with strong staking demand indicating capital is not flowing out of the ecosystem on a large scale.
- Technical Progress: BNB Chain releases the BAP-578 standard, proposing the AI-driven "Non-Fungible Agent" (NFA) concept aimed at promoting standardization at the application layer.
- Regulatory Developments: A Nevada court issues a temporary restraining order against prediction market Polymarket, ruling it constitutes unlicensed gambling, challenging the industry's view on the primacy of commodity laws.
- Industry Perspectives: Wintermute believes this bear market is driven by macro cycles rather than structural blow-ups and may end sooner; Vitalik argues that Ethereum L2s need to find new value propositions beyond just "scaling".
1. Hot Tokens on CEX
Top 10 CEX Trading Volume and 24-hour Price Changes:
- BTC: -3.75%
- ETH: -4.52%
- SOL: -5.57%
- BNB: -2.35%
- WLFI: +4.71%
- DOGE: -1.02%
- Binance Life: +11.7%
- MDT: -0.84%
- SENT: -6.4%
- UTK: +1.25%
- DATA: +8.81%
24-hour Top Gainers (Data Source: OKX):
- G: +32.08%
- SPACE: +5.1%
- BARD: +4.65%
- KAITO: +4.53%
- WLFI: +4.5%
- KITE: +4.06%
- ATOM: +3.86%
- NMR: +3.41%
- CVX: +3.4%
- CFG: +3.26%
24-hour Top Gainers for Tokenized Stocks (Data Source: msx.com):
- USAR: +15.24%
- TER: +13.33%
- ALTS: +8.91%
- FLY: +8.84%
- COHR: +8.7%
- RKLB: +8.56%
- GLD: +7.92%
- BE: +7.35%
- SIVR: +7.19%
- PAAS: +6.94%
2. On-Chain Hot Memes (Data Source: GMGN):
- LASER
- CLAWLANCER
- UUNONA
- Pita
- Moner
Headlines
Market News: US House Approves Funding Bill to End Government Shutdown
Market News: The US House of Representatives has approved a funding bill to end the government shutdown; the bill will be sent to US President Trump to be signed into law.
Fed Governor Milan: The Fed Needs to Cut Rates by About One Percentage Point This Year
Fed Governor Milan: The Federal Reserve needs to cut interest rates by about one percentage point this year.
Economist: Kevin Warsh Could Cut Rates by 100 Basis Points Before Midterm Elections
Economist Robin Brooks predicts that Kevin Warsh, Trump's nominee for Fed Chair, will cut interest rates by 100 basis points before the midterm elections. This view contrasts with market concerns about Warsh's hawkish stance and the potential for higher interest rates.
Stronger US Economic Data Pushes Treasury Yields Higher
US Treasury yields rose as the latest data showed increased resilience in the US economy. Konstantinos Chrysikos of Kudotrade stated in a report that Monday's ISM Manufacturing PMI "delivered a clear upside surprise." He noted that while employment and inventories remain in contraction territory, the rebound in the employment sub-index suggests the labor market's drag on the economy may be easing. "Taken together, these data reinforce the narrative that US economic growth remains resilient." According to Tradeweb data, the yield on the US 2-year Treasury note rose 1.4 basis points to 3.582%; the 10-year Treasury yield rose 1 basis point to 4.286%.
Industry News
Galaxy Digital Reports Q4 2025 Net Loss of $482 Million, Exceeding Analyst Expectations
Galaxy Digital, founded by Michael Novogratz, issued a statement reporting a Q4 2025 net loss of $482 million, or $1.08 per share. This loss exceeded Bloomberg's survey of analyst expectations of $282 million and $0.99 per share. The loss was primarily attributed to declining digital asset prices during the quarter.
Ethereum Developers Say Network Metrics Remain Robust Despite Price Decline
Despite ETH's recent price drop of up to 17%, Ethereum network metrics remain at high levels. Ethereum Foundation core developer Marius Van Der Wijden stated that markets often struggle to accurately reflect on-chain technical fundamentals. Messari analyst Sam Ruskin pointed out that Ethereum's TVL denominated in ETH is near all-time highs, indicating capital is not leaving the ecosystem. Additionally, the ETH staking entry queue wait time is approximately 70 days, showing continued strong institutional demand for locking funds. ether.fi CEO Mike Silagadze noted that user and revenue growth continues, with token price performance lagging. RedStone CEO Marcin Kazmierczak believes the current decline is more market noise and does not reflect weakened fundamentals.
