Crypto Market Overview
BTC (-2.43% | Current price: 69,555 USDT): Bitcoin recently plunged rapidly from the mid-$70,000 range to around $60,000, before rebounding into the $70,000–$71,000 zone and entering consolidation. This move appears more like a post-overheating market repricing rather than a breakdown in fundamentals. Price is now oscillating within a narrow range, with shrinking volume and tightening Bollinger Bands, reflecting continued cautious sentiment. Structurally, the area around $60,000 forms a key panic low that defines the risk boundary of this move; the $69,000–$71,000 range is the core battleground for bulls to validate the sustainability of the rebound; meanwhile, the $75,000 level represents the first major resistance, where trapped positions and short-term profit-taking are concentrated. In the near term, price may continue to fluctuate within these ranges.
ETH (-1.62% | Current price: 2,064 USDT): Ethereum is currently trading near $2,050. On the 4-hour chart, price is gradually stabilizing at lower levels, with MACD turning bullish and price moving toward the upper Bollinger Band, signaling a clearer short-term technical rebound. However, on the daily timeframe, ETH remains in a well-defined downtrend channel, with each rally capped by lower highs and each pullback setting new local lows, indicating the broader trend has yet to reverse. Notably, repeated selling pressure in the $2,149–$2,150 zone confirms this area as a strong resistance at present. The market widely views $2,000 as a critical pivot: a breakdown could lead to a deeper search for support, while a firm hold may help lay the foundation for a more sustainable rebound.
Altcoins: Over the past 24 hours, major altcoins showed choppy and divergent performance, with XRP down 0.22% and SOL down 1.36%. The Fear & Greed Index stands at 10, indicating the market remains in a state of “extreme fear.”
Macro: On February 9, the S&P 500 rose 0.47% to 6,964.82, the Dow Jones Industrial Average gained 0.04% to 50,135.87, and the Nasdaq Composite climbed 0.90% to 23,238.67. As of February 10 at 12:15 AM (UTC+8), spot gold was priced at $5,027 per ounce, down 0.62% over the past 24 hours.
Trending Tokens
POKT Pocket Network (+28.97%, Circulating Market Cap: $37.62M)
According to Gate market data, POKT is currently trading at $0.01901, up 28.97% over the past 24 hours. Pocket Network is a decentralized blockchain API built for Web3 applications, enabling data transmission across blockchains through a network of thousands of nodes. The Pocket Network protocol validates all relay data and proportionally rewards participating nodes in POKT. Market confidence in POKT at current levels appears strong, with 24-hour trading volume surging 807% to $59.2M—well above average—indicating that the rally is driven by substantial capital inflows rather than a short-lived spike. Price has broken out of a recent consolidation range, further triggering momentum-driven buying.
ZKP zkPass (+32.80%, Circulating Market Cap: $21.60M)
Based on Gate data, ZKP is priced at $0.10574, up 32.80% in the past 24 hours. zkPass Protocol is an innovative cryptographic architecture that combines three-party Transport Layer Security (TLS), Multi-Party Computation (MPC), and Interactive Zero-Knowledge Proofs (IZK). This allows users to convincingly prove that HTTPS-accessed data originates from a specific website and to make claims about that data in a zero-knowledge environment, preserving privacy and preventing sensitive information leakage. The rally occurred alongside a modest uptick in the Altcoin Season Index. A news roundup on X listing ZKP together with NKN and GPS as “high-potential altcoins” drew broader attention to the sector, potentially amplifying retail FOMO.
SAFFRONFI Saffron Finance (+40.33%, Circulating Market Cap: $10.13M)
Gate market data shows SAFFRONFI currently trading at $109.68, up 40.33% over the past 24 hours. Saffron Finance is a peer-to-peer risk exchange protocol, primarily serving as an intermediary between liquidity providers and lending protocols, where LPs can allocate liquidity via different SFI tranches. The surge in SAFFRONFI is mainly driven by increased short-term trading activity and improved market sentiment. On the 4-hour chart, price has reversed from a downtrend and broken above the upper Bollinger Band, while the 14-period RSI hovers near 80, signaling elevated market enthusiasm. In addition, the token’s extremely limited supply (maximum of just 100,000 SFI) and low liquidity make it more prone to sharp price movements even with relatively small capital inflows.
