24H Hot Tokens and Key News｜U.S. Treasury Secretary Beshent: Recommends Simultaneous Wash Nomination Hearings and Powell Investigation; Total Unrealized Losses for Strategy and Bitmine Companies Reach $12.671 Billion (February 10)
- Core View: Following a sharp correction, crypto market sentiment is complex, featuring both whale losses and structural selling pressure, alongside signs of dip-buying and the industry's pivot towards new narratives like AI and RWA.
- Key Elements:
- Market Volatility: Bitcoin recorded its largest weekly drop in three years last week, with a single-day decline of 13%. Whale Yi Lihua incurred losses of approximately $700 million within a week.
- Diverging Institutional Moves: MicroStrategy and BitMine continue buying but face significant unrealized losses; Morgan Stanley is bullish on mining companies transitioning to AI data centers; a Hong Kong-based fund has started buying the dip.
- Structural Factors Behind the Decline: Include the liquidation of highly leveraged long positions in Asia, the "negative Gamma" effect triggered by bank risk hedging, and selling pressure from mining companies undergoing business transitions.
- Development of New Industry Narratives: Continued progress in RWA tokenization (e.g., ETHZilla issuing tokens backed by aircraft engine cash flows); TON launches payment tools aiming to turn Telegram into a crypto payment layer.
- Slow Regulatory Progress: The Federal Reserve plans to launch a "streamlined master account" offering limited access, but comprehensive crypto regulatory frameworks still face legislative hurdles.
1. Hot Tokens on CEXs
Top 10 CEX Trading Volume and 24-hour Price Changes:
- BNB: +0.62%
- BTC: -0.12%
- ETH: +1.92%
- SOL: +0.69%
- CITY: +2.46%
- ALCX: -1.10%
- PORTO: +1.44%
- Binance Life: +3.86%
- LAZIO: +1.12%
- QUICK: +2.61%
24-hour Top Gainers (Data Source: OKX):
- AXS: +12.25%
- G: +10.89%
- CFG: +9.63%
- ZRO: +8.62%
- SPACE: +8.44%
- ALLO: +7.51%
- BARD: +6.66%
- YB: +5.62%
- RON: +5.53%
- XPL: +5.43%
24-hour Top Gainers - Tokenized Stocks (Data Source: msx.com):
- PSTG: +10.44%
- RMBS: +9.17%
- GLW: +8.31%
- BTCS: +6.94%
- BTOG: +6.07%
- NVO: +4.76%
- VERB: +4.18%
- ICG: +4.17%
- NTAP: +3.77%
- SUIG: +3.65%
2. On-chain Trending Memes (Data Source: GMGN):
- Gentlemen
- WhiteWhale
- USELESS
- WAR
- Buttcoin
Headlines
US Treasury Secretary Scott Bessent has suggested holding the Federal Reserve chair nomination hearing for Kevin Warsh concurrently with the investigation into current Chair Jerome Powell. Republican Senator Thom Tillis previously stated his intention to delay the selection process for the next Fed chair until the Justice Department's investigation into Jerome Powell concludes. Although Thom Tillis supports Kevin Warsh for Fed chair, as a member of the Senate Banking Committee, he has repeatedly stated he will block the nomination until the Justice Department uncovers the truth to preserve the Fed's independence.
Tencent Finance: A Hong Kong-based Fund Began Buying the Dip on February 6
Bitcoin experienced its largest weekly drop in three years over the past week. February 5th became an unexpected day for crypto market investors: Bitcoin fell 13% that day, marking its largest single-day drop since June 2022, and briefly fell below $61,000 in the early hours of February 6th. During this sharp correction, veteran crypto figure Yi Lihua "liquidated" 400,000 ETH within a week, incurring a $700 million loss, becoming the top "whale" ruthlessly hunted in this round of暴跌. However, some bargain-hunting funds have already begun to act. A Hong Kong-based fund started buying the dip on February 6th, though the specific scale remains unknown. Some more optimistic individuals believe this winter may end faster than previous ones. Currently, apart from Yi Lihua, there have been no reports of top富豪 or leading companies collapsing or陷入危机, nor have any institutions been accused of违规, situations that have多次 triggered investor trust crises during past market crashes.
Total Unrealized Losses for Strategy and Bitmine Reach $12.671 Billion
According to on-chain analyst Yu Jin's monitoring, last week, which saw剧烈下跌, the largest treasury companies for Bitcoin and Ethereum did not significantly increase their purchases, with the amounts bought being relatively modest. The total unrealized losses for the two companies now stand at $12.671 billion:
1. Bitcoin treasury company Strategy (MSTR) purchased 1,142 BTC ($90 million) last week at an average price of approximately $78,815. It now holds a total of 714,644 BTC ($54.353 billion) with an average cost basis of $76,056, resulting in an unrealized loss of $4.971 billion.