BNB Chain Releases BAP-578 Standard, Introducing the Concept of Non-Fungible Agents (NFA)
The BNB Chain developer team stated that as the ecosystem continues to expand, applications need to share rules for seamless collaboration. To this end, BNB Chain introduced the BAP (BNB Application Proposal) mechanism, allowing developers to reach consensus on application-layer standards for NFT utility, AI agent behavior, identity norms, etc., without touching the consensus layer or EVM.
The official also introduced the first proposal, BAP-578, the Non-Fungible Agent (NFA) token standard. This standard proposes that an NFA is an AI-driven, on-chain asset capable of autonomous operation, holding wallets, executing transactions, recording behavioral history, and operating across multiple dApps. BAP-578 is seen as infrastructure for the "agent economy," aiming to promote the flow and collaboration of AI agents within the BNB Chain ecosystem under unified standards.
BNB Chain noted that BAP is designed to be community-driven. Developers can participate in reviewing BAP-578, providing feedback, or submitting new BAPs to collectively shape the application-layer standard system.
A Nevada state judge has issued a 14-day temporary restraining order against Blockratize, the operator of prediction market Polymarket, prohibiting it from offering event contracts to residents of the state. This ruling challenges the industry's view that federal commodity laws preempt state gambling rules.
The court supported the Nevada Gaming Control Board's application, finding that Polymarket's markets for sports and other events constitute unlicensed gambling, not regulated financial products. The judge stated that if the platform continues to operate without a gambling license, it would cause irreparable harm to the state's ability to regulate gambling integrity, underage gambling, and compliance standards. Previously, Tennessee also requested platforms like Polymarket and Kalshi to cease offering sports event contracts in the state.
Whale Invests Another $4 Million in HYPE Today, Now Holds $20.17 Million Worth
According to Lookonchain monitoring, a whale (0x4f76) deposited 4 million USDC to buy HYPE again after a two-month interval. The address currently holds 591,470 HYPE, valued at $20.17 million, with an additional 2.43 million USDC being deployed to buy more HYPE.
Grayscale CoinDesk Crypto 5 ETF to Add BNB
According to an official announcement, the Grayscale CoinDesk Crypto 5 ETF will add BNB. The ETF, which has been listed on NYSE Arca, covers Bitcoin, Ethereum, SOL, and XRP, with the ticker GDLC. The product was formerly known as the Grayscale Digital Large Cap Fund.
Project News
Axie Infinity Plans to Launch New Token bAXS with Two Airdrop Rounds
Axie Infinity stated in an official blog post that AXS will become the reserve currency for the new application token Bonded AXS (bAXS). bAXS, as an ERC20-C token, has the same utility functions as AXS, including use for Axie evolution, breeding, forging items in App.axie, and staking.
The project will conduct two rounds of bAXS airdrops for AXS stakers and based on Axie Score. The first airdrop pool is 100,000 bAXS, with a snapshot time of February 5, 00:01 UTC. Eligibility requires wallets staking at least 10 AXS. Details for the second airdrop are pending; staking bAXS received from the first airdrop will increase weight for the second round.
Additionally, Axie Homeland will be gradually phased out and replaced by the new land game Terrariums. Terrariums is expected to launch an MVP version in Q2 2026, at which point bAXS will officially go live. Players will be able to earn bAXS rewards through various activities within Terrariums.
Ondo Launches Real-Time On-Chain Trading Service for US Stock IPOs Post-Listing
Ondo Finance stated in a post on its official website that Ondo Global Markets has confidentially submitted a registration statement to the US Securities and Exchange Commission (SEC). Once effective, this filing will provide global investors with SEC-standard issuer-level disclosure. Ondo Global Markets is now the world's largest tokenized stock platform, with Total Value Locked (TVL) exceeding $2.5 billion and cumulative trading volume over $9 billion. By integrating SEC-registered transfer agents, broker-dealers, investment advisors, and an Alternative Trading System (ATS), Ondo Finance aims to support all major tokenization models, including direct holding, beneficial ownership, and native tokenized securities. The platform currently offers over 200 tokenized US stocks and ETFs to non-US investors.