Alpha Insights
JPMorgan: Walsh May Accommodate Rate Cuts in the Short Term, but Revert to a Hawkish Stance After the Midterms
On February 2, JPMorgan Chief Economist Michael Feroli wrote in a report that Walsh may be inclined to accommodate interest rate cuts in the short term—at least for this year. However, he cautioned that “over time, especially after the midterm elections, his stance is likely to adjust, potentially reverting to a more hawkish posture.” In addition, a former official who previously worked with Walsh noted that the “real Walsh” would eventually emerge. Notably, JPMorgan did not revise its rate-cut expectations following Walsh’s nomination. Feroli stated that even if Walsh takes office, the bank still expects the Federal Reserve to remain on hold for the rest of the year.
The sharp divergence in market views on Bitcoin’s price ultimately stems from differing expectations about future dollar liquidity conditions. A potential “dovish first, hawkish later” policy path under Walsh would only amplify this uncertainty, implying that market expectations need to be clearly segmented between the short and medium term. In the short run, the rate-cut narrative may dominate sentiment and provide support for risk assets; in the medium term, however, investors must remain alert to policy recalibration, as expectation gaps themselves are a key source of volatility.
Retail Bearish Sentiment Reaches Extreme Levels; a Technical Rebound May Follow
On February 2, crypto market research firm Santiment stated on social media that since January 28, Bitcoin has fallen 16%, accompanied by a surge in negative commentary across the crypto space. Social data show that current retail FUD (fear, uncertainty, and doubt) has reached a level more pessimistic than at any point since the sharp sell-off on November 21 last year. Historically, after such severe negative sentiment shocks, markets often experience a technical rebound. So far, the current rebound has encouragingly followed a pattern similar to those seen after the previous two major FUD events.
While the high volatility of the crypto market amplifies the impact of sentiment, rational investors should avoid relying solely on sentiment indicators for decision-making. A more effective approach is to integrate on-chain data, macro trends, and technical analysis—maintaining contrarian thinking during periods of extreme sentiment, while acting decisively once a trend reversal is confirmed. History may not repeat itself, but it often rhymes, and Santiment’s data once again reinforce the classic market principle that bottoms are formed in despair and rallies unfold amid hesitation.
Cboe Considers Relaunching Binary Options to Compete Directly with Prediction Markets
According to a Wall Street Journal report on Monday, global derivatives exchange Cboe Global Markets is evaluating the relaunch of binary options trading for retail investors, aiming to compete directly with the rapidly expanding prediction market sector. The report notes that the proposed contracts would operate as fixed-payoff derivatives: at expiration, they either pay a predetermined amount or expire worthless—a payoff structure closely resembling the “yes/no” contracts widely used on prediction platforms today.
It is worth noting that Cboe previously introduced binary options linked to major financial indices as early as 2008, but the products failed to gain traction in a market then dominated by institutional professionals and were eventually delisted. This time, Cboe emphasized that it will place a strong focus on regulatory compliance and product design as part of its relaunch strategy.
Cboe’s move highlights how prediction market products are increasingly influencing traditional finance from the outside in. Over the past two years, platforms such as Polymarket and Kalshi have seen explosive growth around macro events, elections, interest rate decisions, and index outcomes—demonstrating genuine retail demand for trading instruments that feature low entry barriers, fixed odds, and outcome-driven payoffs. Compared with the complexity of option Greeks and margin mechanisms in traditional options, binary options and prediction contracts function more like financialized tools for expressing information and viewpoints. If Cboe can successfully combine the intuitive user experience of prediction markets with the clearing, risk management, and liquidity advantages of a regulated exchange, it could reshape the product paradigm for retail derivatives trading. This also suggests that prediction markets are no longer fringe experiments confined to crypto or alternative finance, but a force compelling TradFi to rethink whether users truly want complex models—or simply clear, outcome-based results.
References
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Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.