2. Ethereum treasury company Bitmine (BMNR) purchased 40,613 ETH ($84.15 million) last week at an average price of approximately $2,072. It now holds a total of 4,325,738 ETH ($8.824 billion) with an average cost basis of $3,820, resulting in an unrealized loss of $7.7 billion.
Morgan Stanley Analyst: Two Mining Companies Could Surge Over 150% Within a Year
Morgan Stanley analyst Stephen Byrd stated that despite Bitcoin's price falling 44% since October, Bitcoin miners have found new life as AI data centers. Stephen Byrd initiated coverage on Terawulf and Cipher Mining on Monday, projecting their stock prices to rise 159% and 158%, respectively. Stephen Byrd pointed out that miners' core asset is power access, and AI companies are willing to pay a premium for it, with AI business economics being superior to cryptocurrency mining. Currently, Terawulf has signed a 510-megawatt power agreement with Google, and Cipher Mining has reached similar deals with companies like Amazon. Additionally, Stephen Byrd gave MARA Holdings an underweight rating, citing its lack of focus on AI strategy.
Analysis: Three Structural Factors Amplified This Round of Bitcoin's Decline
Bitcoin recently experienced intense selling pressure, retracing over 50% from its all-time high of around $126,200 in October 2025. Analysis suggests three structural factors amplified this decline:
1. Some views suggest Asian capital may have been the trigger for this round of selling, having built highly leveraged long positions by borrowing low-cost yen to allocate to Bitcoin ETF-related options and crypto assets. When Bitcoin stopped rising and funding costs increased, it triggered margin calls and forced selling, exacerbating the market decline.
2. Some banks may have been forced to sell assets due to risk hedging for Bitcoin structured products, creating a "negative Gamma" effect that amplified downward momentum.
3. Some mining companies are transitioning to AI data center businesses while selling Bitcoin assets, leading to structural changes in the Bitcoin mining industry.
Industry News
Bitmine Purchases Another 20,000 ETH from FalconX, Worth $41.07 Million
According to Arkham data, Bitmine purchased another 20,000 ETH from FalconX approximately 7 hours ago, worth $41.07 million.
Polymarket Probability for "US and Iran Reach Nuclear Deal Before 2027" Temporarily Reported at 44%
Data from the Polymarket website shows the probability for the event "US and Iran reach a nuclear deal before 2027" is temporarily reported at 44%. Previously, the probability for this event had一度 increased to 57% and has now slightly回落.
The Iran nuclear deal refers to an agreement reached between Iran and countries including the US, UK, and France with UN support, where Iran限制 its nuclear program development in exchange for the gradual lifting of economic and financial sanctions by the各方. On May 8, 2018, US President Trump announced the US withdrawal from the Iran nuclear deal at the White House.
US January NY Fed 1-Year Inflation Expectation 3.09%, Previous 3.42%
The US January New York Fed 1-year inflation expectation is 3.09%, down from the previous 3.42%. The 3-year expected inflation rate for January remained unchanged at 3%, and the 5-year expected inflation rate also remained at 3%.
Tether's Gold Reserves Exceed $23 Billion, Ranking Among Top 30 Global Holders
Wall Street investment bank Jefferies released a report stating that stablecoin issuer Tether continues to increase its gold holdings. As of January 31, its gold reserve规模 has grown to approximately 148 metric tons, valued at around $23 billion at current prices. Its holdings have surpassed those of several sovereign nations, placing it among the top 30 global gold holders.
The report shows Tether added about 26 metric tons of gold in Q4 2025 and continued adding approximately 6 metric tons in January this year. Its quarterly gold purchases规模 are second only to a few central banks like Poland and Brazil. Its current gold reserve规模 exceeds that of countries like Australia, the UAE, Qatar, South Korea, and Greece.
Jefferies指出 that the aforementioned gold is primarily used to back the dollar stablecoin USDT and the gold-pegged token XAUT. As Tether is not a publicly listed company, its disclosed data may represent minimum levels, and its actual gold holdings could be higher than the公布数值. Tether CEO Paolo Ardoino previously stated the company plans to allocate approximately 10%–15% of its investment portfolio to physical gold.