Ethena Launches "Exchange Points" to Provide Substantive Rewards for Trading on Ethereal and HyENA
Ethena announced the launch of "Exchange Points" to reward genuine trading activity on Ethena-supported exchanges (Ethereal and HyENA). Ethereal and HyENA will each distribute 100 million points weekly for six months. The distribution has already begun.
The Ethena Exchange Points program will be independent and stackable with the ongoing Season 5 points program. Its core goal is to provide substantive rewards proportional to users' actual trading behavior on major trading platforms.
Chiliz to Launch US Fan Tokens, with 10% of Revenue Used to Buy Back and Burn CHZ Tokens
Chiliz Chain, the sports and entertainment public blockchain, stated on X that Chiliz will launch US fan tokens in the coming months. 10% of the fan token revenue will be used to buy back and burn CHZ tokens.
The Avalanche Policy Alliance announced the formal launch of a new Advisory Committee, led by Ava Labs General Counsel Lee Schneider. Committee members include UK House of Lords member Chris Holmes, Avalanche Treasury Co. CEO Bart Smith, COO Laine Litman, and Avax One Technology CEO Jolie Kahn. The committee's three core priorities for 2026 include token classification, definition of intermediaries, and protecting internet access rights. Lee Schneider stated that forming this committee aims to ensure global regulations and laws achieve coordination, avoiding significant rule differences across major jurisdictions that could hinder blockchain and crypto company operations.
Financing
Pharos Network announced the launch of the "Native to Pharos" builder incubation program, with funding exceeding $10 million. The program aims to accelerate innovation within its on-chain financial ecosystem, focusing on the intersection of real-world assets (RWA), DeFi, and blockchain infrastructure.
The incubation program is supported by partners including Hack VC, Draper Dragon, Lightspeed Faction, and Centrifuge. Participating projects will receive technical guidance, strategic advice for product launch and scaling, and access to a network of investors and ecosystem partners. Pharos Network is a RealFi Layer 1 blockchain developed by former Ant Group executives and engineers. The program is now open for applications, with the first recruitment event to be launched in Hong Kong.
Regulatory Developments
UK Data Protection Regulator Investigates xAI
The UK data protection regulator is investigating Elon Musk's xAI, as authorities increase scrutiny over the use of the AI chatbot Grok to generate and disseminate sexualized images of individuals. The UK Information Commissioner's Office (ICO) stated in a Tuesday announcement that this formal investigation will focus on whether personal data was improperly processed in generating these images. Last month, Grok sparked strong public and political backlash. Users on X induced the chatbot to generate AI images sexualizing real people without their consent. Earlier on Tuesday, French law enforcement raided X's Paris office. The ICO stated it has the power to fine xAI up to £17.5 million (approximately $24 million) or 4% of the company's global annual revenue, whichever is higher.
Coinbase: Major Australian Banks Imposing "Illegal De Facto Ban" on Crypto Companies
Coinbase stated that it has submitted a formal complaint to the Australian Parliament, alleging that the country's four major banks—Commonwealth Bank, Westpac, ANZ, and NAB—are systematically denying financial services to legitimate crypto companies. This account closure behavior has evolved into a systemic feature. As the four banks control the majority of transaction accounts and payment channels, such actions effectively constitute an illegal de facto ban. Data shows that 60% of fintech companies faced banking denials in 2021. Coinbase calls on lawmakers to mandate five transparency measures for banks, including informing reasons for account closure, ensuring internal dispute resolution procedures, providing 30 days' notice, and conducting self-compliance certification. These measures were proposed by the Australian Financial Regulators Council in 2022 but have not yet been legislated.
Voices
Wintermute posted on X, stating it is clear that we are already in a bear market, and in fact, it has been ongoing for some time—especially evident from altcoin performance, the extreme concentration of rebounds, and market sentiment on X. However, the difference this time is that this bear market was not triggered by structural blow-ups like FTX, Luna, or