Metalpha Board Approves Bitcoin Purchase Plan, Up to 20% of Annual Net Profit to Buy BTC
Nasdaq-listed blockchain and trading technology solutions provider Metalpha Technology Holding Limited announced its board has approved a Bitcoin purchase plan. The allocated purchase funds can reach up to 20% of the company's annual net profit. It is reported that the first phase has allocated $3.2 million and completed a $1 million BTC purchase on February 9th.
Project News
ETHZilla Launches Aircraft Engine Cash Flow RWA Token
Nasdaq-listed company ETHZilla (ETHZ) announced it will launch the Eurus Aero Token I this week, tokenizing the monthly cash flow generated from leasing aircraft engines to provide investors with on-chain收益 exposure.
The token is issued by subsidiary ETHZilla Aerospace, with the underlying assets being two commercial aircraft engines leased to a "leading US airline." Token holders will receive monthly cash flow distributions via an ERC-20 token, generated from base租金 and usage fees.
ETHZilla is backed by Peter Thiel's Founders Fund. The company was previously known for its Ethereum reserve strategy but has gradually shifted towards real-world asset (RWA) tokenization since last year. Previously, the company completed a pilot tokenizing a portfolio of 95 housing loans.
As the blockchain industry加速推动 traditional assets on-chain, RWA is被视为 one of the fastest-growing sectors. Ark Invest estimates the tokenized asset market could reach $11 trillion by 2030, while the current market规模 is approximately $220 billion.
MegaETH Mainnet Launches and Unveils Ecosystem Frontend The Rabbithole
MegaETH announced on platform X that its mainnet is fully live and has launched the ecosystem frontend The Rabbithole. Its main functions include helping users discover running and upcoming applications, bridging and swapping assets, and receiving ecosystem event notifications.
TON Foundation Launches TON Pay, Aims to Turn Telegram into a Crypto Payment Settlement Layer
The Open Network Foundation announced the launch of the payment software development kit TON Pay, aiming to enable crypto assets to be used for everyday消费 scenarios within the Telegram ecosystem. TON Pay is positioned as a wallet-agnostic payment layer, supporting merchants and Mini App developers to directly accept crypto payments within Telegram.
TON Foundation's VP of Payments, Nikola Plecas, stated that TON Pay can be integrated via a single SDK, supports multiple tokens including Toncoin and USDT, and aims to achieve sub-second transaction confirmation and average fees below 1 cent. The system will initially operate within Telegram Mini Apps, with plans to expand to the Web and other platforms later, gradually supporting subscription payments, gasless transactions, and regionalized fiat withdrawal services.
Farcaster Founder Dan Romero Joins Stablecoin Blockchain Project Tempo
Farcaster founder Dan Romero announced on platform X that he is joining the stablecoin blockchain project Tempo, which has previously received support from Stripe and Paradigm.
Backpack Releases Token Distribution Plan: TGE to Release 25% of Tokens
Backpack公布 its token distribution plan. The total token supply is 1 billion. The pre-IPO total supply is 625 million tokens (62.5%), divided into three phases. The TGE will release 25% of the total token supply, totaling 250 million tokens, of which 240 million (24%) are allocated to points holders and 10 million (1%) to Mad Lads holders.
The second phase of token distribution is pre-IPO, accounting for 37.5%, or 375 million tokens, which will be unlocked as "growth triggers" based on the achievement of key milestones. The third phase is post-IPO, also accounting for 37.5%. These tokens will be deposited into the company treasury with a one-year lock-up period post-IPO.
Investments & Financing
Jump Trading Plans to Acquire Polymarket Equity in Exchange for Providing Liquidity
According to market sources: Jump Trading plans to acquire Polymarket equity in exchange for providing liquidity.
After Investing $200M in BitMine, MrBeast Acquires Youth-Focused Banking App Step
Beast Industrie stated it has acquired the mobile banking app Step, targeted at teens and young adults, to advance its布局 in financial services. Step currently has over 7 million users and had raised approximately $500 million from investors including Stephen Curry and Justin Timberlake. Beast Industries CEO Jeff Housenbold stated the acquisition will leverage technology-driven solutions to improve the financial health of its audience. Previously, Ethereum treasury company BitMine Immersion Technologies invested $200 million in Beast Industries in January, and the two are exploring integrating DeFi features into financial platforms. Additionally, Beast Holdings filed a trademark application for MrBeast Financial in October, covering businesses like cryptocurrency trading and payment processing.
Backpack Plans to Raise $50 Million at a $1 Billion Valuation
Informed sources透露, Backpack is negotiating terms for a new $50 million funding round at a $1 billion valuation.
Privacy stablecoin project Zoth announced the completion of a new strategic funding round, with specific amount暂未披露. Tais
